Analog Devices, Inc. (NASDAQ:ADI) Shares Bought by ProVise Management Group LLC

Key Points

• ProVise Management Group LLC increased its holdings in Analog Devices by 2.5% during the first quarter, owning 66,271 shares valued at $13.37 million.
• Several hedge funds also significantly boosted their positions, including Empirical Financial Services LLC which increased its stake by a staggering 681.8%.
• Analysts have raised price targets for Analog Devices, with Stifel Nicolaus increasing theirs from $248 to $270, reflecting a positive outlook on the stock's performance.

ProVise Management Group LLC lifted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 2.5% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 66,271 shares of the semiconductor company's stock after purchasing an additional 1,593 shares during the quarter. ProVise Management Group LLC's holdings in Analog Devices were worth $13,365,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Empirical Financial Services LLC d.b.a. Empirical Wealth Management lifted its position in shares of Analog Devices by 681.8% during the first quarter. Empirical Financial Services LLC d.b.a. Empirical Wealth Management now owns 70,237 shares of the semiconductor company's stock worth $14,165,000 after purchasing an additional 61,253 shares in the last quarter. Sound View Wealth Advisors Group LLC acquired a new stake in shares of Analog Devices during the first quarter worth about $206,000. RVW Wealth LLC acquired a new stake in shares of Analog Devices during the first quarter worth about $280,000. Natixis Advisors LLC lifted its position in shares of Analog Devices by 18.6% during the first quarter. Natixis Advisors LLC now owns 938,713 shares of the semiconductor company's stock worth $189,310,000 after purchasing an additional 147,072 shares in the last quarter. Finally, North Star Asset Management Inc. grew its position in shares of Analog Devices by 0.4% during the first quarter. North Star Asset Management Inc. now owns 113,020 shares of the semiconductor company's stock worth $22,793,000 after buying an additional 501 shares in the last quarter. Institutional investors and hedge funds own 86.81% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently commented on ADI shares. Stifel Nicolaus boosted their price objective on Analog Devices from $248.00 to $270.00 and gave the stock a "buy" rating in a research report on Friday, July 18th. Raymond James Financial raised Analog Devices from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, June 18th. KGI Securities started coverage on Analog Devices in a research report on Friday, May 23rd. They set a "buy" rating for the company. Wall Street Zen raised Analog Devices from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. Finally, TD Cowen boosted their price objective on Analog Devices from $200.00 to $250.00 and gave the stock a "buy" rating in a research report on Friday, May 23rd. Six research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $258.89.

Insider Transactions at Analog Devices

In related news, Director Ray Stata sold 3,125 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $239.23, for a total transaction of $747,593.75. Following the completion of the transaction, the director directly owned 167,571 shares of the company's stock, valued at $40,088,010.33. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. 0.33% of the stock is owned by corporate insiders.

Analog Devices Price Performance

Shares of NASDAQ ADI opened at $224.63 on Friday. The company has a current ratio of 2.08, a quick ratio of 1.51 and a debt-to-equity ratio of 0.19. The stock has a 50 day moving average of $231.31 and a two-hundred day moving average of $215.61. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $247.73. The stock has a market cap of $111.47 billion, a P/E ratio of 61.21, a P/E/G ratio of 2.13 and a beta of 1.02.

Analog Devices (NASDAQ:ADI - Get Free Report) last issued its quarterly earnings results 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 firm had revenue of $2.64 billion during the quarter, compared to the consensus estimate of $2.50 billion. During the same period last year, the company earned $1.40 earnings per share. The company's revenue for the quarter was up 22.3% on a year-over-year basis. On average, research analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were issued a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, June 4th. Analog Devices's dividend payout ratio is currently 107.90%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.