Korea Investment CORP Decreases Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Korea Investment CORP cut its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 3.6% during the 4th quarter, Holdings Channel reports. The firm owned 344,996 shares of the semiconductor company’s stock after selling 12,749 shares during the period. Korea Investment CORP’s holdings in Analog Devices were worth $73,298,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Borer Denton & Associates Inc. increased its position in Analog Devices by 2.8% during the fourth quarter. Borer Denton & Associates Inc. now owns 12,145 shares of the semiconductor company’s stock worth $2,580,000 after buying an additional 334 shares in the last quarter. UNIVEST FINANCIAL Corp boosted its position in Analog Devices by 2.1% during the fourth quarter. UNIVEST FINANCIAL Corp now owns 7,487 shares of the semiconductor company’s stock worth $1,591,000 after acquiring an additional 155 shares during the last quarter. Ipsen Advisor Group LLC purchased a new stake in Analog Devices in the 4th quarter worth approximately $455,000. Meiji Yasuda Asset Management Co Ltd. boosted its holdings in shares of Analog Devices by 3.6% during the fourth quarter. Meiji Yasuda Asset Management Co Ltd. now owns 46,104 shares of the semiconductor company’s stock worth $9,795,000 after purchasing an additional 1,582 shares during the last quarter. Finally, Zions Bancorporation N.A. grew its position in shares of Analog Devices by 40.4% in the fourth quarter. Zions Bancorporation N.A. now owns 5,715 shares of the semiconductor company’s stock valued at $1,214,000 after purchasing an additional 1,644 shares during the period. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on ADI shares. Maxim Group initiated coverage on Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating on the stock. Truist Financial increased their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Benchmark raised their price target on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Oppenheimer reaffirmed an “outperform” rating and set a $270.00 price target (up from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Finally, Morgan Stanley boosted their price objective on Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.41.

Insider Buying and Selling

In other Analog Devices news, EVP Vivek Jain sold 12,684 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the sale, the executive vice president now directly owns 43,175 shares in the company, valued at $9,066,750. This represents a 22.71 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $209.12, for a total value of $2,091,200.00. Following the transaction, the chief executive officer now owns 64,918 shares in the company, valued at approximately $13,575,652.16. This trade represents a 13.35 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 36,684 shares of company stock valued at $7,746,500 in the last three months. 0.33% of the stock is currently owned by corporate insiders.

Analog Devices Price Performance

ADI opened at $210.53 on Thursday. The firm has a market cap of $104.42 billion, a price-to-earnings ratio of 67.05, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The company’s 50-day moving average price is $216.98 and its 200 day moving average price is $219.72. Analog Devices, Inc. has a fifty-two week low of $182.57 and a fifty-two week high of $247.10. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.09. The company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. During the same quarter in the previous year, the company posted $1.73 earnings per share. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, sell-side analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.99 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 annualized dividend and a dividend yield of 1.88%. Analog Devices’s payout ratio is currently 126.11%.

Analog Devices declared that its Board of Directors has authorized a stock buyback plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s leadership believes its stock is undervalued.

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.