Avnet, a global technology distributor and solutions provider, has declared a regular quarterly dividend of $0.29 per share ($1.16 annualized), marking no change from the previous payout. This was announced by the company’s Board of Directors on May 22, 2023. Investors looking to benefit from this dividend must purchase the stock before the ex-dividend date of June 6, 2023. Shareholders of record as of June 7, 2023, will receive the payment on June 21, 2023. The dividend yield at the current stock price of $42.71/share is 2.72%.
Over the past five years, the average dividend yield for Avnet has been 2.35%, with the lowest being 1.56% and the highest being 3.65%. The current dividend yield of 2.72% is 0.8 standard deviations above the historical average, indicating that investors are currently receiving a higher yield than usual. Moreover, Avnet’s dividend payout ratio stands at 0.12, implying that the company does not overextend its dividend payments and maintains healthy financials.
Avnet’s 3-Year dividend growth rate is 0.38%, reflecting consistent dividend growth over time.
Investors interested in learning a systematic approach to harvesting dividends can try Fintel’s Dividend Capture Calendar.
Currently, there are 808 funds or institutions holding positions in Avnet. This represents a decrease of 16 owners or 1.94% in the last quarter. The put/call ratio of AVT is 5.69, indicating a bearish outlook.
The average one-year price target for Avnet as of May 11, 2023, is $48.11, which represents an increase of 12.64% from its latest reported closing price of $42.71. Avnet’s projected annual revenue stands at $25,582MM, with a decrease of 2.93% and the projected annual non-GAAP EPS at 7.14.
Pzena Investment Management holds 9,150K shares representing 10.01% ownership of the company. Greenhaven Associates holds 3,158K shares representing 3.45% ownership of the company. Lsv Asset Management holds 2,963K shares representing 3.24% ownership of the company. iShares Core S&P Mid-Cap ETF holds 2,826K shares representing 3.09% ownership of the company. Vanguard Total Stock Market Index Fund Investor Shares holds 2,785K shares representing 3.05% ownership of the company.
To summarize, Avnet has a consistent dividend growth rate and a healthy payout ratio. Though the average dividend yield has been 2.35% over the past five years, the current yield of 2.72% is above this average by 0.8 standard deviations. With no change in payout from the previous quarter, investors must purchase the stock before the ex-dividend date of June 6, 2023, to be eligible for the payout. The bearish put/call ratio of 5.69 reflects a negative outlook from investors. However, the average one-year price target of $48.11 suggests a moderate increase from the current stock price.
Disclaimer: The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.