Congress Wealth Management LLC DE Sells 32,660 Shares of Avnet, Inc. (NASDAQ:AVT)

Congress Wealth Management LLC DE cut its stake in shares of Avnet, Inc. (NASDAQ:AVT) by 44.2% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 41,210 shares of the company’s stock after selling 32,660 shares during the period. Congress Wealth Management LLC DE’s holdings in Avnet were worth $2,156,000 as of its most recent SEC filing.

Other large investors also recently modified their holdings of the company. Greenhaven Associates Inc. increased its holdings in Avnet by 1.0% in the 4th quarter. Greenhaven Associates Inc. now owns 3,962,837 shares of the company’s stock worth $207,336,000 after purchasing an additional 38,185 shares in the last quarter. American Century Companies Inc. grew its holdings in shares of Avnet by 2.1% during the fourth quarter. American Century Companies Inc. now owns 3,502,425 shares of the company’s stock worth $183,247,000 after purchasing an additional 72,715 shares during the last quarter. Pacer Advisors Inc. increased its stake in shares of Avnet by 11,848.6% in the fourth quarter. Pacer Advisors Inc. now owns 2,840,663 shares of the company’s stock valued at $148,623,000 after buying an additional 2,816,889 shares during the period. Bank of New York Mellon Corp raised its holdings in Avnet by 4.1% in the 4th quarter. Bank of New York Mellon Corp now owns 1,116,697 shares of the company’s stock valued at $58,426,000 after buying an additional 43,547 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its position in Avnet by 0.6% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 921,854 shares of the company’s stock worth $48,231,000 after buying an additional 5,209 shares during the period. 95.78% of the stock is currently owned by institutional investors.

Avnet Stock Performance

NASDAQ:AVT opened at $48.51 on Thursday. 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, Inc. has a fifty-two week low of $46.24 and a fifty-two week high of $59.24. The company has a 50 day simple moving average of $50.61 and a two-hundred day simple moving average of $52.53. The company has a market capitalization of $4.20 billion, a PE ratio of 13.74, a P/E/G ratio of 1.13 and a beta of 1.09.

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

Avnet Announces Dividend

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

Analysts Set New Price Targets

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