Zurcher Kantonalbank Zurich Cantonalbank Buys 2,663 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 2.3% during the fourth quarter, Holdings Channel reports. The institutional investor owned 116,217 shares of the semiconductor company’s stock after buying an additional 2,663 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Analog Devices were worth $24,691,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Charles Schwab Investment Management Inc. raised its holdings in Analog Devices by 1.5% during the third quarter. Charles Schwab Investment Management Inc. now owns 2,708,427 shares of the semiconductor company’s stock valued at $623,399,000 after acquiring an additional 39,186 shares during the period. Swiss National Bank grew its position in shares of Analog Devices by 0.3% during the third quarter. Swiss National Bank now owns 1,472,875 shares of the semiconductor company’s stock worth $339,012,000 after purchasing an additional 4,600 shares in the last quarter. Harvest Fund Management Co. Ltd raised its stake in Analog Devices by 47.7% during the 3rd quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock valued at $5,264,000 after purchasing an additional 7,386 shares during the period. Curbstone Financial Management Corp purchased a new position in Analog Devices in the 4th quarter worth approximately $460,000. Finally, Versor Investments LP bought a new position in Analog Devices in the 3rd quarter worth approximately $952,000. 86.81% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several research firms have recently issued reports on ADI. Maxim Group started coverage on shares of Analog Devices in a research report on Friday, February 14th. They set a “buy” rating on the stock. Morgan Stanley lifted their price target on shares of Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a report on Thursday, February 20th. JPMorgan Chase & Co. boosted their price target on shares of Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Lake Street Capital started coverage on Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. Finally, Barclays decreased their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research report on Friday, January 17th. Six research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and a consensus target price of $255.41.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction on Thursday, January 2nd. The stock was sold at an average price of $215.49, for a total value of $2,154,900.00. Following the transaction, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,737,116.67. This represents a 31.27 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.33% of the stock is owned by corporate insiders.

Analog Devices Trading Down 3.3 %

ADI stock opened at $209.08 on Wednesday. Analog Devices, Inc. has a twelve month low of $182.57 and a twelve month high of $247.10. The stock has a market capitalization of $103.70 billion, a price-to-earnings ratio of 66.59, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The firm’s fifty day simple moving average is $218.49 and its two-hundred day simple moving average is $220.99.

Analog Devices (NASDAQ:ADI) last issued 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 the consensus estimate 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% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.73 EPS. As a group, analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th will be issued a $0.99 dividend. This represents a $3.96 annualized dividend and a dividend yield of 1.89%. This is an increase 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 126.11%.

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

Analog Devices 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.