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

Avnet, Inc. (NASDAQ:AVT) has received a consensus recommendation of “Moderate Buy” from the six brokerages that are covering the stock, Marketbeat reports. One analyst has rated the stock with a sell rating, two have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among brokerages that have covered the stock in the last year is $93.25.

AVT has been the subject of a number of analyst reports. Weiss Ratings upgraded Avnet from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, October 9th. Truist Financial lifted their target price on Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a report on Saturday, October 17th. Wells Fargo & Company boosted their target price on shares of Avnet from $70.00 to $72.00 and gave the stock an “underweight” rating in a report on Monday, July 20th. Finally, Zacks Research lowered shares of Avnet from a “strong-buy” rating to a “hold” rating in a research report on Monday, October 19th.

Insider Activity at Avnet

In other Avnet news, CEO Philip Gallagher sold 51,900 shares of the firm’s stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total value of $5,110,074.00. Following the completion of the sale, the chief executive officer directly owned 168,923 shares in the company, valued at $16,632,158.58. This trade represents a 23.50% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’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 transaction of $2,919,937.20. Following the completion of the sale, the senior vice president owned 76,674 shares of the company’s stock, valued at approximately $6,985,001.40. This trade represents a 29.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 2.00% of the company’s stock.

Hedge Funds Weigh In On Avnet

Large investors have recently made changes to their positions in the business. Empowered Funds LLC increased its holdings in shares of Avnet by 1.9% in the first quarter. Empowered Funds LLC now owns 6,833 shares of the company’s stock valued at $421,000 after purchasing an additional 129 shares during the period. Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its holdings in shares of Avnet by 0.8% during the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 20,511 shares of the company’s stock worth $1,264,000 after purchasing an additional 159 shares during the period. Elevation Wealth Partners LLC lifted its holdings in shares of Avnet by 38.5% during the second quarter. Elevation Wealth Partners LLC now owns 666 shares of the company’s stock worth $59,000 after purchasing an additional 185 shares during the period. Summit Securities Group LLC boosted its position in Avnet by 32.1% in the first quarter. Summit Securities Group LLC now owns 765 shares of the company’s stock valued at $47,000 after buying an additional 186 shares during the last quarter. Finally, PNC Financial Services Group Inc. boosted its position in Avnet by 3.8% in the first quarter. PNC Financial Services Group Inc. now owns 5,163 shares of the company’s stock valued at $318,000 after buying an additional 189 shares during the last quarter. 95.78% of the stock is owned by institutional investors and hedge funds.

Key Stories Impacting Avnet

Here are the key news stories impacting Avnet this week:

• Positive Sentiment: Avnet earned $3.63 per share, topping the $2.86 consensus estimate, while revenue of $10.72 billion exceeded expectations of $9.22 billion. Revenue rose 81.7% year over year, and EPS increased from $0.84 a year earlier—strong results that support the positive fundamental outlook. Article: Avnet Tops Q1 Earnings and Revenue Estimates
• Positive Sentiment: Management pointed to strong demand and record growth, and initiated fiscal Q2 guidance described as optimistic. This outlook may help sustain investor confidence in the business momentum. Article: Avnet Earnings Call Signals Record Growth and Strong Outlook
• Negative Sentiment: AVT nevertheless traded lower following the results. The reports provided do not point to a clear bearish development; the divergence may reflect investor expectations or profit-taking, but neither explanation is confirmed.

Avnet Stock Performance

Shares of NASDAQ:AVT opened at $85.68 on Monday. The firm has a 50 day moving average of $94.75 and a 200 day moving average of $81.29. The company has a quick ratio of 0.97, a current ratio of 1.78 and a debt-to-equity ratio of 0.49. The company has a market capitalization of $7.05 billion, a price-to-earnings ratio of 21.47, a price-to-earnings-growth ratio of 0.27 and a beta of 1.11. Avnet has a 52 week low of $44.25 and a 52 week high of $108.63.

Avnet (NASDAQ:AVT) last announced its earnings results on Wednesday, November 4th. The company reported $3.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.86 by $0.77. Avnet had a return on equity of 9.57% and a net margin of 1.21%. The business had revenue of $10.72 billion for the quarter, compared to analysts’ expectations of $9.22 billion. During the same quarter last year, the firm earned $0.84 EPS. The business’s revenue for the quarter was up 81.7% on a year-over-year basis. On average, sell-side analysts predict that Avnet will post 10.45 earnings per share for the current fiscal year.

Avnet Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th were given a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date of this dividend was Wednesday, September 9th. This is an increase from Avnet’s previous quarterly dividend of $0.35. Avnet’s payout ratio is presently 37.09%.

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.