Venturi Wealth Management LLC Lowers Stock Holdings in Avnet, Inc. $AVT

Venturi Wealth Management LLC trimmed its position in Avnet, Inc. (NASDAQ:AVT) by 22.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 4,557 shares of the company’s stock after selling 1,297 shares during the period. Venturi Wealth Management LLC’s holdings in Avnet were worth $242,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. MassMutual Private Wealth & Trust FSB lifted its holdings in shares of Avnet by 109.5% in the second quarter. MassMutual Private Wealth & Trust FSB now owns 528 shares of the company’s stock worth $28,000 after buying an additional 276 shares in the last quarter. Legacy Advisors LLC purchased a new stake in shares of Avnet in the first quarter worth about $26,000. TD Private Client Wealth LLC lifted its holdings in shares of Avnet by 43.0% in the first quarter. TD Private Client Wealth LLC now owns 818 shares of the company’s stock worth $39,000 after buying an additional 246 shares in the last quarter. Global X Japan Co. Ltd. purchased a new stake in shares of Avnet in the first quarter worth about $46,000. Finally, Mirae Asset Global Investments Co. Ltd. purchased a new stake in shares of Avnet in the first quarter worth about $49,000. 95.78% of the stock is owned by hedge funds and other institutional investors.

Avnet Stock Down 2.8%

Shares of NASDAQ AVT opened at $49.52 on Friday. Avnet, Inc. has a one year low of $39.22 and a one year high of $59.24. The company has a debt-to-equity ratio of 0.51, a current ratio of 2.43 and a quick ratio of 1.16. The firm’s 50 day simple moving average is $52.93 and its two-hundred day simple moving average is $51.54. The stock has a market capitalization of $4.12 billion, a P/E ratio of 18.14, a PEG ratio of 0.38 and a beta of 1.06.

Avnet (NASDAQ:AVT) last issued its quarterly earnings results on Wednesday, August 6th. The company reported $0.81 EPS for the quarter, beating analysts’ consensus estimates of $0.72 by $0.09. Avnet had a net margin of 1.08% and a return on equity of 6.07%. The business had revenue of $5.62 billion for the quarter, compared to analysts’ expectations of $5.36 billion. During the same period last year, the business earned $1.22 earnings per share. The business’s quarterly revenue was up 1.0% on a year-over-year basis. As a group, analysts expect that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, September 26th. Shareholders of record on Wednesday, September 17th were given a dividend of $0.35 per share. The ex-dividend date was Wednesday, September 17th. This is an increase from Avnet’s previous quarterly dividend of $0.33. This represents a $1.40 dividend on an annualized basis and a yield of 2.8%. Avnet’s dividend payout ratio (DPR) is 51.28%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on AVT shares. Weiss Ratings reissued a “hold (c+)” rating on shares of Avnet in a report on Wednesday. Truist Financial upped their price objective on shares of Avnet from $50.00 to $54.00 and gave the stock a “hold” rating in a research report on Thursday, August 7th. Finally, Bank of America upped their price objective on shares of Avnet from $48.00 to $50.00 and gave the stock an “underperform” rating in a research report on Monday, August 11th. Two equities research analysts have rated the stock with a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, Avnet presently has an average rating of “Reduce” and a consensus target price of $49.00.

About Avnet

Avnet, Inc, distributes electronic component technology. The company operates through two segments, Electronic Components and Farnell. The Electronic Components segment markets, sells, and distributes semiconductors; interconnect, passive, and electromechanical components; and other integrated components from electronic component manufacturers.