Avnet Inc. AVT, +0.49% said Wednesday it added $500 million to its share repurchase program, and increased its quarterly dividend by 5.3%. The electronic components company's stock was still inactive in premarket trade. Avnet said it now has $722 million available for stock buybacks. Based on Tuesday's stock closing price of $48.62, the company could repurchase 14.85 million shares, or about 12.8% of the shares outstanding. The new quarterly dividend of 20 cents a share, up from 19 cents, will be payable Sept. 20 to shareholders of record on Sept. 10. The new annual dividend rate implies a dividend yield of 1.65%, compared with the S&P 500's SPX, +0.26% implied yield of 1.87%. Avnet shares have rallied 22.7% year to date, while the Dow Jones Industrial Average DJIA, +0.03% has gained 5.4%.
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