Mackenzie Financial Corp Sells 493,745 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Key Points

• Mackenzie Financial Corp reduced its stake in Analog Devices, selling 493,745 shares and retaining ownership of approximately 248,154 shares, which is a 66.6% decrease.
• Various institutional investors have recently altered their positions in Analog Devices, with notable increases from China Universal Asset Management by 284.4% and Keybank National Association by 85.8% during the first quarter.
• Analog Devices reported a quarterly earnings per share of $1.85, exceeding estimates, with revenue up 22.3% year-over-year, while also declaring a quarterly dividend of $0.99 per share.

Mackenzie Financial Corp lessened its stake in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 66.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 248,154 shares of the semiconductor company's stock after selling 493,745 shares during the period. Mackenzie Financial Corp owned about 0.05% of Analog Devices worth $50,045,000 as of its most recent SEC filing.

A number of other institutional investors have also recently made changes to their positions in the stock. China Universal Asset Management Co. Ltd. boosted its position in shares of Analog Devices by 284.4% during the 1st quarter. China Universal Asset Management Co. Ltd. now owns 31,050 shares of the semiconductor company's stock valued at $6,262,000 after purchasing an additional 22,973 shares in the last quarter. Broderick Brian C boosted its position in shares of Analog Devices by 2.6% during the 4th quarter. Broderick Brian C now owns 79,221 shares of the semiconductor company's stock valued at $16,831,000 after purchasing an additional 2,017 shares in the last quarter. Freestone Grove Partners LP bought a new stake in shares of Analog Devices during the 4th quarter valued at about $10,212,000. Sowell Financial Services LLC acquired a new position in Analog Devices during the 1st quarter worth approximately $296,000. Finally, Keybank National Association OH raised its stake in Analog Devices by 85.8% during the 1st quarter. Keybank National Association OH now owns 27,077 shares of the semiconductor company's stock worth $5,461,000 after buying an additional 12,505 shares during the period. Institutional investors own 86.81% of the company's stock.

Insider Buying and Selling

In other Analog Devices news, Director Ray Stata sold 3,125 shares of the stock in a transaction on Wednesday, July 16th. The stock was 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 approximately $40,088,010.33. This represents a 1.83% 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 link. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Thursday, May 1st. The shares were sold at an average price of $196.84, for a total value of $1,968,400.00. Following the transaction, the chief executive officer directly owned 142,996 shares of the company's stock, valued at approximately $28,147,332.64. This trade represents a 6.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 16,250 shares of company stock valued at $3,327,994 over the last ninety days. 0.33% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on ADI shares. Benchmark reaffirmed a "buy" rating and set a $260.00 price target (down from $275.00) on shares of Analog Devices in a research note on Friday, May 23rd. KGI Securities started coverage on Analog Devices in a research note on Friday, May 23rd. They set a "buy" rating on the stock. Evercore ISI upped their price target on Analog Devices from $231.00 to $280.00 and gave the stock an "outperform" rating in a research note on Friday, May 23rd. Wells Fargo & Company set a $235.00 price target on Analog Devices and gave the stock an "equal weight" rating in a research note on Monday, June 16th. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Analog Devices in a research note on Friday, May 23rd. Six investment analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Analog Devices has an average rating of "Moderate Buy" and a consensus price target of $258.89.

Analog Devices Stock Performance

Shares of ADI opened at $230.77 on Tuesday. 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 company has a market capitalization of $114.52 billion, a price-to-earnings ratio of 62.88, a PEG ratio of 2.10 and a beta of 1.02. The stock has a 50 day moving average of $230.76 and a 200 day moving average of $215.31. Analog Devices, Inc. has a 12 month low of $158.65 and a 12 month high of $247.73.

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

Analog Devices Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors 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 dividend yield of 1.72%. The ex-dividend date of this dividend was Wednesday, June 4th. Analog Devices's payout ratio is 107.90%.

Analog Devices Company 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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