Thoroughbred Financial Services LLC Reduces Position in Analog Devices, Inc. (NASDAQ:ADI)

Thoroughbred Financial Services LLC reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 41.5% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 5,943 shares of the semiconductor company’s stock after selling 4,221 shares during the quarter. Thoroughbred Financial Services LLC’s holdings in Analog Devices were worth $1,175,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the stock. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Analog Devices by 4.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 521,438 shares of the semiconductor company’s stock worth $98,531,000 after purchasing an additional 21,522 shares during the last quarter. Point72 Italy S.r.l. acquired a new position in Analog Devices during the fourth quarter worth $6,367,000. Grayhawk Investment Strategies Inc. acquired a new position in Analog Devices during the fourth quarter worth $850,000. CTC Alternative Strategies Ltd. acquired a new position in Analog Devices during the fourth quarter worth $1,152,000. Finally, Capital International Investors raised its holdings in Analog Devices by 5.8% during the fourth quarter. Capital International Investors now owns 4,510,652 shares of the semiconductor company’s stock worth $895,702,000 after purchasing an additional 246,799 shares during the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $197.06, for a total transaction of $1,970,600.00. Following the transaction, the chief executive officer now directly owns 51,039 shares in the company, valued at approximately $10,057,745.34. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 1st. The stock was sold at an average price of $197.06, for a total transaction of $1,970,600.00. Following the completion of the sale, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at approximately $10,057,745.34. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Gregory M. Bryant sold 17,612 shares of the firm’s stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $233.94, for a total value of $4,120,151.28. Following the sale, the executive vice president now directly owns 69,241 shares of the company’s stock, valued at $16,198,239.54. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 46,642 shares of company stock worth $10,481,343. 0.31% of the stock is owned by company insiders.

Analog Devices Stock Performance

Shares of Analog Devices stock traded up $3.13 on Tuesday, reaching $240.85. 423,529 shares of the company were exchanged, compared to its average volume of 3,247,151. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.13 and a current ratio of 1.58. The company’s 50-day moving average is $227.88 and its two-hundred day moving average is $205.41. The firm has a market cap of $119.51 billion, a price-to-earnings ratio of 56.20, a P/E/G ratio of 4.02 and a beta of 1.08. Analog Devices, Inc. has a 1-year low of $154.99 and a 1-year high of $242.16.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings results on Wednesday, May 22nd. The semiconductor company reported $1.40 earnings per share for the quarter, topping analysts’ consensus estimates of $1.26 by $0.14. The business had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. Analog Devices had a return on equity of 10.74% and a net margin of 20.45%. The business’s quarterly revenue was down 33.8% on a year-over-year basis. During the same period in the prior year, the firm earned $2.83 EPS. As a group, research analysts expect that Analog Devices, Inc. will post 6.24 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 17th. Investors of record on Tuesday, June 4th were given a $0.92 dividend. This represents a $3.68 annualized dividend and a yield of 1.53%. The ex-dividend date was Tuesday, June 4th. Analog Devices’s dividend payout ratio is currently 85.98%.

Analyst Ratings Changes

Several research firms have weighed in on ADI. Susquehanna raised their price target on Analog Devices from $230.00 to $280.00 and gave the stock a “positive” rating in a research report on Thursday, May 23rd. JPMorgan Chase & Co. raised their price target on Analog Devices from $220.00 to $260.00 and gave the stock an “overweight” rating in a research report on Thursday, May 23rd. Barclays lifted their price objective on Analog Devices from $185.00 to $210.00 and gave the company an “equal weight” rating in a research report on Monday, May 20th. Truist Financial boosted their price target on Analog Devices from $222.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, May 23rd. Finally, Bank of America upped their price target on Analog Devices from $225.00 to $260.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. Seven equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat.com, Analog Devices currently has an average rating of “Moderate Buy” and a consensus price target of $243.68.

Analog Devices Company 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.