Wishbone Management LP Invests $58.18 Million in Avnet, Inc. $AVT

Wishbone Management LP acquired a new position in shares of Avnet, Inc. (NASDAQ:AVT) during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor acquired 655,000 shares of the company’s stock, valued at approximately $58,177,100. Avnet makes up approximately 0.0% of Wishbone Management LP’s holdings, making the stock its 2nd largest position. Wishbone Management LP owned approximately 0.80% of Avnet at the end of the most recent quarter.

Other hedge funds have also bought and sold shares of the company. BlackRock Inc. purchased a new stake in shares of Avnet in the 2nd quarter valued at about $916,146,000. Pzena Investment Management LLC bought a new position in Avnet in the second quarter worth approximately $277,153,000. Norges Bank acquired a new position in shares of Avnet in the fourth quarter valued at about $62,393,000. Bank of New York Mellon Corp acquired a new stake in shares of Avnet in the second quarter valued at about $74,897,000. Finally, AQR Capital Management LLC raised its position in Avnet by 30.7% in the fourth quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company’s stock valued at $142,394,000 after purchasing an additional 695,929 shares during the period. Institutional investors and hedge funds own 95.78% of the company’s stock.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on the company. Raymond James Financial restated a “strong-buy” rating and issued a $95.00 price target on shares of Avnet in a report on Thursday, April 30th. Wall Street Zen upgraded Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Bank of America upgraded shares of Avnet from an “underperform” rating to a “neutral” rating and increased their price objective for the company from $66.00 to $96.00 in a report on Wednesday, May 13th. Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Finally, Weiss Ratings upgraded shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, August 14th. Two investment analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $93.25.

Insider Buying and Selling at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 51,900 shares of the business’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following the transaction, the chief executive officer owned 168,923 shares of the company’s stock, valued at $16,632,158.58. The trade was a 23.50% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the business’s stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $91.10, for a total value of $2,919,937.20. Following the completion of the transaction, the senior vice president directly owned 76,674 shares in the company, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is owned by corporate insiders.

Avnet Price Performance

Avnet stock traded down $2.56 during trading on Friday, reaching $88.95. The company had a trading volume of 400,053 shares, compared to its average volume of 1,232,389. The firm’s 50-day simple moving average is $89.19 and its 200 day simple moving average is $79.06. The firm has a market capitalization of $7.30 billion, a PE ratio of 22.29, a price-to-earnings-growth ratio of 0.28 and a beta of 1.09. The company has a debt-to-equity ratio of 0.49, a quick ratio of 0.97 and a current ratio of 1.78. Avnet, Inc. has a 1-year low of $44.25 and a 1-year high of $100.00.

Avnet (NASDAQ:AVT) last released its earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.48. Avnet had a return on equity of 9.57% and a net margin of 1.21%.The business had revenue of $8.30 billion for the quarter, compared to analyst estimates of $7.56 billion. During the same quarter in the previous year, the company posted $0.81 earnings per share. The company’s revenue for the quarter was up 47.7% compared to the same quarter last year. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, equities research analysts anticipate that Avnet, Inc. will post 10.45 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be paid a $0.37 dividend. This is an increase from Avnet’s previous quarterly dividend of $0.35. The ex-dividend date of this dividend is Wednesday, September 9th. This represents a $1.48 annualized dividend and a dividend yield of 1.7%. Avnet’s payout ratio is 35.09%.

About Avnet

Avnet, Inc (NASDAQ: AVT) is a global technology distributor and solutions provider specializing in the sourcing, design, and supply chain management of electronic components and embedded systems. The company offers a broad portfolio of semiconductors, interconnect, passive and electromechanical components, as well as embedded hardware and software, cloud solutions, and Internet of Things (IoT) services. Avnet’s offerings aim to support customers through every stage of the product lifecycle, from initial prototype and design to production and end-of-life management.

Founded in 1921 by Charles Avnet, the company has evolved from a regional radio parts supplier into a multinational enterprise.