Zurcher Kantonalbank Zurich Cantonalbank Buys 2,663 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Zurcher Kantonalbank Zurich Cantonalbank increased its stake in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 2.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 116,217 shares of the semiconductor company's stock after acquiring an additional 2,663 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Analog Devices were worth $24,691,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the stock. Swedbank AB boosted its holdings in shares of Analog Devices by 6.7% during the third quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company's stock worth $666,137,000 after purchasing an additional 180,870 shares during the period. Impax Asset Management Group plc increased its holdings in Analog Devices by 7.7% during the 3rd quarter. Impax Asset Management Group plc now owns 1,536,463 shares of the semiconductor company's stock valued at $352,728,000 after purchasing an additional 110,448 shares during the period. Capital Performance Advisors LLP bought a new position in Analog Devices during the 3rd quarter valued at approximately $28,000. United Bank lifted its holdings in Analog Devices by 4.7% in the 3rd quarter. United Bank now owns 6,056 shares of the semiconductor company's stock worth $1,394,000 after buying an additional 273 shares during the period. Finally, Mesirow Financial Investment Management Inc. grew its position in shares of Analog Devices by 15.7% in the 3rd quarter. Mesirow Financial Investment Management Inc. now owns 1,981 shares of the semiconductor company's stock worth $456,000 after buying an additional 269 shares during the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Vincent Roche sold 10,000 shares of the firm's stock in a transaction that occurred on Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total value of $2,154,900.00. Following the transaction, the chief executive officer now owns 21,983 shares of the company's stock, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 0.33% of the stock is currently owned by corporate insiders.

Analog Devices Price Performance

Shares of NASDAQ:ADI opened at $209.08 on Wednesday. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The firm has a market cap of $103.70 billion, a price-to-earnings ratio of 66.59, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The business has a 50-day simple moving average of $218.49 and a two-hundred day simple moving average of $220.99. Analog Devices, Inc. has a fifty-two week low of $182.57 and a fifty-two week high of $247.10.

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Analog Devices (NASDAQ:ADI - Get Free Report) last released its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share 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 firm had revenue of $2.42 billion during the quarter, compared to analysts' expectations of $2.36 billion. During the same period in the previous year, the company earned $1.73 earnings per share. The firm's quarterly revenue was down 3.6% on a year-over-year basis. On average, analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices declared that its Board of Directors has authorized a stock buyback program 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 stock through open market purchases. Stock buyback programs are often a sign that the company's board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be paid a $0.99 dividend. This is an increase from Analog Devices's previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.89%. The ex-dividend date of this dividend is Tuesday, March 4th. Analog Devices's dividend payout ratio (DPR) is 126.11%.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on ADI shares. TD Cowen decreased their target price on Analog Devices from $270.00 to $260.00 and set a "buy" rating for the company in a report on Wednesday, November 27th. JPMorgan Chase & Co. upped their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the stock an "overweight" rating in a report on Thursday, February 20th. Morgan Stanley lifted their target price on shares of Analog Devices from $248.00 to $250.00 and gave the company an "overweight" rating in a research note on Thursday, February 20th. Truist Financial increased their price target on shares of Analog Devices from $230.00 to $248.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. Finally, Piper Sandler cut their price objective on Analog Devices from $235.00 to $220.00 and set a "neutral" rating on the stock in a research report 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. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $255.41.

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.

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