CIBC Private Wealth Group LLC Reduces Holdings in Analog Devices, Inc. (NASDAQ:ADI)

CIBC Private Wealth Group LLC lessened its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.4% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,014,766 shares of the semiconductor company’s stock after selling 24,750 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in Analog Devices were worth $223,695,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in ADI. Mainstream Capital Management LLC purchased a new position in Analog Devices during the fourth quarter worth about $30,000. Hopwood Financial Services Inc. acquired a new stake in Analog Devices in the 4th quarter valued at approximately $30,000. Cassady Schiller Wealth Management LLC raised its position 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 purchasing an additional 55 shares during the period. Financial Life Planners acquired a new position in Analog Devices during the fourth quarter worth $33,000. Finally, Kestra Investment Management LLC purchased a new position in shares of Analog Devices during the fourth quarter worth $41,000. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, January 2nd. The shares were sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the sale, 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 filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the completion of the transaction, the chief financial officer now directly owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. This trade represents a 7.42 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 36,684 shares of company stock worth $7,746,500. Corporate insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

ADI has been the topic of several research reports. Maxim Group initiated coverage on Analog Devices in a research note on Friday, February 14th. They set a “buy” rating on the stock. 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 report on Thursday, February 20th. Morgan Stanley upped their target price on shares of Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Lake Street Capital assumed coverage on shares of Analog Devices in a report on Friday, February 14th. They set a “buy” rating on the stock. Finally, JPMorgan Chase & Co. upped their price objective on Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Six investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $255.41.

Analog Devices Stock Down 3.5 %

Shares of NASDAQ:ADI opened at $201.56 on Friday. The company has a market cap of $99.97 billion, a price-to-earnings ratio of 64.19, a PEG ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a fifty-two week low of $182.57 and a fifty-two week high of $247.10. The firm’s 50-day simple moving average is $216.51 and its 200-day simple moving average is $219.53. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.09. The company had revenue of $2.42 billion for 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 firm’s quarterly revenue was down 3.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.73 EPS. As a group, equities research analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices announced that its board has authorized a stock buyback plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 dividend on an annualized basis and a yield of 1.96%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Analog Devices 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.