Raymond James Financial Inc. Invests $833.39 Million in Analog Devices, Inc. (NASDAQ:ADI)

Raymond James Financial Inc. purchased a new position in Analog Devices, Inc. (NASDAQ:ADI) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor purchased 3,922,558 shares of the semiconductor company’s stock, valued at approximately $833,386,000. Raymond James Financial Inc. owned approximately 0.79% of Analog Devices as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently modified their holdings of ADI. Swedbank AB grew its stake in shares of Analog Devices by 6.7% in the third quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock worth $666,137,000 after purchasing an additional 180,870 shares in the last quarter. Impax Asset Management Group plc grew its stake in shares of Analog Devices by 7.7% in the third quarter. Impax Asset Management Group plc now owns 1,536,463 shares of the semiconductor company’s stock worth $352,728,000 after purchasing an additional 110,448 shares in the last quarter. Catalyst Capital Advisors LLC grew its stake in shares of Analog Devices by 67.0% in the third quarter. Catalyst Capital Advisors LLC now owns 795 shares of the semiconductor company’s stock worth $183,000 after purchasing an additional 319 shares in the last quarter. HF Advisory Group LLC grew its stake in shares of Analog Devices by 10.9% in the third quarter. HF Advisory Group LLC now owns 4,430 shares of the semiconductor company’s stock worth $1,020,000 after purchasing an additional 436 shares in the last quarter. Finally, Catalina Capital Group LLC grew its stake in shares of Analog Devices by 6.0% in the third quarter. Catalina Capital Group LLC now owns 3,125 shares of the semiconductor company’s stock worth $719,000 after purchasing an additional 176 shares in the last quarter. Institutional investors own 86.81% of the company’s stock.

Analog Devices Trading Up 1.5 %

Shares of NASDAQ ADI opened at $229.47 on Thursday. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10. The firm has a market capitalization of $113.81 billion, a PE ratio of 73.08, a PEG ratio of 2.85 and a beta of 1.07. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The business has a 50-day moving average price of $218.21 and a two-hundred day moving average price of $221.22.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same period last year, the company posted $1.73 EPS. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. As a group, analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices announced that its board has authorized a share 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 repurchase up to 9.2% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its shares are undervalued.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. The ex-dividend date is Tuesday, March 4th. This is an increase 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 1.73%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total transaction of $2,154,900.00. Following the completion of the sale, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at $4,737,116.67. This trade represents a 31.27 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 0.33% of the company’s stock.

Analysts Set New Price Targets

ADI has been the subject of several recent analyst reports. Wells Fargo & Company increased their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Oppenheimer reaffirmed an “outperform” rating and set a $270.00 target price (up from $245.00) on shares of Analog Devices in a report on Thursday, February 20th. Truist Financial lifted their target price on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Benchmark lifted their target price on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, Piper Sandler lowered their target price on Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a report on Wednesday, November 27th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $255.41.

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.