Cibc World Markets Corp decreased its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 22.9% during the second quarter, HoldingsChannel.com reports. The firm owned 60,876 shares of the semiconductor company’s stock after selling 18,093 shares during the quarter. Cibc World Markets Corp’s holdings in Analog Devices were worth $10,480,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently modified their holdings of ADI. Theleme Partners LLP purchased a new stake in shares of Analog Devices in the first quarter valued at approximately $178,032,000. Amundi Asset Management US Inc. raised its position in Analog Devices by 29.0% during the 1st quarter. Amundi Asset Management US Inc. now owns 3,897,467 shares of the semiconductor company’s stock valued at $604,419,000 after purchasing an additional 875,666 shares in the last quarter. Korea Investment CORP raised its position in Analog Devices by 96.2% during the 1st quarter. Korea Investment CORP now owns 1,192,479 shares of the semiconductor company’s stock valued at $184,930,000 after purchasing an additional 584,686 shares in the last quarter. Credit Suisse AG lifted its holdings in shares of Analog Devices by 62.6% in the 1st quarter. Credit Suisse AG now owns 1,352,901 shares of the semiconductor company’s stock worth $209,807,000 after buying an additional 520,646 shares during the period. Finally, Janus Henderson Group PLC grew its position in shares of Analog Devices by 30.6% during the 1st quarter. Janus Henderson Group PLC now owns 2,031,366 shares of the semiconductor company’s stock worth $315,096,000 after buying an additional 475,399 shares in the last quarter. 99.18% of the stock is owned by hedge funds and other institutional investors.
A number of research firms recently weighed in on ADI. KeyCorp upped their price objective on shares of Analog Devices from $195.00 to $200.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 6th. Wells Fargo & Company began coverage on shares of Analog Devices in a report on Monday, July 26th. They set an “equal weight” rating and a $170.00 price objective on the stock. Deutsche Bank Aktiengesellschaft upped their target price on Analog Devices from $170.00 to $175.00 and gave the stock a “hold” rating in a report on Thursday, September 9th. Sanford C. Bernstein upgraded Analog Devices from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $165.00 to $185.00 in a report on Thursday, May 20th. Finally, Morgan Stanley began coverage on Analog Devices in a research note on Monday. They set an “equal weight” rating and a $179.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $181.40.
Analog Devices (NASDAQ:ADI) last posted its earnings results on Tuesday, August 17th. The semiconductor company reported $1.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.62 by $0.10. Analog Devices had a net margin of 26.15% and a return on equity of 18.86%. The company had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.71 billion. During the same period in the previous year, the firm posted $1.36 earnings per share. The firm’s quarterly revenue was up 20.8% on a year-over-year basis. Analysts forecast that Analog Devices, Inc. will post 6.41 EPS for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, September 8th. Stockholders of record on Friday, August 27th were paid a $0.69 dividend. The ex-dividend date of this dividend was Thursday, August 26th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 1.59%. Analog Devices’s payout ratio is 56.21%.
Analog Devices announced that its Board of Directors has initiated a share buyback program on Wednesday, August 25th that permits the company to buyback $8.50 billion in outstanding shares. This buyback authorization permits the semiconductor company to repurchase up to 13.8% of its shares through open market purchases. Shares buyback programs are usually a sign that the company’s board believes its stock is undervalued.
Analog Devices Company Profile
Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.
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