Wealth Enhancement Advisory Services LLC Purchases 13,615 Shares of Avnet, Inc. (NASDAQ:AVT)

Wealth Enhancement Advisory Services LLC boosted its holdings in Avnet, Inc. (NASDAQ:AVT - Free Report) by 318.0% during the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,897 shares of the company's stock after acquiring an additional 13,615 shares during the period. Wealth Enhancement Advisory Services LLC's holdings in Avnet were worth $972,000 at the end of the most recent quarter.

A number of other large investors have also recently bought and sold shares of the business. Lind Value II ApS bought a new stake in shares of Avnet during the second quarter valued at approximately $62,394,000. William Blair Investment Management LLC bought a new stake in shares of Avnet during the first quarter valued at approximately $36,601,000. Vanguard Group Inc. raised its holdings in shares of Avnet by 5.0% during the first quarter. Vanguard Group Inc. now owns 10,950,336 shares of the company's stock valued at $542,918,000 after buying an additional 519,478 shares during the last quarter. AQR Capital Management LLC raised its holdings in shares of Avnet by 34.7% during the second quarter. AQR Capital Management LLC now owns 1,844,452 shares of the company's stock valued at $94,713,000 after buying an additional 475,165 shares during the last quarter. Finally, Raymond James & Associates increased its stake in shares of Avnet by 39.5% during the second quarter. Raymond James & Associates now owns 563,127 shares of the company's stock valued at $28,995,000 after acquiring an additional 159,565 shares during the period. Institutional investors own 95.78% of the company's stock.

Analysts Set New Price Targets

A number of research firms recently commented on AVT. Stifel Nicolaus raised their price objective on shares of Avnet from $50.00 to $55.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Truist Financial raised their price objective on shares of Avnet from $48.00 to $52.00 and gave the company a "hold" rating in a research note on Friday, August 9th. Finally, Wells Fargo & Company lifted their price target on shares of Avnet from $40.00 to $45.00 and gave the stock an "underweight" rating in a research report on Friday, August 9th.

Avnet Price Performance

Avnet stock traded up $2.59 during mid-day trading on Wednesday, hitting $57.17. The company's stock had a trading volume of 569,697 shares, compared to its average volume of 599,980. The company has a quick ratio of 1.07, a current ratio of 2.25 and a debt-to-equity ratio of 0.48. The stock has a market capitalization of $5.00 billion, a P/E ratio of 14.95 and a beta of 1.16. Avnet, Inc. has a twelve month low of $43.62 and a twelve month high of $59.24. The stock's fifty day moving average price is $53.47 and its two-hundred day moving average price is $52.85.

Avnet (NASDAQ:AVT - Get Free Report) last posted its quarterly earnings data on Wednesday, October 30th. The company reported $0.92 earnings per share for the quarter, topping the consensus estimate of $0.86 by $0.06. Avnet had a net margin of 1.51% and a return on equity of 8.46%. The firm had revenue of $5.60 billion for the quarter, compared to analysts' expectations of $5.43 billion. During the same period in the previous year, the company posted $1.61 EPS. The company's quarterly revenue was down 11.5% compared to the same quarter last year. Research analysts forecast that Avnet, Inc. will post 4.24 earnings per share for the current year.

Avnet Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, September 25th. Investors of record on Wednesday, September 11th were issued a $0.33 dividend. This represents a $1.32 annualized dividend and a yield of 2.31%. The ex-dividend date was Wednesday, September 11th. This is an increase from Avnet's previous quarterly dividend of $0.31. Avnet's dividend payout ratio (DPR) is 34.56%.

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.