Madison Investment Advisors LLC Makes New Investment in Analog Devices, Inc. (NASDAQ:ADI)

Madison Investment Advisors LLC bought a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) during the 4th quarter, according to its most recent 13F filing with the SEC. The fund bought 524,664 shares of the semiconductor company’s stock, valued at approximately $111,470,000. Analog Devices comprises 1.3% of Madison Investment Advisors LLC’s holdings, making the stock its 19th biggest position.

A number of other hedge funds have also bought and sold shares of the stock. Impact Capital Partners LLC acquired a new position in Analog Devices in the fourth quarter valued at approximately $2,461,000. Commonwealth Equity Services LLC boosted its stake in shares of Analog Devices by 2.5% in the fourth quarter. Commonwealth Equity Services LLC now owns 308,570 shares of the semiconductor company’s stock worth $65,559,000 after acquiring an additional 7,446 shares during the last quarter. Wintrust Investments LLC grew its holdings in shares of Analog Devices by 214.6% during the fourth quarter. Wintrust Investments LLC now owns 302 shares of the semiconductor company’s stock worth $64,000 after buying an additional 206 shares in the last quarter. Skandinaviska Enskilda Banken AB publ increased its holdings in shares of Analog Devices by 12.9% in the fourth quarter. Skandinaviska Enskilda Banken AB publ now owns 122,950 shares of the semiconductor company’s stock valued at $26,134,000 after purchasing an additional 14,051 shares during the last quarter. Finally, Great Lakes Advisors LLC grew its holdings in Analog Devices by 0.6% in the 4th quarter. Great Lakes Advisors LLC now owns 53,031 shares of the semiconductor company’s stock valued at $11,267,000 after buying an additional 337 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total value of $2,154,900.00. Following the sale, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This represents a 31.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.33% of the company’s stock.

Analog Devices Stock Down 1.2 %

Shares of Analog Devices stock opened at $206.62 on Thursday. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10. The firm has a fifty day moving average of $218.37 and a two-hundred day moving average of $220.89. The company has a market cap of $102.48 billion, a P/E ratio of 65.80, a PEG ratio of 2.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating 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 company had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the company earned $1.73 earnings per share. Analog Devices’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices declared that its Board of Directors has initiated a stock buyback program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 1.92%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Tuesday, March 4th. Analog Devices’s payout ratio is presently 126.11%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have commented on the company. TD Cowen reduced their target price on Analog Devices from $270.00 to $260.00 and set a “buy” rating on the stock in a research report on Wednesday, November 27th. Truist Financial boosted their price target on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research note on Thursday, February 20th. Oppenheimer reissued an “outperform” rating and issued a $270.00 target price (up previously from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Morgan Stanley boosted their price objective on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Finally, Wells Fargo & Company boosted their price target on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Analog Devices presently has an average rating of “Moderate Buy” and a consensus target price of $255.41.

Analog Devices Company 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.