45,989 Shares in Avnet, Inc. (NASDAQ:AVT) Acquired by Proficio Capital Partners LLC

Proficio Capital Partners LLC bought a new stake in shares of Avnet, Inc. (NASDAQ:AVT) during the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund bought 45,989 shares of the company’s stock, valued at approximately $2,406,000.

Other hedge funds also recently modified their holdings of the company. FMR LLC raised its stake in shares of Avnet by 24.7% during the 3rd quarter. FMR LLC now owns 576,794 shares of the company’s stock worth $31,326,000 after purchasing an additional 114,217 shares in the last quarter. Harbor Capital Advisors Inc. raised its position in Avnet by 227.1% during the fourth quarter. Harbor Capital Advisors Inc. now owns 214,007 shares of the company’s stock valued at $11,197,000 after acquiring an additional 148,588 shares in the last quarter. Weiss Asset Management LP raised its position in Avnet by 35.7% during the third quarter. Weiss Asset Management LP now owns 254,624 shares of the company’s stock valued at $13,829,000 after acquiring an additional 66,973 shares in the last quarter. JPMorgan Chase & Co. lifted its stake in Avnet by 13.2% in the third quarter. JPMorgan Chase & Co. now owns 243,295 shares of the company’s stock valued at $13,213,000 after acquiring an additional 28,453 shares during the last quarter. Finally, Park Avenue Securities LLC grew its position in Avnet by 22.6% in the fourth quarter. Park Avenue Securities LLC now owns 5,966 shares of the company’s stock worth $312,000 after acquiring an additional 1,101 shares in the last quarter. Hedge funds and other institutional investors own 95.78% of the company’s stock.

Avnet Stock Performance

Avnet stock opened at $48.60 on Wednesday. The firm has a market capitalization of $4.20 billion, a P/E ratio of 13.77, a P/E/G ratio of 1.13 and a beta of 1.09. The stock has a fifty day moving average price of $51.01 and a two-hundred day moving average price of $52.70. Avnet, Inc. has a 52-week low of $45.50 and a 52-week high of $59.24. The company has a debt-to-equity ratio of 0.53, a current ratio of 2.39 and a quick ratio of 1.15.

Avnet (NASDAQ:AVT) last issued its quarterly earnings data on Wednesday, January 29th. The company reported $0.87 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.88 by ($0.01). Avnet had a net margin of 1.41% and a return on equity of 7.49%. As a group, analysts anticipate that Avnet, Inc. will post 3.41 EPS for the current fiscal year.

Avnet Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, March 19th. Stockholders of record on Wednesday, March 5th will be paid a $0.33 dividend. This represents a $1.32 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Wednesday, March 5th. Avnet’s dividend payout ratio (DPR) is presently 37.39%.

Wall Street Analysts Forecast Growth

AVT has been the subject of a number of analyst reports. Bank of America cut Avnet from a “neutral” rating to an “underperform” rating and reduced their price target for the stock from $58.00 to $48.00 in a research report on Thursday, January 30th. Truist Financial decreased their target price on Avnet from $54.00 to $52.00 and set a “hold” rating for the company in a research report on Thursday, January 30th.

Avnet Profile

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.