Corebridge Financial Inc. Sells 7,490 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Corebridge Financial Inc. reduced its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 4.5% in the fourth quarter, Holdings Channel reports. The fund owned 157,521 shares of the semiconductor company’s stock after selling 7,490 shares during the quarter. Corebridge Financial Inc.’s holdings in Analog Devices were worth $33,467,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors also recently modified their holdings of the stock. Vanguard Group Inc. grew its holdings in Analog Devices by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company’s stock valued at $10,432,961,000 after purchasing an additional 413,084 shares during the period. State Street Corp lifted its position in shares of Analog Devices by 0.5% during the 3rd quarter. State Street Corp now owns 22,571,586 shares of the semiconductor company’s stock valued at $5,195,302,000 after buying an additional 106,664 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of Analog Devices by 1.3% during the 3rd quarter. Geode Capital Management LLC now owns 10,364,446 shares of the semiconductor company’s stock worth $2,377,094,000 after acquiring an additional 135,838 shares during the period. Franklin Resources Inc. increased its holdings 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 worth $2,169,689,000 after acquiring an additional 1,189,940 shares during the last quarter. Finally, FMR LLC raised its stake in Analog Devices by 9.9% in the 3rd quarter. FMR LLC now owns 7,388,628 shares of the semiconductor company’s stock valued at $1,700,640,000 after acquiring an additional 665,149 shares during the period. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Price Performance

ADI stock opened at $204.40 on Monday. The firm has a 50 day simple moving average of $217.17 and a two-hundred day simple moving average of $219.83. The stock has a market cap of $101.38 billion, a PE ratio of 65.10, a P/E/G ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43.

Analog Devices (NASDAQ:ADI) last announced its earnings results 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 net margin of 16.75% and a return on equity of 8.91%. The company had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period in the previous year, the business earned $1.73 earnings per share. The firm’s quarterly revenue was down 3.6% compared to the same quarter last year. On average, analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

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

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.94%. This is a boost 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 (DPR) is currently 126.11%.

Insider Buying and Selling

In other news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the transaction, the chief executive officer now owns 64,918 shares in the company, valued at approximately $13,575,652.16. The trade was a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the business’s 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 directly owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. This trade represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,000 shares of company stock worth $5,082,860 in the last quarter. 0.33% of the stock is owned by insiders.

Analyst Ratings Changes

A number of brokerages have weighed in on ADI. JPMorgan Chase & Co. increased their target price on shares of Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Lake Street Capital initiated coverage on shares of Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating for the company. Oppenheimer restated an “outperform” rating and set a $270.00 target price (up previously from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Piper Sandler reduced their price target 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. Finally, Barclays dropped their price objective on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday, January 17th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $255.41.

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.