Cornerstone Advisors LLC Buys 10,200 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Cornerstone Advisors LLC boosted its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 75.0% in the 4th quarter, according to the company in its most recent disclosure with the SEC. The firm owned 23,800 shares of the semiconductor company’s stock after buying an additional 10,200 shares during the quarter. Cornerstone Advisors LLC’s holdings in Analog Devices were worth $5,057,000 as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the stock. Charles Schwab Investment Management Inc. boosted its position 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 worth $623,399,000 after purchasing an additional 39,186 shares during the period. Swiss National Bank boosted its position in 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 during the period. Harvest Fund Management Co. Ltd boosted its position in Analog Devices by 47.7% during the third quarter. Harvest Fund Management Co. Ltd now owns 22,870 shares of the semiconductor company’s stock worth $5,264,000 after purchasing an additional 7,386 shares during the period. Curbstone Financial Management Corp bought a new position in Analog Devices during the fourth quarter worth about $460,000. Finally, Versor Investments LP bought a new position in Analog Devices during the third quarter worth about $952,000. Institutional investors own 86.81% of the company’s stock.

Analog Devices Trading Down 4.3 %

ADI stock opened at $216.26 on Tuesday. The company has a market capitalization of $107.26 billion, a PE ratio of 68.87, a price-to-earnings-growth ratio of 2.85 and a beta of 1.07. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $247.10. The company’s 50 day moving average price is $218.56 and its two-hundred day moving average price is $221.13. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.54 by $0.09. The firm 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 business’s revenue was down 3.6% compared to the same quarter last year. During the same period last year, the firm posted $1.73 earnings per share. As a group, analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its Board of Directors has initiated a stock repurchase program on Tuesday, February 18th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company’s board believes its shares are undervalued.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th will be paid a dividend of $0.99 per share. The ex-dividend date of this dividend is Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 annualized dividend and a dividend yield of 1.83%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Insiders Place Their Bets

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, January 2nd. The shares were 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 in the company, valued at approximately $4,737,116.67. This trade represents a 31.27 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.33% of the company’s stock.

Wall Street Analyst Weigh In

ADI has been the subject of a number of research reports. Morgan Stanley increased their target price on shares of Analog Devices from $248.00 to $250.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. JPMorgan Chase & Co. increased their target price on shares of Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. TD Cowen cut their price objective on shares of Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research report on Wednesday, November 27th. Needham & Company LLC restated a “hold” rating on shares of Analog Devices in a research report on Thursday, February 20th. Finally, Piper Sandler cut 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 report on Wednesday, November 27th. Six research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price 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.