Forvis Mazars Wealth Advisors LLC Lowers Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Forvis Mazars Wealth Advisors LLC lessened its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 17.9% in the 4th quarter, according to its most recent filing with the SEC. The firm owned 1,974 shares of the semiconductor company’s stock after selling 429 shares during the period. Forvis Mazars Wealth Advisors LLC’s holdings in Analog Devices were worth $419,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of ADI. Capital Performance Advisors LLP purchased a new stake in shares of Analog Devices in the 3rd quarter worth approximately $28,000. Archer Investment Corp lifted its position in Analog Devices by 101.4% during the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 73 shares during the last quarter. Financial Life Planners purchased a new stake in Analog Devices during the fourth quarter valued at approximately $33,000. Kestra Investment Management LLC purchased a new stake in Analog Devices during the fourth quarter valued at approximately $41,000. Finally, Peterson Financial Group Inc. purchased a new stake in Analog Devices during the third quarter valued at approximately $43,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Down 0.8 %

NASDAQ:ADI opened at $236.99 on Tuesday. The firm has a market capitalization of $117.54 billion, a P/E ratio of 75.47, a PEG ratio of 2.60 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.35. The company’s fifty day moving average price is $215.92 and its 200-day moving average price is $220.64. Analog Devices, Inc. has a 1-year low of $182.57 and a 1-year high of $247.10.

Analog Devices (NASDAQ:ADI) last released 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. The company had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business earned $1.73 earnings per share. As a group, equities research analysts anticipate that Analog Devices, Inc. will post 7.09 EPS for the current year.

Analog Devices Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.67%. The ex-dividend date is Tuesday, March 4th. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is currently 117.20%.

Analog Devices declared that its board has initiated a stock buyback plan on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Wall Street Analysts Forecast Growth

ADI has been the subject of a number of analyst reports. Benchmark increased their target price on shares of Analog Devices from $245.00 to $275.00 and gave the company a “buy” rating in a research report on Thursday, February 20th. Barclays decreased their target price on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research report on Friday, January 17th. Lake Street Capital initiated coverage on shares of Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Truist Financial increased their target price on shares of Analog Devices from $230.00 to $248.00 and gave the company a “hold” rating in a research report on Thursday, February 20th. Finally, Williams Trading set a $245.00 target price on shares of Analog Devices in a research report on Friday, February 14th. Six analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $255.41.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction 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 approximately $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.33% of the stock is owned by company insiders.

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.