Prudential PLC Boosts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Prudential PLC grew its stake in Analog Devices, Inc. (NASDAQ:ADI) by 92.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 40,042 shares of the semiconductor company’s stock after purchasing an additional 19,224 shares during the period. Prudential PLC’s holdings in Analog Devices were worth $9,140,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also made changes to their positions in the stock. Vanguard Group Inc. grew its position in shares of Analog Devices by 4.7% in the first quarter. Vanguard Group Inc. now owns 47,716,169 shares of the semiconductor company’s stock valued at $9,437,781,000 after purchasing an additional 2,160,668 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in shares of Analog Devices by 19.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 8,163,882 shares of the semiconductor company’s stock valued at $1,614,735,000 after purchasing an additional 1,330,242 shares in the last quarter. Norges Bank purchased a new stake in shares of Analog Devices in the fourth quarter valued at approximately $1,225,227,000. Capital International Investors grew its position in Analog Devices by 14.3% in the first quarter. Capital International Investors now owns 5,155,597 shares of the semiconductor company’s stock worth $1,019,726,000 after acquiring an additional 644,945 shares during the period. Finally, Van ECK Associates Corp grew its position in Analog Devices by 9.8% in the second quarter. Van ECK Associates Corp now owns 4,053,897 shares of the semiconductor company’s stock worth $925,342,000 after acquiring an additional 362,874 shares during the period. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analog Devices Stock Up 2.3 %

Shares of NASDAQ ADI opened at $218.56 on Tuesday. The stock has a market cap of $108.45 billion, a P/E ratio of 51.07, a PEG ratio of 3.55 and a beta of 1.07. The company has a current ratio of 1.69, a quick ratio of 1.24 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 12-month low of $154.99 and a 12-month high of $244.14. The business’s fifty day simple moving average is $225.26 and its 200-day simple moving average is $214.30.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.50 by $0.08. The business had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.27 billion. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The company’s revenue for the quarter was down 24.8% compared to the same quarter last year. During the same period last year, the firm earned $2.49 earnings per share. As a group, equities analysts predict that Analog Devices, Inc. will post 6.33 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 17th. Shareholders of record on Tuesday, September 3rd will be paid a $0.92 dividend. This represents a $3.68 dividend on an annualized basis and a yield of 1.68%. The ex-dividend date is Tuesday, September 3rd. Analog Devices’s dividend payout ratio is presently 85.98%.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Monday, July 1st. The stock was sold at an average price of $226.70, for a total value of $2,267,000.00. Following the sale, the chief executive officer now directly owns 51,039 shares in the company, valued at $11,570,541.30. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In other news, EVP Gregory M. Bryant sold 17,612 shares of Analog Devices stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $233.94, for a total transaction of $4,120,151.28. Following the sale, the executive vice president now owns 69,241 shares in the company, valued at $16,198,239.54. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $226.70, for a total value of $2,267,000.00. Following the sale, the chief executive officer now owns 51,039 shares in the company, valued at approximately $11,570,541.30. The disclosure for this sale can be found here. Insiders have sold a total of 49,107 shares of company stock worth $11,301,610 over the last ninety days. Corporate insiders own 0.31% of the company’s stock.

Analysts Set New Price Targets

ADI has been the subject of several analyst reports. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a research report on Thursday, August 22nd. Robert W. Baird increased their price objective on Analog Devices from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, May 24th. Truist Financial lowered their price objective on Analog Devices from $275.00 to $266.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Susquehanna increased their price objective on Analog Devices from $230.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday, May 23rd. Finally, Bank of America lowered their price objective on Analog Devices from $260.00 to $255.00 and set a “buy” rating for the company in a research report on Thursday, August 22nd. Six equities research analysts have rated the stock with a hold rating and seventeen have assigned 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 $251.45.

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.