Avnet Raises Share Buyback Authorization, Announces Dividend
Zacks Investment Research | Nov 12, 2017 08:31PM ET
The world’s leading electronics components distributor, Avnet Inc. (NYSE:AVT) , last week announced that its board of directors has increased the current share repurchase authorization by $200 million, thereby bringing the total authorization limit to approximately $500 million. However, management stated that the timing and number of shares to be bought will depend upon prevailing market conditions as well as other factors.
Apart from this, management also announced a quarterly cash dividend of 18 cents per share to be paid on Dec 19 for the shareholders of record date as of Dec 6.
Avnet has a steady track record of returning value to shareholders through share repurchases and dividend payouts. The company notified that in the past six years, it has returned more than $1.7 billion to its shareholders through share buybacks and dividend payments.
Also, it should be noted that the company has approved nearly $2 billion of cumulative share repurchase program since 2011, of which it has completed the purchase of approximately $1.43 billion worth of common stocks.
The company’s strong balance sheet and cash flow provide it with the financial flexibility to undertake shareholder-friendly initiatives and scope for product innovation and expansion in newer markets. The company ended first-quarter fiscal 2018 with cash, cash equivalents and marketable securities of nearly $737.6 million.
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