Analog Devices’ (ADI) Outperform Rating Reiterated at Oppenheimer

Oppenheimer reiterated their outperform rating on shares of Analog Devices (NASDAQ:ADI) in a report released on Thursday,Benzinga reports. They currently have a $270.00 target price on the semiconductor company’s stock, up from their prior target price of $245.00.

A number of other research firms have also recently issued reports on ADI. JPMorgan Chase & Co. lifted their target price on shares of Analog Devices from $280.00 to $300.00 and gave the company an “overweight” rating in a research note on Thursday. Piper Sandler reduced their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating for the company in a research note on Wednesday, November 27th. Barclays reduced their price objective on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a research note on Friday, January 17th. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research note on Thursday. Finally, UBS Group boosted their price objective on shares of Analog Devices from $275.00 to $300.00 and gave the stock a “buy” rating in a research note on Thursday. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company’s stock. According to MarketBeat.com, Analog Devices has an average rating of “Moderate Buy” and an average target price of $255.41.

Analog Devices Stock Performance

Shares of ADI opened at $238.91 on Thursday. The company’s 50 day moving average price is $215.50 and its 200 day moving average price is $220.34. Analog Devices has a 52 week low of $182.57 and a 52 week high of $247.10. The company has a market capitalization of $118.49 billion, a PE ratio of 76.09, a PEG ratio of 2.60 and a beta of 1.04. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.35 and a current ratio of 1.93.

Analog Devices (NASDAQ:ADI) last announced its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period in the previous year, the firm posted $1.73 earnings per share. The firm’s revenue was down 3.6% on a year-over-year basis. Research analysts expect that Analog Devices will post 7.09 EPS for the current fiscal year.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 1.66%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. The ex-dividend date is Tuesday, March 4th. Analog Devices’s dividend payout ratio is presently 117.20%.

Analog Devices declared that its Board of Directors has authorized a stock repurchase program on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its shares are undervalued.

Insider Transactions at Analog Devices

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $215.83, for a total transaction of $2,158,300.00. Following the completion of the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at $4,744,590.89. This trade represents a 31.27 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.33% of the company’s stock.

Hedge Funds Weigh In On Analog Devices

Several hedge funds have recently made changes to their positions in ADI. Swedbank AB grew its stake in shares of Analog Devices by 6.7% in the third quarter. Swedbank AB now owns 2,894,109 shares of the semiconductor company’s stock valued at $666,137,000 after buying an additional 180,870 shares in the last quarter. Whittier Trust Co. grew its stake in shares of Analog Devices by 17.0% in the third quarter. Whittier Trust Co. now owns 2,693 shares of the semiconductor company’s stock valued at $620,000 after buying an additional 391 shares in the last quarter. Foundations Investment Advisors LLC grew its stake in shares of Analog Devices by 9.5% in the third quarter. Foundations Investment Advisors LLC now owns 2,020 shares of the semiconductor company’s stock valued at $465,000 after buying an additional 176 shares in the last quarter. Sequoia Financial Advisors LLC grew its stake in shares of Analog Devices by 5.0% in the third quarter. Sequoia Financial Advisors LLC now owns 12,431 shares of the semiconductor company’s stock valued at $2,861,000 after buying an additional 587 shares in the last quarter. Finally, Private Advisor Group LLC grew its stake in shares of Analog Devices by 6.4% in the third quarter. Private Advisor Group LLC now owns 20,936 shares of the semiconductor company’s stock valued at $4,818,000 after buying an additional 1,264 shares in the last quarter. 86.81% of the stock is owned by institutional investors.

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.