ProVise Management Group LLC Sells 493 Shares of Analog Devices, Inc. (NASDAQ:ADI)

ProVise Management Group LLC lowered its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 0.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 64,678 shares of the semiconductor company’s stock after selling 493 shares during the quarter. Analog Devices comprises 1.2% of ProVise Management Group LLC’s holdings, making the stock its 25th largest holding. ProVise Management Group LLC’s holdings in Analog Devices were worth $13,742,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently added to or reduced their stakes in the company. Hopwood Financial Services Inc. bought a new stake in Analog Devices during the fourth quarter valued at about $30,000. Mainstream Capital Management LLC bought a new stake in Analog Devices during the fourth quarter valued at about $30,000. Cassady Schiller Wealth Management LLC raised its stake in Analog Devices by 63.2% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 55 shares during the last quarter. Financial Life Planners acquired a new stake in Analog Devices in the fourth quarter worth about $33,000. Finally, Kestra Investment Management LLC acquired a new stake in Analog Devices in the fourth quarter worth about $41,000. Institutional investors own 86.81% of the company’s stock.

Analog Devices Trading Down 1.2 %

Shares of NASDAQ:ADI opened at $209.16 on Wednesday. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10. The company has a market capitalization of $103.74 billion, a PE ratio of 66.61, a PEG ratio of 2.85 and a beta of 1.07. The business has a 50 day moving average of $217.83 and a two-hundred day moving average of $220.22. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to analysts’ expectations 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 was down 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.73 earnings per share. As a group, analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices announced that its Board of Directors has approved a stock buyback program on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to purchase up to 9.2% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were given a $0.99 dividend. The ex-dividend date 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 dividend yield of 1.89%. Analog Devices’s payout ratio is 126.11%.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the business’s 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 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.33% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on ADI shares. Maxim Group started coverage on Analog Devices in a report on Friday, February 14th. They issued a “buy” rating for the company. Benchmark raised their price target on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Wells Fargo & Company raised their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Williams Trading set a $245.00 price target on Analog Devices in a report on Friday, February 14th. Finally, Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. Six investment 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 a consensus rating of “Moderate Buy” and an average price target 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.