Avnet (AVT) hikes dividend for 11th consecutive year in 2024

Avnet (Ticker: AVT), a leading global distributor of electronic components, has announced an increase in its dividend payout for 2024. The company's board has approved a dividend hike of 6.50%, continuing its track record of rewarding shareholders with consistent dividend growth.

Currently, Avnet offers a dividend yield of 2.3%, with a total return of 8.9%. The company has a market capitalization of $5 billion and has maintained an impressive 5-year compound annual growth rate (CAGR) of 9.5%. Since initiating dividend payments in 2013, Avnet has demonstrated a solid commitment to returning value to its shareholders. In 2022 Avnet announced a double digit dividend hike.

The 2024 dividend increase follows a series of previous hikes, including 6.90% in 2023, 20.83% in 2022, and 14.29% in 2021. This marks the 11th consecutive year of dividend hikes, underscoring Avnet's robust financial health and its ongoing dedication to shareholder returns.

Source: dividendhike.com 

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.