Avnet Expands Share Repurchase Program By $500 Mln

(RTTNews) - Avnet (AVT) announced that its Board approved an expansion of the company's current share repurchase authorization by $500 million. Avnet now has $675 million available for share repurchases when combined with prior authorizations, and the latest authorization has no expiration date.

In addition, Avnet's Board of Directors approved a 5.9% increase in the quarterly cash dividend to $0.18 per share. The dividend will be paid on March 28, 2017, to shareholders of record as of the close of business on March 14, 2017.

Avnet has approved a cumulative total of $1.75 billion toward share repurchases since its share repurchase program was authorized in August 2011. During this time, the company has purchased approximately $1.08 billion worth of its shares.