Covea Finance Makes New $7.40 Million Investment in Analog Devices, Inc. (NASDAQ:ADI)

Covea Finance acquired a new position in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 36,700 shares of the semiconductor company's stock, valued at approximately $7,401,000.

A number of other large investors have also recently bought and sold shares of the company. Norges Bank bought a new position in shares of Analog Devices in the 4th quarter valued at $1,755,958,000. Raymond James Financial Inc. bought a new stake in shares of Analog Devices during the 4th quarter worth $833,386,000. Proficio Capital Partners LLC boosted its stake in Analog Devices by 22,005.0% in the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company's stock valued at $652,943,000 after buying an additional 3,059,349 shares in the last quarter. GAMMA Investing LLC grew its position in Analog Devices by 25,460.1% in the first quarter. GAMMA Investing LLC now owns 2,211,715 shares of the semiconductor company's stock valued at $446,037,000 after acquiring an additional 2,203,062 shares during the last quarter. Finally, Kovitz Investment Group Partners LLC grew its position in Analog Devices by 301.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company's stock valued at $335,933,000 after acquiring an additional 1,186,981 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Vivek Jain sold 12,684 shares of the company's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the sale, the executive vice president now owns 43,175 shares in the company, valued at $9,066,750. This represents a 22.71% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Ray Stata sold 3,125 shares of the firm's stock in a transaction that occurred on Tuesday, May 6th. The stock was sold at an average price of $195.84, for a total value of $612,000.00. Following the sale, the director now directly owns 180,071 shares of the company's stock, valued at $35,265,104.64. This represents a 1.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 28,934 shares of company stock worth $5,807,196. 0.33% of the stock is currently owned by insiders.

Analog Devices Trading Down 0.6%

NASDAQ ADI traded down $1.30 on Friday, reaching $228.35. The company had a trading volume of 5,316,062 shares, compared to its average volume of 3,565,501. The firm has a market cap of $113.32 billion, a price-to-earnings ratio of 62.22, a P/E/G ratio of 2.11 and a beta of 1.00. Analog Devices, Inc. has a fifty-two week low of $158.65 and a fifty-two week high of $247.10. The business has a 50 day moving average of $209.55 and a two-hundred day moving average of $211.09. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.08 and a quick ratio of 1.51.

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, beating 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 company had revenue of $2.64 billion during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter in the prior year, the firm posted $1.40 earnings per share. The business's quarterly revenue was up 22.3% on a year-over-year basis. Analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current 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 dividend of $0.99 per share. This represents a $3.96 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date of this dividend was Wednesday, June 4th. Analog Devices's dividend payout ratio is presently 107.90%.

Analyst Upgrades and Downgrades

A number of research analysts have recently commented on ADI shares. UBS Group dropped their target price on shares of Analog Devices from $295.00 to $285.00 and set a "buy" rating for the company in a report on Friday, May 23rd. Cowen reiterated a "buy" rating on shares of Analog Devices in a research report on Friday, May 23rd. Cfra Research downgraded shares of Analog Devices from a "strong-buy" rating to a "moderate buy" rating in a research note on Thursday, May 22nd. Piper Sandler cut their target price on shares of Analog Devices from $240.00 to $215.00 and set a "neutral" rating on the stock in a research report on Friday, May 23rd. Finally, Morgan Stanley decreased their target price on shares of Analog Devices from $214.00 to $212.00 and set an "overweight" rating on the stock in a research note on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have given a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $251.75.

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.