Avnet (AVT) to Issue Quarterly Dividend of $0.20
Avnet (NYSE:AVT) declared a quarterly dividend on Monday, November 19th, RTT News reports. Shareholders of record on Wednesday, December 5th will be paid a dividend of 0.20 per share by the technology company on Wednesday, December 19th. This represents a $0.80 dividend on an annualized basis and a yield of 1.85%.
Avnet has decreased its dividend by an average of 4.5% annually over the last three years and has increased its dividend every year for the last 4 years. Avnet has a dividend payout ratio of 18.8% indicating that its dividend is sufficiently covered by earnings.
AVT stock traded down $0.24 during trading on Monday, reaching $43.36. 77,973 shares of the company’s stock were exchanged, compared to its average volume of 970,914. Avnet has a 1-year low of $37.11 and a 1-year high of $49.40.
In other news, insider Maryann G. Miller sold 15,024 shares of the company’s stock in a transaction on Friday, September 14th. The stock was sold at an average price of $47.99, for a total value of $721,001.76. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 1.65% of the company’s stock.
Avnet declared that its Board of Directors has initiated a share buyback program on Wednesday, August 29th that allows the company to buyback $500.00 million in shares. This buyback authorization allows the technology company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s board believes its stock is undervalued.
AVT has been the subject of a number of analyst reports. Citigroup upgraded Avnet from a “sell” rating to a “neutral” rating in a research report on Friday, October 26th. Bank of America upgraded Avnet from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $55.00 in a research report on Friday, August 10th. TheStreet upgraded Avnet from a “c+” rating to a “b” rating in a research report on Thursday, August 9th. Finally, Zacks Investment Research lowered Avnet from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. One analyst has rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $45.67.
ILLEGAL ACTIVITY WARNING: “Avnet (AVT) to Issue Quarterly Dividend of $0.20” was originally posted by Daily Political and is owned by of Daily Political. If you are accessing this story on another domain, it was stolen and republished in violation of international copyright and trademark legislation. The legal version of this story can be viewed at https://www.dailypolitical.com/2018/11/19/avnet-avt-to-issue-quarterly-dividend-of-0-20.html.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
Featured Story: What is a Tariff?
Receive News & Ratings for Avnet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Avnet and related companies with MarketBeat.com's FREE daily email newsletter.