Somewhat Positive News Coverage Somewhat Unlikely to Impact Avnet (AVT) Stock Price
Media headlines about Avnet (NYSE:AVT) have been trending somewhat positive recently, according to Accern. The research group identifies negative and positive news coverage by monitoring more than 20 million news and blog sources in real-time. Accern ranks coverage of publicly-traded companies on a scale of negative one to one, with scores closest to one being the most favorable. Avnet earned a news impact score of 0.16 on Accern’s scale. Accern also assigned media coverage about the technology company an impact score of 48.712251541212 out of 100, indicating that recent news coverage is somewhat unlikely to have an effect on the stock’s share price in the near term.
Here are some of the headlines that may have impacted Accern Sentiment Analysis’s analysis:
- Zacks: Brokerages Anticipate Avnet (AVT) Will Announce Quarterly Sales of $5.03 Billion (americanbankingnews.com)
- Zacks: Analysts Expect Avnet (AVT) to Post $1.00 Earnings Per Share (americanbankingnews.com)
- Share Buyback Plan Authorized by Avnet (AVT) (americanbankingnews.com)
- Avnet (AVT) Raises Quarterly Dividend 5.3% to $0.20; Approves $500M Buyback (streetinsider.com)
- Avnet expands share repurchase authorization by $500M (seekingalpha.com)
Several brokerages recently commented on AVT. Pivotal Research reaffirmed a “buy” rating and set a $50.00 price objective on shares of Avnet in a research note on Friday, June 22nd. TheStreet raised shares of Avnet from a “c+” rating to a “b” rating in a research note on Thursday, August 9th. Goldman Sachs Group cut shares of Avnet from a “neutral” rating to a “sell” rating in a research note on Thursday, May 31st. Bank of America raised shares of Avnet from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $55.00 in a research note on Friday, August 10th. Finally, Wells Fargo & Co assumed coverage on shares of Avnet in a research note on Tuesday, July 17th. They issued a “market perform” rating and a $47.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and four have given a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $45.14.
Avnet (NYSE:AVT) last released its quarterly earnings results on Wednesday, August 8th. The technology company reported $0.99 EPS for the quarter, topping the Zacks’ consensus estimate of $0.98 by $0.01. Avnet had a negative net margin of 0.72% and a positive return on equity of 8.08%. The business had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $4.85 billion. During the same quarter in the previous year, the company earned $0.84 EPS. The business’s quarterly revenue was up 9.8% compared to the same quarter last year. equities research analysts forecast that Avnet will post 3.52 earnings per share for the current fiscal year.
Avnet declared that its board has approved a share buyback program on Wednesday, August 29th that authorizes the company to repurchase $500.00 million in shares. This repurchase authorization authorizes the technology company to buy up to 10.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s board of directors believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 20th. Shareholders of record on Monday, September 10th will be paid a $0.20 dividend. This represents a $0.80 dividend on an annualized basis and a yield of 1.66%. The ex-dividend date of this dividend is Friday, September 7th. This is a boost from Avnet’s previous quarterly dividend of $0.19. Avnet’s payout ratio is currently 23.46%.
Avnet, Inc, together with its subsidiaries, distributes electronic components worldwide. The company operates through two segments, Electronic Components and Premier Farnell. The Electronic Components segment markets and sells semiconductors; electronic components, including interconnect, passive and electromechanical devices; and other integrated components from electronic component manufacturers.
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