Congress Asset Management Co. Has $17.53 Million Position in Analog Devices, Inc. (NASDAQ:ADI)

Congress Asset Management Co. lessened its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 2.4% in the first quarter, according to its most recent filing with the SEC. The firm owned 86,903 shares of the semiconductor company's stock after selling 2,125 shares during the quarter. Congress Asset Management Co.'s holdings in Analog Devices were worth $17,526,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in ADI. Brighton Jones LLC lifted its holdings in shares of Analog Devices by 39.5% in the fourth quarter. Brighton Jones LLC now owns 1,867 shares of the semiconductor company's stock valued at $397,000 after buying an additional 529 shares during the period. Silver Oak Securities Incorporated lifted its holdings in shares of Analog Devices by 99.5% in the fourth quarter. Silver Oak Securities Incorporated now owns 1,989 shares of the semiconductor company's stock valued at $423,000 after buying an additional 992 shares during the period. Strategic Financial Concepts LLC acquired a new stake in shares of Analog Devices in the fourth quarter valued at $2,799,000. Golden State Wealth Management LLC acquired a new stake in shares of Analog Devices in the fourth quarter valued at $61,000. Finally, Conning Inc. lifted its holdings in shares of Analog Devices by 0.6% in the fourth quarter. Conning Inc. now owns 171,645 shares of the semiconductor company's stock valued at $36,468,000 after buying an additional 1,036 shares during the period. Institutional investors and hedge funds own 86.81% of the company's stock.

Insider Buying and Selling

In related news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the business's stock in a transaction that occurred on Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total value of $836,760.00. Following the completion of the sale, the chief financial officer now directly owns 49,916 shares in the company, valued at approximately $10,441,928.04. The trade was a 7.42% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Vivek Jain sold 12,684 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the sale, the executive vice president now directly owns 43,175 shares of the company's stock, valued at $9,066,750. The trade was a 22.71% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 42,934 shares of company stock worth $8,735,156. Insiders own 0.33% of the company's stock.

Analog Devices Stock Up 1.9%

NASDAQ ADI traded up $4.22 during trading on Friday, reaching $222.26. 3,246,027 shares of the company's stock were exchanged, compared to its average volume of 3,561,832. Analog Devices, Inc. has a fifty-two week low of $158.65 and a fifty-two week high of $247.10. The firm has a market capitalization of $110.30 billion, a PE ratio of 70.78, a P/E/G ratio of 2.85 and a beta of 1.00. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19. The company's fifty day simple moving average is $199.58 and its 200-day simple moving average is $210.31.

Analog Devices (NASDAQ:ADI - Get Free Report) last released its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.70 by $0.15. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter last year, the firm earned $1.40 earnings per share. The business's revenue for the quarter was up 22.3% on a year-over-year basis. Sell-side analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices declared that its board has initiated a share repurchase 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 stock through open market purchases. Stock repurchase plans are generally a sign that the company's management believes its stock is undervalued.

Analog Devices Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th will be issued a $0.99 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $3.96 dividend on an annualized basis and a yield of 1.78%. Analog Devices's dividend payout ratio is currently 107.90%.

Wall Street Analyst Weigh In

Several analysts have recently weighed in on the company. JPMorgan Chase & Co. upped their price objective on Analog Devices from $280.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Piper Sandler cut their price objective on Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. UBS Group reduced their target price on Analog Devices from $295.00 to $285.00 and set a "buy" rating for the company in a report on Friday, May 23rd. KGI Securities initiated coverage on Analog Devices in a research report on Friday, May 23rd. They issued a "buy" rating for the company. Finally, Oppenheimer lifted their price target on Analog Devices from $225.00 to $265.00 and gave the stock an "outperform" rating in a research note on Friday, May 16th. One analyst has rated the stock with a sell rating, five have issued a hold rating and sixteen have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $248.63.

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.