Wells Fargo & Company MN Cuts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Wells Fargo & Company MN decreased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 2.6% in the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 8,882,636 shares of the semiconductor company's stock after selling 241,593 shares during the period. Wells Fargo & Company MN owned 1.79% of Analog Devices worth $1,887,205,000 as of its most recent filing with the SEC.

Other hedge funds and other institutional investors have also modified their holdings of the company. Hopwood Financial Services Inc. acquired a new stake in Analog Devices in the 4th quarter worth about $30,000. Mainstream Capital Management LLC bought a new stake in shares of Analog Devices in the fourth quarter valued at approximately $30,000. Cassady Schiller Wealth Management LLC grew its position in Analog Devices by 63.2% during the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company's stock worth $30,000 after buying an additional 55 shares in the last quarter. Financial Life Planners bought a new position in Analog Devices during the 4th quarter worth $33,000. Finally, Kestra Investment Management LLC acquired a new position in Analog Devices in the 4th quarter valued at $41,000. Institutional investors own 86.81% of the company's stock.

Analog Devices Stock Performance

Shares of ADI stock traded down $16.28 during trading on Friday, hitting $164.60. The company's stock had a trading volume of 9,622,216 shares, compared to its average volume of 3,342,913. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The company has a market cap of $81.64 billion, a PE ratio of 52.42, a P/E/G ratio of 2.85 and a beta of 1.06. The business has a fifty day moving average of $213.22 and a 200-day moving average of $218.28. Analog Devices, Inc. has a 52 week low of $164.14 and a 52 week high of $247.10.

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Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.54 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business's revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.73 EPS. As a group, research analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices declared that its Board of Directors has approved a stock repurchase plan on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its shares are undervalued.

Analog Devices Increases Dividend

The business 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. This represents a $3.96 dividend on an annualized basis and a dividend yield of 2.41%. 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. Analog Devices's payout ratio is 126.11%.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the business'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 sale, the chief executive officer now directly owns 64,918 shares in the company, valued at approximately $13,575,652.16. The trade was a 13.35 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Vivek Jain sold 12,684 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the transaction, the executive vice president now owns 43,175 shares of the company's stock, valued at approximately $9,066,750. This represents a 22.71 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 26,684 shares of company stock worth $5,591,600. Insiders own 0.33% of the company's stock.

Analysts Set New Price Targets

Several analysts recently weighed in on ADI shares. Lake Street Capital started coverage on Analog Devices in a research note on Friday, February 14th. They issued a "buy" rating on the stock. Truist Financial raised their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a "hold" rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. raised their price objective on Analog Devices from $280.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Morgan Stanley lifted their price target on Analog Devices from $248.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Analog Devices in a research note on Thursday, February 20th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus 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.