Professional Advisory Services Inc. Sells 4,546 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Professional Advisory Services Inc. cut its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 6.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 63,614 shares of the semiconductor company’s stock after selling 4,546 shares during the quarter. Analog Devices accounts for 1.8% of Professional Advisory Services Inc.’s investment portfolio, making the stock its 29th largest holding. Professional Advisory Services Inc.’s holdings in Analog Devices were worth $12,829,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ADI. Brighton Jones LLC lifted its stake in Analog Devices by 39.5% in the fourth quarter. Brighton Jones LLC now owns 1,867 shares of the semiconductor company’s stock valued at $397,000 after buying an additional 529 shares during the period. Silver Oak Securities Incorporated lifted its stake in Analog Devices by 99.5% in the fourth quarter. Silver Oak Securities Incorporated now owns 1,989 shares of the semiconductor company’s stock valued at $423,000 after buying an additional 992 shares during the period. Strategic Financial Concepts LLC acquired a new position in Analog Devices in the fourth quarter valued at approximately $2,799,000. Golden State Wealth Management LLC acquired a new position in shares of Analog Devices during the fourth quarter worth approximately $61,000. Finally, Conning Inc. raised its position in shares of Analog Devices by 0.6% during the fourth quarter. Conning Inc. now owns 171,645 shares of the semiconductor company’s stock worth $36,468,000 after purchasing an additional 1,036 shares during the period. 86.81% of the stock is owned by institutional investors and hedge funds.

Analog Devices Stock Up 1.9%

Shares of NASDAQ:ADI opened at $222.26 on Friday. The company has a market capitalization of $110.30 billion, a PE ratio of 70.78, a price-to-earnings-growth ratio of 2.85 and a beta of 1.00. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. The business has a fifty day moving average price of $199.58 and a two-hundred day moving average price of $210.31. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.70 by $0.15. The firm had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.50 billion. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The business’s revenue for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.40 EPS. Analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th will be paid a $0.99 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $3.96 dividend on an annualized basis and a yield of 1.78%. Analog Devices’s dividend payout ratio (DPR) is presently 107.90%.

Analog Devices declared that its board has authorized a stock repurchase program on Tuesday, February 18th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Piper Sandler lowered their target price on Analog Devices from $240.00 to $215.00 and set a “neutral” rating on the stock in a research report on Friday, May 23rd. Lake Street Capital assumed coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating on the stock. Morgan Stanley lowered their target price on Analog Devices from $214.00 to $212.00 and set an “overweight” rating on the stock in a research report on Friday, May 23rd. Evercore ISI upped their target price on Analog Devices from $231.00 to $280.00 and gave the stock an “outperform” rating in a research report on Friday, May 23rd. Finally, Williams Trading set a $260.00 target price on Analog Devices in a research report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and sixteen have assigned a buy rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $248.63.

Insider Buying and Selling at Analog Devices

In other news, Director Ray Stata sold 3,125 shares of the stock in a transaction on Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total transaction of $612,000.00. Following the completion of the transaction, the director now owns 180,071 shares in the company, valued at approximately $35,265,104.64. This represents a 1.71% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the transaction, the chief executive officer now owns 64,918 shares of the company’s stock, valued at $13,575,652.16. The trade was a 13.35% decrease in their position. The disclosure for this sale can be found here. Insiders sold 42,934 shares of company stock worth $8,735,156 in the last quarter. 0.33% of the stock is currently owned by company insiders.

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.