Bank of Nova Scotia Boosts Holdings in Avnet, Inc. $AVT

Bank of Nova Scotia boosted its position in shares of Avnet, Inc. (NASDAQ:AVT) by 220.3% during the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 104,100 shares of the company’s stock after purchasing an additional 71,600 shares during the quarter. Bank of Nova Scotia owned about 0.13% of Avnet worth $6,415,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also bought and sold shares of the company. Royal Bank of Canada lifted its position in Avnet by 3.0% in the 1st quarter. Royal Bank of Canada now owns 71,697 shares of the company’s stock valued at $3,447,000 after acquiring an additional 2,101 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Avnet by 16.0% in the first quarter. Goldman Sachs Group Inc. now owns 231,814 shares of the company’s stock worth $11,148,000 after purchasing an additional 31,919 shares during the last quarter. United Services Automobile Association bought a new position in shares of Avnet during the first quarter valued at $267,000. Empowered Funds LLC lifted its holdings in shares of Avnet by 9.3% during the first quarter. Empowered Funds LLC now owns 8,142 shares of the company’s stock valued at $392,000 after purchasing an additional 696 shares in the last quarter. Finally, UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its holdings in Avnet by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 353,757 shares of the company’s stock worth $17,012,000 after buying an additional 16,443 shares in the last quarter. 95.78% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wells Fargo & Company raised 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. Truist Financial boosted their target price on shares of Avnet to $95.00 and gave the company a “buy” rating in a research note on Wednesday, April 29th. Zacks Research cut Avnet from a “strong-buy” rating to a “hold” rating in a report on Tuesday, June 30th. Bank of America upgraded 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 note on Wednesday, May 13th. Finally, Weiss Ratings raised Avnet from a “hold (c+)” rating to a “buy (b-)” rating in a report on Monday, July 13th. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $89.50.

Avnet Price Performance

Shares of Avnet stock opened at $88.38 on Tuesday. The stock has a market cap of $7.25 billion, a P/E ratio of 34.39, a P/E/G ratio of 0.28 and a beta of 1.09. The company has a debt-to-equity ratio of 0.50, a quick ratio of 1.05 and a current ratio of 2.01. The stock’s fifty day moving average is $87.41 and its 200 day moving average is $73.09. Avnet, Inc. has a one year low of $44.25 and a one year high of $95.26.

Avnet (NASDAQ:AVT) last released its quarterly earnings results on Wednesday, April 29th. The company reported $1.48 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.15. Avnet had a return on equity of 7.07% and a net margin of 0.86%.The business had revenue of $7.12 billion during the quarter, compared to analyst estimates of $6.45 billion. During the same quarter in the previous year, the company posted $0.84 earnings per share. Avnet’s revenue for the quarter was up 34.0% on a year-over-year basis. Avnet has set its Q4 2026 guidance at 1.700-1.800 EPS. Sell-side analysts anticipate that Avnet, Inc. will post 5.12 earnings per share for the current year.

Avnet Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, June 3rd were issued a dividend of $0.35 per share. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.40 annualized dividend and a yield of 1.6%. Avnet’s payout ratio is currently 54.47%.

Insider Buying and Selling at Avnet

In other Avnet news, CEO Philip R. Gallagher sold 23,920 shares of the company’s stock in a transaction that occurred on Tuesday, May 5th. The shares were sold at an average price of $82.92, for a total value of $1,983,446.40. Following the completion of the transaction, the chief executive officer directly owned 145,003 shares in the company, valued at $12,023,648.76. This represents a 14.16% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.90% of the stock is currently owned by insiders.

Avnet 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.