Wealth Enhancement Advisory Services LLC Sells 908 Shares of Avnet, Inc. (NASDAQ:AVT)

Wealth Enhancement Advisory Services LLC cut its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 5.1% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 16,989 shares of the company’s stock after selling 908 shares during the quarter. Wealth Enhancement Advisory Services LLC’s holdings in Avnet were worth $889,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in AVT. GeoWealth Management LLC acquired a new position in shares of Avnet in the 4th quarter worth approximately $31,000. Synergy Investment Management LLC bought a new stake in shares of Avnet in the 4th quarter worth $38,000. Natixis boosted its holdings in shares of Avnet by 1,463.8% in the 4th quarter. Natixis now owns 735 shares of the company’s stock worth $38,000 after buying an additional 688 shares during the last quarter. Bessemer Group Inc. boosted its holdings in shares of Avnet by 621.8% in the 4th quarter. Bessemer Group Inc. now owns 960 shares of the company’s stock worth $50,000 after buying an additional 827 shares during the last quarter. Finally, Principal Securities Inc. boosted its holdings in shares of Avnet by 18.2% in the 4th quarter. Principal Securities Inc. now owns 1,373 shares of the company’s stock worth $72,000 after buying an additional 211 shares during the last quarter. 95.78% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have commented on AVT shares. Truist Financial dropped their price objective on shares of Avnet from $52.00 to $50.00 and set a “hold” rating on the stock in a report on Thursday, May 1st. Wells Fargo & Company reduced their price target on shares of Avnet from $45.00 to $43.00 and set an “underweight” rating on the stock in a research report on Thursday, May 1st.

Insider Activity

In related news, VP Elizabeth Mcmullen sold 4,000 shares of Avnet stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $52.80, for a total value of $211,200.00. Following the completion of the sale, the vice president now directly owns 14,626 shares in the company, valued at approximately $772,252.80. This trade represents a 21.48% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.50% of the company’s stock.

Avnet Stock Performance

NASDAQ:AVT opened at $51.56 on Tuesday. The business has a 50 day moving average price of $48.87 and a 200-day moving average price of $50.64. Avnet, Inc. has a fifty-two week low of $39.22 and a fifty-two week high of $59.24. The firm has a market cap of $4.32 billion, a PE ratio of 14.61, a price-to-earnings-growth ratio of 1.13 and a beta of 1.02. The company has a debt-to-equity ratio of 0.53, a quick ratio of 1.15 and a current ratio of 2.39.

Avnet (NASDAQ:AVT) last announced its quarterly earnings results on Wednesday, April 30th. The company reported $0.84 EPS for the quarter, topping analysts’ consensus estimates of $0.72 by $0.12. The company had revenue of $5.32 billion during the quarter, compared to analyst estimates of $5.25 billion. Avnet had a return on equity of 7.49% and a net margin of 1.41%. The firm’s revenue was down 6.0% on a year-over-year basis. During the same quarter last year, the firm posted $1.10 earnings per share. Equities research analysts predict that Avnet, Inc. will post 3.41 earnings per share for the current year.

Avnet Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, June 18th. Stockholders of record on Wednesday, June 4th will be issued a dividend of $0.33 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.32 annualized dividend and a dividend yield of 2.56%. Avnet’s payout ratio is presently 36.97%.

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.