abrdn plc raised its stake in Analog Devices, Inc. (NASDAQ:ADI) by 543.2% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,046,755 shares of the semiconductor company’s stock after acquiring an additional 884,015 shares during the period. abrdn plc’s holdings in Analog Devices were worth $180,246,000 as of its most recent SEC filing.
A number of other large investors also recently made changes to their positions in ADI. Camden National Bank bought a new stake in Analog Devices in the fourth quarter valued at $247,000. Total Clarity Wealth Management Inc. bought a new stake in Analog Devices in the first quarter valued at $90,000. Fort Washington Investment Advisors Inc. OH grew its position in Analog Devices by 1.3% in the first quarter. Fort Washington Investment Advisors Inc. OH now owns 77,782 shares of the semiconductor company’s stock valued at $12,062,000 after acquiring an additional 1,004 shares during the period. Congress Asset Management Co. MA boosted its stake in Analog Devices by 1.4% in the first quarter. Congress Asset Management Co. MA now owns 103,947 shares of the semiconductor company’s stock worth $16,120,000 after purchasing an additional 1,441 shares in the last quarter. Finally, Lakeview Capital Partners LLC boosted its stake in Analog Devices by 21.5% in the first quarter. Lakeview Capital Partners LLC now owns 2,802 shares of the semiconductor company’s stock worth $435,000 after purchasing an additional 495 shares in the last quarter. Hedge funds and other institutional investors own 99.18% of the company’s stock.
ADI has been the topic of a number of recent analyst reports. Needham & Company LLC initiated coverage on Analog Devices in a research note on Thursday, September 9th. They issued a “buy” rating and a $200.00 price objective on the stock. Zacks Investment Research lowered Analog Devices from a “buy” rating to a “hold” rating and set a $181.00 price objective on the stock. in a research note on Thursday, August 5th. Morgan Stanley initiated coverage on Analog Devices in a research note on Monday. They issued an “equal weight” rating and a $179.00 price objective on the stock. Truist Securities boosted their price objective on Analog Devices from $179.00 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, August 19th. Finally, Bank of America boosted their price objective on Analog Devices from $178.00 to $200.00 and gave the stock a “buy” rating in a research note on Friday, June 25th. Five research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. Based on data from MarketBeat, Analog Devices presently has a consensus rating of “Buy” and a consensus price target of $181.40.
Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Tuesday, August 17th. The semiconductor company reported $1.72 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $0.10. The business had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.71 billion. Analog Devices had a return on equity of 18.86% and a net margin of 26.15%. The firm’s revenue was up 20.8% on a year-over-year basis. During the same quarter in the prior year, the company posted $1.36 earnings per share. As a group, analysts forecast that Analog Devices, Inc. will post 6.41 EPS for the current year.
Analog Devices announced that its Board of Directors has initiated a stock repurchase program on Wednesday, August 25th that allows the company to repurchase $8.50 billion in shares. This repurchase authorization allows the semiconductor company to purchase up to 13.8% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 8th. Shareholders of record on Friday, August 27th were issued a $0.69 dividend. The ex-dividend date was Thursday, August 26th. This represents a $2.76 annualized dividend and a dividend yield of 1.58%. Analog Devices’s dividend payout ratio (DPR) is currently 56.21%.
About Analog Devices
Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.
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