Avnet hikes dividend by 11.5%

On August 31, 2022, Avnet (AVT) announced a 11.5% dividend hike to $0.29 quarterly per share. This is the second dividend hike by AVT in 2022 for a total hike of 20.8 percent YTD. The next AVT dividend will be paid on September 28, 2022 to shareholders of record as of the close of business on September 14, 2022. A new annual rate of $1.16 per share yields 2.6% at a stock price of $44.

“We are pleased to announce a double digit increase in our quarterly dividend, furthering our commitment to delivering sustainable shareholder returns,” said Avnet Chief Executive Officer Phil Gallagher. “This increase follows strong performance in our 2022 fiscal year and is a reflection of our confidence in our financial position 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.