Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by Covestor Ltd

Covestor Ltd decreased its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 28.1% during the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 263 shares of the semiconductor company’s stock after selling 103 shares during the period. Covestor Ltd’s holdings in Analog Devices were worth $56,000 as of its most recent SEC filing.

Other institutional investors have also recently added to or reduced their stakes in the company. Mainstream Capital Management LLC bought a new stake in shares of Analog Devices in the fourth quarter worth $30,000. Hopwood Financial Services Inc. bought a new stake in shares of Analog Devices in the 4th quarter worth about $30,000. Cassady Schiller Wealth Management LLC increased its position in shares of Analog Devices by 63.2% in the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 55 shares during the last quarter. Financial Life Planners bought a new position in shares of Analog Devices during the fourth quarter worth about $33,000. Finally, Kestra Investment Management LLC acquired a new position in Analog Devices in the fourth quarter worth about $41,000. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Stock Performance

NASDAQ:ADI opened at $178.60 on Tuesday. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The firm has a market cap of $88.58 billion, a price-to-earnings ratio of 56.88, a price-to-earnings-growth ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $247.10. The company has a 50-day moving average of $208.27 and a 200-day moving average of $215.55.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion for the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter last year, the business posted $1.73 EPS. Analog Devices’s revenue was down 3.6% on a year-over-year basis. Analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its board has authorized a share buyback program on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were given a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is 126.11%.

Insider Buying and Selling

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the sale, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at $10,441,928.04. This represents a 7.42 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Vivek Jain sold 12,684 shares of the business’s stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the transaction, the executive vice president now directly owns 43,175 shares in the company, valued at $9,066,750. The trade was a 22.71 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 26,684 shares of company stock valued at $5,591,600. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have commented on ADI. Benchmark increased their target price on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Lake Street Capital started coverage on Analog Devices in a research note on Friday, February 14th. They set a “buy” rating on the stock. Wells Fargo & Company boosted their target price on shares of Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research note on Thursday, February 20th. UBS Group raised their price target on shares of Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research report on Thursday, February 20th. Finally, Citigroup lowered their price objective on shares of Analog Devices from $265.00 to $235.00 and set a “buy” rating for the company in a research report on Friday. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $254.73.

Analog Devices Profile

Analog Devices, Inc designs, manufactures, tests, and markets integrated circuits (ICs), software, and subsystems products in the United States, rest of North and South America, Europe, Japan, China, and rest of Asia. The company provides data converter products, which translate real-world analog signals into digital data, as well as translates digital data into analog signals; power management and reference products for power conversion, driver monitoring, sequencing, and energy management applications in the automotive, communications, industrial, and consumer markets; and power ICs that include performance, integration, and software design simulation tools for accurate power supply designs.