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

Corebridge Financial Inc. cut its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 4.5% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. 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 and Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in the stock. Raymond James Financial Inc. bought a new position in Analog Devices in the fourth quarter valued at about $833,386,000. Proficio Capital Partners LLC increased its stake in shares of 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 buying an additional 3,059,349 shares during the period. Franklin Resources Inc. raised 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 valued at $2,169,689,000 after buying an additional 1,189,940 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund boosted its position in 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 period. Finally, Holocene Advisors LP grew its holdings in Analog Devices by 336.4% during the 3rd quarter. Holocene Advisors LP now owns 1,068,572 shares of the semiconductor company’s stock worth $245,953,000 after acquiring an additional 823,709 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Stock Down 0.7 %

Shares of NASDAQ:ADI opened at $204.40 on Monday. The firm has a market cap of $101.38 billion, a P/E ratio of 65.10, a PEG ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 52-week low of $182.57 and a 52-week high of $247.10. The business’s 50 day simple moving average is $217.17 and its two-hundred day simple moving average is $219.83. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating 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 business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter last year, the firm posted $1.73 EPS. Analog Devices’s revenue was down 3.6% compared to the same quarter last year. As a group, research analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a $0.99 dividend. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.94%. The ex-dividend date of this dividend was Tuesday, March 4th. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio is currently 126.11%.

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

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the stock. Needham & Company LLC reaffirmed a “hold” rating on shares of Analog Devices in a research note on Thursday, February 20th. Lake Street Capital began coverage on Analog Devices in a report on Friday, February 14th. They set a “buy” rating on the stock. Maxim Group assumed coverage on Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating on the stock. Piper Sandler lowered 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. Finally, Wells Fargo & Company upped 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. Six analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $255.41.

Insider Buying and Selling at Analog Devices

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of Analog Devices stock in a transaction on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the transaction, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at $10,441,928.04. The trade was a 7.42 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the completion of the sale, the chief executive officer now owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. The trade was a 13.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 24,000 shares of company stock worth $5,082,860. Insiders own 0.33% of the company’s stock.

Analog Devices 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.