Victory Capital Management Inc. Trims Position in Analog Devices, Inc. (NASDAQ:ADI)

Victory Capital Management Inc. cut its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 12.5% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 515,437 shares of the semiconductor company’s stock after selling 73,745 shares during the quarter. Victory Capital Management Inc.’s holdings in Analog Devices were worth $109,510,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Proficio Capital Partners LLC increased its holdings 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 valued at $652,943,000 after purchasing an additional 3,059,349 shares in the last quarter. Franklin Resources Inc. increased its holdings in shares of Analog Devices by 14.9% during 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 purchasing an additional 1,189,940 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in shares of Analog Devices by 807.5% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 959,686 shares of the semiconductor company’s stock valued at $220,891,000 after purchasing an additional 853,931 shares in the last quarter. Holocene Advisors LP increased its holdings in shares of Analog Devices by 336.4% during the 3rd quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock valued at $245,953,000 after purchasing an additional 823,709 shares in the last quarter. Finally, FMR LLC increased its holdings in shares of Analog Devices by 9.9% during the 3rd quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock valued at $1,700,640,000 after purchasing an additional 665,149 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analog Devices Trading Up 1.5 %

Shares of ADI stock opened at $229.47 on Thursday. The company’s 50-day moving average price is $218.21 and its 200-day moving average price is $221.22. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The stock has a market cap of $113.81 billion, a price-to-earnings ratio of 73.08, a PEG ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a twelve month low of $182.57 and a twelve month high of $247.10.

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

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be issued a $0.99 dividend. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 annualized dividend and a yield of 1.73%. The ex-dividend date of this dividend is Tuesday, March 4th. Analog Devices’s payout ratio is 126.11%.

Analog Devices announced that its Board of Directors has initiated a share buyback program 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 stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Analyst Ratings Changes

ADI has been the subject of several recent research reports. Lake Street Capital initiated coverage on shares of Analog Devices in a report on Friday, February 14th. They set a “buy” rating for the company. Williams Trading set a $245.00 price target on shares of Analog Devices in a research note on Friday, February 14th. Maxim Group started coverage on shares of Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating on the stock. Morgan Stanley lifted their price target on shares of Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Finally, Truist Financial lifted 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. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $255.41.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the business’s 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 in the company, valued at approximately $4,737,116.67. The trade was a 31.27 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 0.33% of the stock is owned by insiders.

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.