Analog Devices, Inc. (NASDAQ:ADI) Raises Dividend to $0.99 Per Share

Analog Devices, Inc. (NASDAQ:ADI) announced a quarterly dividend on Tuesday, February 18th,RTT News reports. Investors of record on Tuesday, March 4th will be given a dividend of 0.99 per share by the semiconductor company on Monday, March 17th. This represents a $3.96 annualized dividend and a yield of 1.80%. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92.

Analog Devices has raised its dividend payment by an average of 10.1% per year over the last three years and has raised its dividend annually for the last 22 consecutive years. Analog Devices has a dividend payout ratio of 41.8% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Analog Devices to earn $8.46 per share next year, which means the company should continue to be able to cover its $3.68 annual dividend with an expected future payout ratio of 43.5%.

Analog Devices Price Performance

Shares of NASDAQ:ADI traded up $5.61 during midday trading on Tuesday, hitting $220.22. The stock had a trading volume of 7,391,946 shares, compared to its average volume of 3,475,683. The company has a quick ratio of 1.35, a current ratio of 1.84 and a debt-to-equity ratio of 0.19. The company has a market capitalization of $109.25 billion, a P/E ratio of 66.94, a price-to-earnings-growth ratio of 2.38 and a beta of 1.04. The company’s 50-day moving average price is $213.95 and its 200-day moving average price is $219.56. Analog Devices has a fifty-two week low of $182.57 and a fifty-two week high of $244.14.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.03. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The business had revenue of $2.44 billion for the quarter, compared to analyst estimates of $2.41 billion. During the same period last year, the firm posted $2.01 earnings per share. Analog Devices’s revenue was down 10.1% compared to the same quarter last year. As a group, equities research analysts predict that Analog Devices will post 7.09 EPS for the current fiscal year.

Insider Buying and Selling

In other news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at $4,737,116.67. This represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.33% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on ADI. Morgan Stanley cut their target price on Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a report on Wednesday, November 27th. TD Cowen lowered their price objective on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Wells Fargo & Company initiated coverage on Analog Devices in a report on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 target price on the stock. Piper Sandler lowered their price target on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a report on Wednesday, November 27th. Finally, Barclays dropped their price target on shares of 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. Seven investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $248.52.

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.