Penobscot Investment Management Company Inc. Sells 1,240 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Penobscot Investment Management Company Inc. lessened its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 9.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 11,397 shares of the semiconductor company’s stock after selling 1,240 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Analog Devices were worth $2,421,000 at the end of the most recent quarter.

Other institutional investors have also recently bought and sold shares of the company. Curbstone Financial Management Corp acquired a new stake in Analog Devices in the fourth quarter valued at approximately $460,000. Czech National Bank grew its position in Analog Devices by 6.5% during the 4th quarter. Czech National Bank now owns 107,650 shares of the semiconductor company’s stock worth $22,871,000 after acquiring an additional 6,566 shares during the last quarter. Synergy Asset Management LLC increased its holdings in Analog Devices by 11.1% in the 4th quarter. Synergy Asset Management LLC now owns 25,569 shares of the semiconductor company’s stock worth $5,404,000 after purchasing an additional 2,554 shares in the last quarter. Oddo BHF Asset Management Sas bought a new position in Analog Devices in the third quarter valued at about $20,194,000. Finally, RFG Advisory LLC boosted its stake in shares of Analog Devices by 3.9% during the fourth quarter. RFG Advisory LLC now owns 2,072 shares of the semiconductor company’s stock valued at $440,000 after purchasing an additional 77 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company’s stock.

Analog Devices Price Performance

Shares of ADI opened at $213.58 on Wednesday. The stock has a market cap of $105.93 billion, a P/E ratio of 68.02, a P/E/G ratio of 2.85 and a beta of 1.07. The business’s fifty day moving average is $217.13 and its 200 day moving average is $219.78. 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, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm earned $1.73 earnings per share. Sell-side analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a $0.99 dividend. 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 1.85%. Analog Devices’s dividend payout ratio is 126.11%.

Analog Devices announced that its board has approved a stock buyback plan on Tuesday, February 18th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its shares are undervalued.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the stock. Benchmark raised their price objective 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. UBS Group boosted their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Piper Sandler lowered their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research report on Wednesday, November 27th. Wells Fargo & Company upped their price target on Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a research report on Thursday, February 20th. Finally, Lake Street Capital initiated coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to data from MarketBeat, Analog Devices has a consensus rating of “Moderate Buy” and an average price target of $255.41.

Insider Activity

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction dated 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 owns 49,916 shares in the company, valued at approximately $10,441,928.04. This trade represents a 7.42 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares in the company, valued at $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 24,000 shares of company stock worth $5,082,860 over the last 90 days. 0.33% of the stock is currently owned by corporate insiders.

About Analog Devices

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.