Avnet, Inc. (NASDAQ:AVT) Stock Has Average Price Target of $93.25 According to Brokerages

Shares of Avnet, Inc. (NASDAQ:AVT) have received an average recommendation of “Moderate Buy” from the six research firms that are currently covering the firm, Marketbeat Ratings reports. One analyst has rated the stock with a sell rating, two have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokers that have covered the stock in the last year is $100.25.

Several brokerages have recently commented on AVT. Truist Financial boosted their price objective on Avnet from $110.00 to $125.00 and gave the stock a “buy” rating in a report on Thursday. Zacks Research downgraded shares of Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th. Weiss Ratings upgraded shares of Avnet from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, October 9th. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, October 17th. Finally, Wells Fargo & Company lifted their price objective on Avnet from $80.00 to $85.00 and gave the stock an “underweight” rating in a research report on Thursday.

Avnet Trading Up 3.5%

NASDAQ AVT opened at $79.28 on Monday. The stock has a market cap of $6.52 billion, a P/E ratio of 11.90, a P/E/G ratio of 0.26 and a beta of 1.11. Avnet has a 12-month low of $44.25 and a 12-month high of $108.63. The company has a fifty day simple moving average of $94.24 and a two-hundred day simple moving average of $81.57. The company has a current ratio of 1.78, a quick ratio of 0.97 and a debt-to-equity ratio of 0.49.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, November 4th. The company reported $3.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.86 by $0.77. The firm had revenue of $10.72 billion during the quarter, compared to analysts’ expectations of $9.22 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%. Avnet’s revenue was up 81.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.84 earnings per share. On average, analysts forecast that Avnet will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 23rd. Shareholders of record on Wednesday, September 9th were given a dividend of $0.37 per share. The ex-dividend date was Wednesday, September 9th. This is a positive change from Avnet’s previous quarterly dividend of $0.35. This represents a $1.48 dividend on an annualized basis and a yield of 1.9%. Avnet’s dividend payout ratio (DPR) is 22.22%.

Insider Buying and Selling at Avnet

In other Avnet news, SVP Michael Ryan Mccoy sold 32,052 shares of the company’s stock in a transaction on Wednesday, August 19th. The stock was sold at an average price of $91.10, for a total value of $2,919,937.20. Following the sale, the senior vice president owned 76,674 shares of the company’s stock, valued at approximately $6,985,001.40. This represents a 29.48% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Philip Gallagher sold 51,900 shares of Avnet 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 completion of the transaction, the chief executive officer directly owned 168,923 shares in the company, valued at $16,632,158.58. This represents a 23.50% decrease in their position. The SEC filing for this sale provides additional information. 2.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Avnet

A number of hedge funds have recently added to or reduced their stakes in the stock. Mitsubishi UFJ Asset Management Co. Ltd. bought a new stake in shares of Avnet during the second quarter worth about $25,000. Provenance Wealth Advisors LLC bought a new position in Avnet in the 3rd quarter worth $40,000. State of Wyoming bought a new position in shares of Avnet during the 2nd quarter valued at approximately $37,000. Elevation Wealth Partners LLC boosted its stake in shares of Avnet by 38.5% during the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock valued at $59,000 after purchasing an additional 185 shares in the last quarter. Finally, Reyes Financial Architecture Inc. acquired a new stake in Avnet during the 3rd quarter worth about $69,000. Institutional investors own 95.78% of the company’s stock.

Key Stories Impacting Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet’s fiscal Q1 results reportedly beat expectations, with record sales, broad-based component demand and margin gains. Higher memory pricing and upbeat Q2 guidance also point to continued near-term momentum, though tighter supply and increased working-capital needs are considerations. Article: Avnet Q1 Earnings Beat Estimates on Record Sales & Strong Demand
• Positive Sentiment: Truist raised its price target to $125 from $110 and maintained a Buy rating, signaling confidence in Avnet’s potential. Article: Truist Financial price-target update
• Neutral Sentiment: Wells Fargo raised its target to $85 from $80 but kept an Underweight rating, reflecting a more cautious view despite the higher target. Article: Avnet Given New $85 Price Target at Wells Fargo
• Negative Sentiment: A shareholder revolt is targeting two directors after Avnet’s $550 million debt deal. The challenge could raise concerns about governance and the company’s financing decisions. Article: Avnet Shareholder Revolt Targets Two Directors After $550 Million Debt Deal

Avnet Company Profile

Avnet, Inc is a global technology distributor that helps manufacturers and design engineers source electronic components and develop products. The company supplies semiconductors, embedded processors, memory, connectivity products, sensors, power-management components and other electronic parts used in industrial, automotive, communications, computing, aerospace and defense applications.

In addition to component distribution, Avnet provides engineering and design services, supply-chain management, product customization, logistics, and technical support.