Choate Investment Advisors Has $2.88 Million Position in Analog Devices, Inc. (NASDAQ:ADI)

Choate Investment Advisors lifted its stake in Analog Devices, Inc. (NASDAQ:ADI) by 2.3% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 13,531 shares of the semiconductor company’s stock after acquiring an additional 304 shares during the quarter. Choate Investment Advisors’ holdings in Analog Devices were worth $2,875,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of ADI. Mainstream Capital Management LLC acquired a new position in shares of Analog Devices in the fourth quarter worth $30,000. Hopwood Financial Services Inc. acquired a new position in shares of Analog Devices in the fourth quarter worth $30,000. Archer Investment Corp boosted its holdings in Analog Devices by 101.4% in the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock worth $33,000 after purchasing an additional 73 shares in the last quarter. Financial Life Planners bought a new stake in Analog Devices in the fourth quarter worth $33,000. Finally, Kestra Investment Management LLC bought a new stake in Analog Devices in the fourth quarter worth $41,000. 86.81% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the stock. Barclays decreased their price objective on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. UBS Group upped their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Wells Fargo & Company upped their price objective on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a report on Thursday, February 20th. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. Finally, Lake Street Capital initiated coverage on shares of Analog Devices in a report on Friday, February 14th. They set a “buy” rating for the company. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $255.41.

Analog Devices Stock Performance

NASDAQ:ADI opened at $208.75 on Friday. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $247.10. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $103.53 billion, a PE ratio of 66.48, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The firm has a 50-day moving average price of $218.09 and a 200 day moving average price of $220.58.

Analog Devices (NASDAQ:ADI) last posted its quarterly 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. 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 analyst estimates of $2.36 billion. During the same quarter in the prior year, the business posted $1.73 earnings per share. The company’s quarterly revenue was down 3.6% compared to the same quarter last year. Research analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be issued a dividend of $0.99 per share. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date of this dividend is Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.90%. Analog Devices’s dividend payout ratio (DPR) is presently 126.11%.

Analog Devices announced that its board has authorized 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 reacquire up to 9.2% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 12th. The shares were 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 owns 64,918 shares of the company’s stock, valued at approximately $13,575,652.16. This trade represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Company 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.