Avnet boosts repurchase pact to $600M, hikes dividend 6% to 33c per share

Avnet announced that on August 15 its Board of Directors approved an increase in Avnet’s share repurchase authorization, bringing the total amount available for share repurchases to $600M. The Board also approved a 6% increase in the regular quarterly cash dividend to 33c per share. The dividend will be paid on September 25, 2024, to shareholders of record as of the close of business on September 11. “The Board’s actions underscore our commitment to providing consistent and dependable shareholder returns,” said Phil Gallagher, Avnet’s Chief Executive Officer. “Since the start of fiscal year 2019, we have returned nearly $2 billion to shareholders, including $1.4 billion in share repurchases and nearly $600 million in dividends. These actions reflect our continued confidence in Avnet’s financial position and ability to achieve our longer-term growth goals.”