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

CIBC Private Wealth Group LLC reduced its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,014,766 shares of the semiconductor company’s stock after selling 24,750 shares during the quarter. CIBC Private Wealth Group LLC owned approximately 0.20% of Analog Devices worth $223,695,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the stock. RWA Wealth Partners LLC lifted its position in shares of Analog Devices by 19.5% during the fourth quarter. RWA Wealth Partners LLC now owns 14,808 shares of the semiconductor company’s stock valued at $3,146,000 after buying an additional 2,421 shares during the last quarter. Portland Global Advisors LLC lifted its position in Analog Devices by 1.3% during the fourth quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company’s stock valued at $853,000 after acquiring an additional 53 shares during the last quarter. Schroder Investment Management Group boosted its stake in Analog Devices by 3.5% in the fourth quarter. Schroder Investment Management Group now owns 459,346 shares of the semiconductor company’s stock valued at $97,593,000 after acquiring an additional 15,385 shares in the last quarter. Allianz SE purchased a new position in Analog Devices in the fourth quarter worth $10,139,000. Finally, Allstate Corp acquired a new position in shares of Analog Devices during the fourth quarter worth $3,122,000. Institutional investors own 86.81% of the company’s stock.

Insider Activity

In related news, EVP Vivek Jain sold 12,684 shares of the stock in a transaction on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the transaction, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at approximately $9,066,750. This represents a 22.71 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the sale, the chief executive officer now directly owns 64,918 shares in the company, valued at approximately $13,575,652.16. This trade represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 36,684 shares of company stock worth $7,746,500 in the last quarter. Corporate insiders own 0.33% of the company’s stock.

Analog Devices Stock Performance

Shares of NASDAQ ADI opened at $201.56 on Friday. The company has a market capitalization of $99.97 billion, a PE ratio of 64.19, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The company’s fifty day moving average price is $216.51 and its 200 day moving average price is $219.53. Analog Devices, Inc. has a 1 year low of $182.57 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI) last posted 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. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same period in the prior year, the company posted $1.73 EPS. The company’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, 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 initiated a share repurchase plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor company to purchase up to 9.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were given a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This is a boost 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 1.96%. Analog Devices’s payout ratio is 126.11%.

Analysts Set New Price Targets

A number of analysts have recently weighed in on ADI shares. Williams Trading set a $245.00 price objective on Analog Devices in a research report on Friday, February 14th. Barclays lowered their price target on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Morgan Stanley upped their price objective on shares of Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. Oppenheimer reiterated an “outperform” rating and issued a $270.00 target price (up from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. Finally, Lake Street Capital began coverage on shares of Analog Devices in a research note on Friday, February 14th. They set a “buy” rating on the stock. Six investment analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, Analog Devices currently has a consensus rating of “Moderate Buy” and an average target price 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.