Analog Devices, Inc. (NASDAQ:ADI) Shares Bought by Treasurer of the State of North Carolina

Treasurer of the State of North Carolina lifted its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 261,169 shares of the semiconductor company’s stock after buying an additional 1,964 shares during the quarter. Treasurer of the State of North Carolina owned 0.05% of Analog Devices worth $55,488,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in ADI. Norges Bank purchased a new position in Analog Devices during the 4th quarter valued at about $1,755,958,000. Raymond James Financial Inc. purchased a new position in shares of Analog Devices during the 4th quarter worth approximately $833,386,000. Proficio Capital Partners LLC raised its position in shares of Analog Devices by 22,005.0% during the 4th quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock worth $652,943,000 after purchasing an additional 3,059,349 shares during the last quarter. Franklin Resources Inc. lifted its stake in Analog Devices by 14.9% in the 3rd quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company’s stock valued at $2,169,689,000 after buying an additional 1,189,940 shares in the last quarter. Finally, Madison Investment Advisors LLC acquired a new stake in Analog Devices during the 4th quarter valued at $111,470,000. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Trading Up 18.4 %

ADI opened at $196.63 on Thursday. Analog Devices, Inc. has a 52-week low of $158.65 and a 52-week high of $247.10. The firm has a market capitalization of $97.52 billion, a P/E ratio of 62.62, a P/E/G ratio of 2.85 and a beta of 1.06. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The firm’s 50 day moving average is $209.97 and its 200-day moving average is $216.71.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate 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 period last year, the business posted $1.73 earnings per share. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. Analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices declared that its board has initiated a share buyback program 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 stock through open market purchases. Stock buyback programs are generally an indication that the company’s management believes its shares are undervalued.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 2.01%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend was Tuesday, March 4th. Analog Devices’s dividend payout ratio is currently 126.11%.

Insiders Place Their Bets

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at $10,441,928.04. The trade was a 7.42 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 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 completion of the sale, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at $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 a total of 26,684 shares of company stock worth $5,591,600 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Analyst Upgrades and Downgrades

ADI has been the topic of several recent research reports. Oppenheimer restated an “outperform” rating and issued a $270.00 price objective (up from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. UBS Group lifted their price target on shares of Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research report on Thursday, February 20th. Lake Street Capital began coverage on shares of Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating for the company. Finally, Morgan Stanley increased their price target 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’s stock. According to MarketBeat.com, the stock currently 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.