Victory Capital Management Inc. Decreases Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Victory Capital Management Inc. decreased its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 12.5% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 515,437 shares of the semiconductor company’s stock after selling 73,745 shares during the quarter. Victory Capital Management Inc. owned about 0.10% of Analog Devices worth $109,510,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of ADI. Proficio Capital Partners LLC raised its stake in Analog Devices by 22,005.0% during 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 in the last quarter. Franklin Resources Inc. raised its stake 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 acquiring an additional 1,189,940 shares during the period. Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of Analog Devices by 807.5% in the third 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 acquiring an additional 853,931 shares during the period. Holocene Advisors LP raised its stake in shares of Analog Devices by 336.4% in the third quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock valued at $245,953,000 after acquiring an additional 823,709 shares during the period. Finally, FMR LLC raised its stake in shares of Analog Devices by 9.9% in the third 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.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.33% of the stock is owned by company insiders.

Analog Devices Stock Up 1.5 %

NASDAQ:ADI opened at $229.47 on Thursday. Analog Devices, Inc. has a fifty-two week low of $182.57 and a fifty-two week high of $247.10. The stock has a market capitalization of $113.81 billion, a P/E ratio of 73.08, a P/E/G ratio of 2.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The company’s 50-day simple moving average is $218.21 and its 200-day simple moving average is $221.22.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. The company had revenue of $2.42 billion during 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%. Analog Devices’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same period last year, the business earned $1.73 EPS. On average, equities analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its board has initiated a share repurchase program on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s management believes its stock is undervalued.

Analog Devices Increases Dividend

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

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on ADI shares. Truist Financial increased their target price 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. Benchmark raised their price target on shares of Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Piper Sandler reduced their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research note on Thursday, February 20th. Finally, Lake Street Capital initiated coverage on shares of Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating on the stock. Six 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, Analog Devices presently has a consensus rating of “Moderate Buy” and an average 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.