Park Avenue Securities LLC Decreases Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Park Avenue Securities LLC reduced its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.5% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 12,818 shares of the semiconductor company’s stock after selling 331 shares during the period. Park Avenue Securities LLC’s holdings in Analog Devices were worth $2,585,000 as of its most recent SEC filing.

Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in Analog Devices during the fourth quarter worth about $1,755,958,000. Raymond James Financial Inc. purchased a new stake in shares of Analog Devices in the 4th quarter valued at approximately $833,386,000. Proficio Capital Partners LLC grew its stake in shares of Analog Devices by 22,005.0% in the 4th 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. GAMMA Investing LLC increased its holdings in shares of Analog Devices by 25,460.1% during the 1st quarter. GAMMA Investing LLC now owns 2,211,715 shares of the semiconductor company’s stock worth $446,037,000 after buying an additional 2,203,062 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC raised its position in shares of Analog Devices by 301.1% during the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company’s stock valued at $335,933,000 after buying an additional 1,186,981 shares during the period. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analog Devices Stock Performance

Shares of ADI stock opened at $227.66 on Tuesday. The firm has a 50 day moving average of $200.14 and a two-hundred day moving average of $210.38. The stock has a market capitalization of $112.98 billion, a PE ratio of 72.50, a P/E/G ratio of 2.85 and a beta of 1.00. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 52 week low of $158.65 and a 52 week high of $247.10.

Analog Devices (NASDAQ:ADI) last released its earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.15. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.64 billion during the quarter, compared to analyst estimates of $2.50 billion. During the same period last year, the business posted $1.40 earnings per share. Analog Devices’s revenue was up 22.3% compared to the same quarter last year. On average, research analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices declared that its Board of Directors has initiated a stock repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Analog Devices Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.99 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $3.96 annualized dividend and a yield of 1.74%. Analog Devices’s dividend payout ratio (DPR) is 107.90%.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Benchmark reiterated a “buy” rating and issued a $260.00 price objective (down from $275.00) on shares of Analog Devices in a research report on Friday, May 23rd. Piper Sandler lowered their price target on Analog Devices from $240.00 to $215.00 and set a “neutral” rating for the company in a report on Friday, May 23rd. Wall Street Zen raised Analog Devices from a “hold” rating to a “buy” rating in a research report on Saturday, May 24th. Cowen reaffirmed a “buy” rating on shares of Analog Devices in a research report on Friday, May 23rd. Finally, TD Cowen increased their target price on shares of Analog Devices from $200.00 to $250.00 and gave the stock a “buy” rating in a research note on Friday, May 23rd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $248.63.

Insider Buying and Selling

In other news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated 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 transaction, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. This represents a 13.35% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction dated Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total value of $612,000.00. Following the sale, the director now directly owns 180,071 shares in the company, valued at $35,265,104.64. This trade represents a 1.71% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,934 shares of company stock worth $8,735,156 over the last 90 days. 0.33% of the stock is owned by insiders.

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.