Glenview Trust co Grows Position in Analog Devices, Inc. (NASDAQ:ADI)

Glenview Trust co grew its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.7% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 158,925 shares of the semiconductor company’s stock after purchasing an additional 4,190 shares during the period. Glenview Trust co’s holdings in Analog Devices were worth $33,765,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Raymond James Financial Inc. purchased a new position in Analog Devices in the 4th quarter valued at approximately $833,386,000. Proficio Capital Partners LLC grew its holdings in Analog Devices by 22,005.0% in the fourth 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 during the last quarter. Franklin Resources Inc. increased its position in shares of Analog Devices by 14.9% in the third 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. Healthcare of Ontario Pension Plan Trust Fund raised its stake 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 worth $220,891,000 after buying an additional 853,931 shares during the last quarter. Finally, Holocene Advisors LP boosted its position in shares of Analog Devices by 336.4% in the 3rd quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock worth $245,953,000 after buying an additional 823,709 shares in the last quarter. 86.81% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of brokerages have issued reports on ADI. TD Cowen cut their target price on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Piper Sandler cut their price objective 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 increased their target price on Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Finally, 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 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 company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $255.41.

Insider Activity at Analog Devices

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

Analog Devices Price Performance

ADI stock opened at $208.75 on Friday. The company has a market cap of $103.53 billion, a PE ratio of 66.48, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. 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 50-day moving average price of $218.09 and a two-hundred day moving average price of $220.58. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10.

Analog Devices (NASDAQ:ADI) last issued its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping 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 business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations of $2.36 billion. During the same quarter in the previous year, the business earned $1.73 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. As a group, research analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be paid a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.90%. The ex-dividend date is Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is currently 126.11%.

Analog Devices announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are usually a sign that the company’s leadership believes its shares are undervalued.

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.