Forvis Mazars Wealth Advisors LLC Decreases Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Forvis Mazars Wealth Advisors LLC trimmed its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 17.9% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,974 shares of the semiconductor company’s stock after selling 429 shares during the period. Forvis Mazars Wealth Advisors LLC’s holdings in Analog Devices were worth $419,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Swedbank AB lifted 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 worth $666,137,000 after buying an additional 180,870 shares in the last quarter. Allworth Financial LP lifted its stake in shares of Analog Devices by 33.3% in the third quarter. Allworth Financial LP now owns 8,556 shares of the semiconductor company’s stock worth $1,969,000 after buying an additional 2,135 shares in the last quarter. Arkadios Wealth Advisors lifted its stake in shares of Analog Devices by 156.1% in the third quarter. Arkadios Wealth Advisors now owns 4,791 shares of the semiconductor company’s stock worth $1,103,000 after buying an additional 2,920 shares in the last quarter. PFG Investments LLC lifted its stake in shares of Analog Devices by 76.6% in the third quarter. PFG Investments LLC now owns 2,678 shares of the semiconductor company’s stock worth $616,000 after buying an additional 1,162 shares in the last quarter. Finally, State of Alaska Department of Revenue lifted its stake in shares of Analog Devices by 6.9% in the third quarter. State of Alaska Department of Revenue now owns 57,647 shares of the semiconductor company’s stock worth $13,268,000 after buying an additional 3,730 shares in the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction that occurred on Wednesday, December 11th. The shares were sold at an average price of $215.83, for a total value of $2,158,300.00. Following the sale, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at approximately $4,744,590.89. This represents a 31.27 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.33% of the stock is owned by insiders.

Analog Devices Price Performance

Shares of ADI opened at $236.99 on Tuesday. Analog Devices, Inc. has a fifty-two week low of $182.57 and a fifty-two week high of $247.10. The firm’s 50 day moving average price is $215.92 and its 200 day moving average price is $220.64. The company has a market cap of $117.54 billion, a P/E ratio of 75.47, a PEG ratio of 2.60 and a beta of 1.04. The company has a quick ratio of 1.35, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping the consensus estimate 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 prior year, the firm earned $1.73 EPS. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. On average, research analysts forecast that Analog Devices, Inc. will post 7.09 earnings per share for the current fiscal year.

Analog Devices announced that its Board of Directors has approved a share buyback plan on Tuesday, February 18th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s management believes its stock is undervalued.

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 is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 annualized dividend and a yield of 1.67%. The ex-dividend date is Tuesday, March 4th. Analog Devices’s dividend payout ratio is presently 117.20%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Wells Fargo & Company raised their price target on shares of Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Benchmark lifted their target price on shares of Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a research note on Thursday, February 20th. Morgan Stanley lifted their target price on shares of Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research note on Thursday, February 20th. Barclays reduced their target price on shares of Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a research note on Friday, January 17th. Finally, Piper Sandler reduced their target price on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Six equities research analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, Analog Devices currently has an average rating of “Moderate Buy” and a consensus price target of $255.41.

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.