The Manufacturers Life Insurance Company Makes New $5.12 Million Investment in Avnet, Inc. $AVT

The Manufacturers Life Insurance Company purchased a new stake in shares of Avnet, Inc. (NASDAQ:AVT) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 57,596 shares of the company’s stock, valued at approximately $5,116,000. The Manufacturers Life Insurance Company owned about 0.07% of Avnet as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of AVT. BlackRock Inc. acquired a new stake in shares of Avnet in the second quarter valued at about $916,146,000. Pzena Investment Management LLC acquired a new position in shares of Avnet during the 2nd quarter worth about $277,153,000. Norges Bank bought a new stake in Avnet during the 4th quarter valued at approximately $62,393,000. Bank of New York Mellon Corp bought a new stake in Avnet during the 2nd quarter valued at approximately $74,897,000. Finally, AQR Capital Management LLC grew its holdings in Avnet by 30.7% in the 4th quarter. AQR Capital Management LLC now owns 2,961,608 shares of the company’s stock valued at $142,394,000 after buying an additional 695,929 shares during the last quarter. Institutional investors own 95.78% of the company’s stock.

Avnet Price Performance

Shares of AVT stock opened at $89.56 on Tuesday. The stock has a 50 day moving average of $89.07 and a two-hundred day moving average of $79.38. 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, Inc. has a 12 month low of $44.25 and a 12 month high of $100.00. The company has a market capitalization of $7.35 billion, a P/E ratio of 22.45, a P/E/G ratio of 0.27 and a beta of 1.09.

Avnet (NASDAQ:AVT) last released its quarterly earnings data on Wednesday, August 5th. The company reported $2.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.48. The business had revenue of $8.30 billion for the quarter, compared to analysts’ expectations of $7.56 billion. Avnet had a return on equity of 9.57% and a net margin of 1.21%.Avnet’s quarterly revenue was up 47.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.81 earnings per share. Avnet has set its Q1 2027 guidance at 2.800-2.900 EPS. As a group, equities analysts expect that Avnet, Inc. will post 10.45 EPS for the current year.

Avnet Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 23rd. Stockholders of record on Wednesday, September 9th will be paid a $0.37 dividend. The ex-dividend date is Wednesday, September 9th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 1.7%. This is a positive change from Avnet’s previous quarterly dividend of $0.35. Avnet’s dividend payout ratio is currently 35.09%.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on the company. Truist Financial increased their price objective on Avnet from $95.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings raised shares of Avnet from a “hold (c+)” rating to a “buy (b)” rating in a research report on Friday, August 14th. Wall Street Zen upgraded shares of Avnet from a “buy” rating to a “strong-buy” rating in a research note on Saturday, July 25th. Wells Fargo & Company increased their price target on shares of Avnet from $70.00 to $72.00 and gave the company an “underweight” rating in a report on Monday, July 20th. Finally, Bank of America upgraded shares of Avnet from an “underperform” rating to a “neutral” rating and raised their price target for the stock from $66.00 to $96.00 in a research report on Wednesday, May 13th. Two equities research analysts have rated the stock with a Strong Buy rating, two have given a Buy rating, one has given a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $93.25.

Insiders Place Their Bets

In other news, SVP Michael Ryan Mccoy sold 32,052 shares of Avnet stock in a transaction dated 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 sale, the senior vice president directly owned 76,674 shares in the company, valued at approximately $6,985,001.40. The trade was a 29.48% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Philip R. Gallagher sold 51,900 shares of the company’s stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 168,923 shares in the company, valued at approximately $16,632,158.58. The trade was a 23.50% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 1.90% of the company’s stock.

Avnet Company Profile

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.