Wishbone Management LP Buys New Position in Avnet, Inc. $AVT

Wishbone Management LP bought a new stake in Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, Holdings Channel.com reports. The firm bought 655,000 shares of the company’s stock, valued at approximately $58,177,100,000. Avnet comprises approximately 25.1% of Wishbone Management LP’s holdings, making the stock its 2nd biggest position.

A number of other large investors have also recently bought and sold shares of the company. Algert Global LLC lifted its position in shares of Avnet by 7.5% in the second quarter. Algert Global LLC now owns 279,474 shares of the company’s stock worth $24,823,000 after purchasing an additional 19,594 shares in the last quarter. Cibc World Market Inc. bought a new position in Avnet in the second quarter valued at $1,895,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in Avnet in the second quarter valued at $22,225,000. Globeflex Capital L P acquired a new stake in Avnet in the 2nd quarter valued at $220,000. Finally, Kendall Capital Management bought a new stake in Avnet during the 2nd quarter worth about $15,645,000. Institutional investors and hedge funds own 95.78% of the company’s stock.

Insider Buying and Selling at Avnet

In related news, CEO Philip R. Gallagher sold 51,900 shares of Avnet stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $98.46, for a total transaction of $5,110,074.00. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, SVP Michael Ryan Mccoy sold 32,052 shares of the firm’s stock in a transaction 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 transaction, the senior vice president directly owned 76,674 shares of the company’s stock, valued at $6,985,001.40. The trade was a 29.48% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 1.90% of the stock is currently owned by corporate insiders.

Avnet Trading Down 2.7%

AVT stock opened at $86.26 on Tuesday. Avnet, Inc. has a 52 week low of $44.25 and a 52 week high of $100.00. The company has a market capitalization of $7.08 billion, a PE ratio of 21.62, a price-to-earnings-growth ratio of 0.27 and a beta of 1.09. The company’s 50-day simple moving average is $89.24 and its 200 day simple moving average is $78.53. 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 (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, topping 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 the consensus estimate of $7.56 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. The firm’s quarterly revenue 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, sell-side analysts anticipate that Avnet, Inc. will post 10.45 earnings per share for the current year.

Avnet Increases Dividend

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

Analyst Ratings Changes

A number of analysts recently issued reports on AVT shares. Wells Fargo & Company lifted their target price on Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a research report on Monday, July 20th. Raymond James Financial reissued a “strong-buy” rating and set a $95.00 price target on shares of Avnet in a research report on Thursday, April 30th. Truist Financial upped their price objective on Avnet from $95.00 to $110.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Wall Street Zen raised shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Finally, Zacks Research upgraded shares of Avnet from a “hold” rating to a “strong-buy” rating in a research note on Friday, August 7th. Two equities research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $93.25.

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.