Cibc World Markets Corp Grows Stake in Analog Devices, Inc. (NASDAQ:ADI)

Cibc World Markets Corp lifted its stake in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 14.3% during the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 89,341 shares of the semiconductor company's stock after purchasing an additional 11,150 shares during the quarter. Cibc World Markets Corp's holdings in Analog Devices were worth $18,981,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Mainstream Capital Management LLC purchased a new stake in shares of Analog Devices in the fourth quarter worth $30,000. Hopwood Financial Services Inc. purchased a new stake in Analog Devices during the 4th quarter valued at about $30,000. Financial Life Planners bought a new stake in Analog Devices during the 4th quarter valued at about $33,000. Kestra Investment Management LLC purchased a new position in Analog Devices in the fourth quarter worth about $41,000. Finally, Sierra Ocean LLC bought a new position in shares of Analog Devices in the fourth quarter worth approximately $46,000. Institutional investors own 86.81% of the company's stock.

Insiders Place Their Bets

In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred 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 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total value of $836,760.00. Following the transaction, the chief financial officer now owns 49,916 shares of the company's stock, valued at $10,441,928.04. This represents a 7.42 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 24,000 shares of company stock worth $5,082,860 in the last three months. 0.33% of the stock is owned by company insiders.

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Analog Devices Price Performance

Shares of NASDAQ ADI traded down $1.50 during midday trading on Friday, reaching $204.40. The stock had a trading volume of 5,070,173 shares, compared to its average volume of 3,108,301. The company has a market capitalization of $101.38 billion, a price-to-earnings ratio of 65.10, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10. The stock has a 50-day moving average of $217.33 and a 200-day moving average of $220.05. 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 - Get Free Report) last issued its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the business posted $1.73 EPS. Analog Devices's revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, research analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices announced that its board has initiated a share buyback plan on Tuesday, February 18th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are typically an indication that the company's leadership believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Investors of record on Tuesday, March 4th were issued a $0.99 dividend. The ex-dividend date of this dividend was 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 1.94%. Analog Devices's payout ratio is currently 126.11%.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on ADI shares. Morgan Stanley raised their price target on shares of Analog Devices from $248.00 to $250.00 and gave the company an "overweight" rating in a research report on Thursday, February 20th. Williams Trading set a $245.00 target price on Analog Devices in a report on Friday, February 14th. Lake Street Capital assumed coverage on Analog Devices in a report on Friday, February 14th. They set a "buy" rating on the stock. Piper Sandler reduced their price objective on Analog Devices from $235.00 to $220.00 and set a "neutral" rating for the company in a report on Wednesday, November 27th. Finally, TD Cowen lowered their target price on shares of Analog Devices from $270.00 to $260.00 and set a "buy" rating on the stock in a research note on Wednesday, November 27th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average price target of $255.41.

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.