Congress Asset Management Co. MA Sells 5,963 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Congress Asset Management Co. MA trimmed its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 6.2% in the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 89,876 shares of the semiconductor company’s stock after selling 5,963 shares during the quarter. Congress Asset Management Co. MA’s holdings in Analog Devices were worth $17,846,000 at the end of the most recent reporting period.

A number of other institutional investors have also made changes to their positions in the business. Norges Bank acquired a new stake in Analog Devices in the fourth quarter worth about $1,225,227,000. Massachusetts Financial Services Co. MA grew its position in shares of Analog Devices by 8.6% during the 4th quarter. Massachusetts Financial Services Co. MA now owns 15,065,652 shares of the semiconductor company’s stock worth $2,991,436,000 after buying an additional 1,197,215 shares during the period. International Assets Investment Management LLC grew its position in shares of Analog Devices by 20,527.8% during the 4th quarter. International Assets Investment Management LLC now owns 935,266 shares of the semiconductor company’s stock worth $1,857,060,000 after buying an additional 930,732 shares during the period. Alecta Tjanstepension Omsesidigt grew its position in shares of Analog Devices by 193.8% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,175,000 shares of the semiconductor company’s stock worth $233,308,000 after buying an additional 775,000 shares during the period. Finally, Assenagon Asset Management S.A. grew its position in shares of Analog Devices by 2,722.4% during the 4th quarter. Assenagon Asset Management S.A. now owns 658,899 shares of the semiconductor company’s stock worth $130,831,000 after buying an additional 635,554 shares during the period. 86.81% of the stock is owned by institutional investors.

Analog Devices Stock Down 1.2 %

Shares of Analog Devices stock traded down $2.84 on Friday, reaching $231.19. 2,252,494 shares of the company were exchanged, compared to its average volume of 3,438,953. Analog Devices, Inc. has a one year low of $154.99 and a one year high of $241.88. The company has a market capitalization of $114.72 billion, a price-to-earnings ratio of 54.02, a PEG ratio of 3.90 and a beta of 1.12. The company has a current ratio of 1.58, a quick ratio of 1.13 and a debt-to-equity ratio of 0.19. The company has a 50-day moving average of $212.62 and a 200 day moving average of $199.54.

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

Analog Devices Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 17th. Investors of record on Tuesday, June 4th will be issued a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date of this dividend is Tuesday, June 4th. Analog Devices’s payout ratio is presently 85.98%.

Insider Buying and Selling

In related news, CAO Michael Sondel sold 4,830 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $236.58, for a total transaction of $1,142,681.40. Following the transaction, the chief accounting officer now directly owns 10,547 shares of the company’s stock, valued at approximately $2,495,209.26. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Analog Devices news, EVP Gregory M. Bryant sold 17,612 shares of the company’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 transaction, the executive vice president now directly owns 69,241 shares of the company’s stock, valued at approximately $16,198,239.54. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CAO Michael Sondel sold 4,830 shares of the company’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $236.58, for a total value of $1,142,681.40. Following the completion of the transaction, the chief accounting officer now directly owns 10,547 shares in the company, valued at $2,495,209.26. The disclosure for this sale can be found here. In the last three months, insiders have sold 51,349 shares of company stock valued at $11,118,356. 0.31% of the stock is owned by insiders.

Analysts Set New Price Targets

ADI has been the subject of several analyst reports. Robert W. Baird boosted their target price on Analog Devices from $200.00 to $250.00 and gave the stock an “outperform” rating in a research report on Friday, May 24th. UBS Group lifted their price objective on Analog Devices from $225.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Sanford C. Bernstein lifted their price objective on Analog Devices from $200.00 to $220.00 and gave the company a “market perform” rating in a report on Thursday, May 23rd. Cantor Fitzgerald lifted their price objective on Analog Devices from $205.00 to $240.00 and gave the company a “neutral” rating in a report on Wednesday, May 15th. Finally, TD Cowen lifted their price objective on Analog Devices from $210.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Seven analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $243.23.

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.