Avnet (AVT) will raise its quarterly dividend by 9.1 percent to 24 cents quarterly. This follows a dividend hike of 4.8 percent to 22 cents per share announced earlier in 2021. The company did not hike its dividend in 2020 but makes up for this with a total hike of 14.3 percent YTD.
The next dividend will be paid on September 21, 2021 to shareholders of record as of the close of business on September 7, 2021. A new annual rate of 96 cents per share yields 2.4% at a stock price of $40.
“We are pleased to announce an increase in our quarterly dividend, furthering our commitment to delivering sustainable shareholder returns as part of our balanced capital allocation strategy,” said Avnet Chief Executive Officer Phil Gallagher. “This increase follows strong performance in our 2021 fiscal year and is a reflection of our confidence in our financial position, robust cash generation and ability to promote continued growth and value creation for Avnet stakeholders.”
Avnet, Inc. is a technology solutions company. Avnet's two primary operating groups are Electronic Components (EC) and Farnell. Both have operations in the Americas, Europe, Middle East and Africa and Asia/Pacific. Electronic Components markets, sells and distributes electronic components including semiconductors, interconnect, passive and electromechanical components and other integrated components. EC serves a variety of markets ranging from automotive to medical to defense and aerospace. Farnell distributes kits, tools, electronic components and industrial automation components, as well as test and measurement products to both engineers and entrepreneurs. Avnet was founded in 1921 and incorporated in New York in 1955.