Kore Private Wealth LLC trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 5.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,180 shares of the semiconductor company’s stock after selling 172 shares during the period. Kore Private Wealth LLC’s holdings in Analog Devices were worth $547,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also bought and sold shares of the stock. Inscription Capital LLC bought a new stake in shares of Analog Devices during the second quarter worth approximately $284,000. Johnson Investment Counsel Inc. increased its stake in Analog Devices by 1.7% in the second quarter. Johnson Investment Counsel Inc. now owns 511,752 shares of the semiconductor company’s stock valued at $88,103,000 after purchasing an additional 8,739 shares in the last quarter. Lincoln National Corp increased its stake in Analog Devices by 7.0% in the second quarter. Lincoln National Corp now owns 2,081 shares of the semiconductor company’s stock valued at $358,000 after purchasing an additional 136 shares in the last quarter. Alpha Paradigm Partners LLC bought a new stake in Analog Devices in the second quarter valued at approximately $831,000. Finally, Neuberger Berman Group LLC increased its stake in Analog Devices by 14.0% in the second quarter. Neuberger Berman Group LLC now owns 5,068,503 shares of the semiconductor company’s stock valued at $870,683,000 after purchasing an additional 621,358 shares in the last quarter. 99.18% of the stock is owned by institutional investors and hedge funds.
Several equities research analysts have commented on the stock. Bank of America upped their target price on shares of Analog Devices from $178.00 to $200.00 and gave the company a “buy” rating in a research note on Friday, June 25th. Oppenheimer upped their target price on shares of Analog Devices from $175.00 to $200.00 and gave the company an “outperform” rating in a research note on Friday, August 13th. Truist Securities upped their price target on shares of Analog Devices from $179.00 to $190.00 and gave the company a “buy” rating in a report on Thursday, August 19th. Morgan Stanley initiated coverage on shares of Analog Devices in a report on Monday, September 13th. They issued an “equal weight” rating and a $179.00 price target for the company. Finally, KeyCorp upped their price target on shares of Analog Devices from $195.00 to $200.00 and gave the company an “overweight” rating in a report on Tuesday, July 6th. Five research analysts have rated the stock with a hold rating and twenty-one have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $183.70.
Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Tuesday, August 17th. The semiconductor company reported $1.72 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.62 by $0.10. Analog Devices had a net margin of 26.15% and a return on equity of 18.86%. The firm had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.71 billion. During the same period in the prior year, the firm posted $1.36 earnings per share. The company’s quarterly revenue was up 20.8% compared to the same quarter last year. On average, research analysts anticipate that Analog Devices, Inc. will post 6.41 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, September 8th. Shareholders of record on Friday, August 27th were given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 1.68%. The ex-dividend date was Thursday, August 26th. Analog Devices’s dividend payout ratio (DPR) is currently 56.21%.
Analog Devices announced that its Board of Directors has initiated a share repurchase program on Wednesday, August 25th that permits the company to buyback $8.50 billion in outstanding shares. This buyback authorization permits the semiconductor company to purchase up to 13.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s leadership believes its stock is undervalued.
In other Analog Devices news, Director Bruce R. Evans purchased 8,001 shares of the stock in a transaction that occurred on Wednesday, October 6th. The shares were acquired at an average cost of $164.98 per share, with a total value of $1,320,004.98. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Friday, October 1st. The stock was sold at an average price of $168.09, for a total transaction of $1,680,900.00. The disclosure for this sale can be found here. 0.91% of the stock is owned by corporate insiders.
Analog Devices Profile
Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.
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