17,719 Shares in Analog Devices, Inc. (NASDAQ:ADI) Bought by CCM Investment Group LLC

Key Points

• CCM Investment Group LLC acquired 17,719 shares of Analog Devices, Inc. valued at approximately $3,571,000 in the first quarter of 2023.
• Wall Street analysts maintain a consensus price target of $258.89 for Analog Devices, with 20 out of 27 analysts giving it a "buy" rating.
• The company reported a 22.3% year-over-year increase in revenue, reaching $2.64 billion in its last quarterly earnings, significantly exceeding consensus estimates.

CCM Investment Group LLC bought a new position in Analog Devices, Inc. (NASDAQ:ADI - Free Report) in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm bought 17,719 shares of the semiconductor company's stock, valued at approximately $3,571,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. China Universal Asset Management Co. Ltd. lifted its holdings in shares of Analog Devices by 284.4% during the first quarter. China Universal Asset Management Co. Ltd. now owns 31,050 shares of the semiconductor company's stock valued at $6,262,000 after acquiring an additional 22,973 shares during the period. Freestone Grove Partners LP bought a new position in shares of Analog Devices during the fourth quarter valued at $10,212,000. Sowell Financial Services LLC bought a new position in shares of Analog Devices during the first quarter valued at $296,000. Keybank National Association OH lifted its holdings in shares of Analog Devices by 85.8% during the first quarter. Keybank National Association OH now owns 27,077 shares of the semiconductor company's stock valued at $5,461,000 after acquiring an additional 12,505 shares during the period. Finally, Eastern Bank lifted its holdings in shares of Analog Devices by 6.0% during the first quarter. Eastern Bank now owns 196,677 shares of the semiconductor company's stock valued at $39,664,000 after acquiring an additional 11,101 shares during the period. 86.81% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on ADI. Williams Trading set a $260.00 price target on Analog Devices in a report on Friday, May 23rd. The Goldman Sachs Group began coverage on Analog Devices in a report on Thursday, July 10th. They issued a "buy" rating and a $285.00 price target for the company. Noble Financial raised Analog Devices to an "outperform" rating in a report on Wednesday, June 18th. Cowen reaffirmed a "buy" rating on shares of Analog Devices in a report on Friday, May 23rd. Finally, Barclays lifted their price target on Analog Devices from $170.00 to $185.00 and gave the company an "equal weight" rating in a report on Friday, May 23rd. Six investment analysts have rated the stock with a hold rating, twenty have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $258.89.

Analog Devices Price Performance

Shares of ADI stock opened at $223.95 on Friday. The company has a quick ratio of 1.51, a current ratio of 2.08 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $247.73. The company has a market cap of $111.14 billion, a P/E ratio of 61.02, a P/E/G ratio of 2.06 and a beta of 1.05. The business has a fifty day simple moving average of $232.32 and a 200 day simple moving average of $215.72.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share for the quarter, topping the consensus estimate of $1.70 by $0.15. Analog Devices had a return on equity of 9.56% and a net margin of 18.65%. The business had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period in the prior year, the company earned $1.40 EPS. Analog Devices's revenue for the quarter was up 22.3% on a year-over-year basis. On average, sell-side analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given a $0.99 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $3.96 annualized dividend and a yield of 1.8%. Analog Devices's dividend payout ratio (DPR) is currently 107.90%.

Insider Buying and Selling

In other Analog Devices news, Director Ray Stata sold 3,125 shares of the stock in a transaction dated Wednesday, July 16th. The stock was sold at an average price of $239.23, for a total value of $747,593.75. Following the completion of the transaction, the director directly owned 167,571 shares in the company, valued at approximately $40,088,010.33. This trade represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.33% of the company's stock.

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.

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