Fisher Funds Management LTD Invests $7.77 Million in Analog Devices, Inc. (NASDAQ:ADI)

Fisher Funds Management LTD acquired a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund acquired 36,630 shares of the semiconductor company’s stock, valued at approximately $7,773,000.

Several other institutional investors have also modified their holdings of the stock. Charles Schwab Investment Management Inc. increased its holdings in shares of Analog Devices by 1.5% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock valued at $623,399,000 after acquiring an additional 39,186 shares during the period. Swiss National Bank increased its holdings in shares of Analog Devices by 0.3% in the 3rd quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock valued at $339,012,000 after acquiring an additional 4,600 shares during the period. Harvest Fund Management Co. Ltd increased its holdings in shares of Analog Devices by 47.7% in the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock valued at $5,264,000 after acquiring an additional 7,386 shares during the period. Curbstone Financial Management Corp acquired a new position in shares of Analog Devices in the 4th quarter valued at $460,000. Finally, Summit Global Investments acquired a new position in shares of Analog Devices in the 3rd quarter valued at $867,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have issued reports on ADI. Morgan Stanley boosted their price objective on shares of Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler dropped their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Lake Street Capital began coverage on shares of Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating on the stock. Oppenheimer reissued an “outperform” rating and issued a $270.00 price objective (up from $245.00) on shares of Analog Devices in a research note on Thursday. Finally, Benchmark boosted their price objective on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research note on Thursday. Six investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $255.41.

Insider Activity at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on 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 in the company, valued at $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.33% of the stock is currently owned by insiders.

Analog Devices Price Performance

ADI opened at $238.91 on Friday. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $247.10. The company’s 50 day simple moving average is $215.50 and its 200 day simple moving average is $220.34. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.93. The stock has a market capitalization of $118.49 billion, a PE ratio of 76.09, a P/E/G ratio of 2.60 and a beta of 1.04.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating 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 for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter last year, the firm posted $1.73 earnings per share. Analog Devices’s revenue for the quarter was down 3.6% compared to the same quarter last year. As a group, sell-side analysts expect that Analog Devices, Inc. will post 7.09 EPS for the current year.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be issued a $0.99 dividend. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date is Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 1.66%. Analog Devices’s dividend payout ratio (DPR) is presently 117.20%.

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

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.