Raymond James Financial Inc. Acquires New Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Raymond James Financial Inc. acquired a new stake in Analog Devices, Inc. (NASDAQ:ADI) during the fourth quarter, Holdings Channel.com reports. The firm acquired 3,922,558 shares of the semiconductor company’s stock, valued at approximately $833,386,000.

Other institutional investors have also made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Analog Devices by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock valued at $623,399,000 after acquiring an additional 39,186 shares in the last quarter. Swiss National Bank increased its position in Analog Devices by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after buying an additional 4,600 shares during the period. Harvest Fund Management Co. Ltd increased its position in Analog Devices by 47.7% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock worth $5,264,000 after buying an additional 7,386 shares during the period. Curbstone Financial Management Corp bought a new position in Analog Devices in the 4th quarter worth approximately $460,000. Finally, Summit Global Investments bought a new position in Analog Devices in the 3rd quarter worth approximately $867,000. 86.81% of the stock is owned by institutional investors.

Analog Devices Price Performance

Shares of ADI stock opened at $229.47 on Thursday. The stock’s fifty day simple moving average is $218.21 and its 200 day simple moving average is $221.22. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. The firm has a market cap of $113.81 billion, a price-to-earnings ratio of 73.08, a P/E/G ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10.

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

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be paid a $0.99 dividend. The ex-dividend date is Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a yield of 1.73%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is currently 126.11%.

Analog Devices declared that its board has approved a share repurchase program on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 9.2% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its shares are undervalued.

Wall Street Analyst Weigh In

ADI has been the topic of several recent analyst reports. Barclays dropped their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Truist Financial lifted their price target on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a research report on Thursday, February 20th. Piper Sandler dropped their price target 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. Maxim Group began coverage on Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating on the stock. Finally, Oppenheimer reissued an “outperform” rating and set a $270.00 price objective (up previously from $245.00) on shares of Analog Devices in a report 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.com, the company has an average rating of “Moderate Buy” and a consensus target price of $255.41.

Insiders Place Their Bets

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction on Thursday, January 2nd. The stock was 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. The trade was a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.33% of the company’s stock.

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.