Zurcher Kantonalbank Zurich Cantonalbank Purchases 2,302 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Key Points

• Zurcher Kantonalbank increased its position in Analog Devices by 2.0%, acquiring an additional 2,302 shares, bringing its total holdings to 118,519 shares valued at approximately $23.9 million.
• Brokerages are optimistic about Analog Devices, with Citigroup and KeyCorp raising their price targets to $290.00 and $300.00 respectively, reflecting a strong buy sentiment from analysts.
• Analog Devices recently announced a quarterly dividend of $0.99 per share, leading to an annualized dividend yield of 1.72%, although its payout ratio is notably high at 107.90%.

Zurcher Kantonalbank Zurich Cantonalbank grew its position in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 2.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 118,519 shares of the semiconductor company's stock after purchasing an additional 2,302 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Analog Devices were worth $23,902,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the company. Empirical Finance LLC boosted its stake in shares of Analog Devices by 1.5% during the first quarter. Empirical Finance LLC now owns 17,411 shares of the semiconductor company's stock valued at $3,511,000 after purchasing an additional 264 shares in the last quarter. HB Wealth Management LLC raised its position in shares of Analog Devices by 50.7% during the first quarter. HB Wealth Management LLC now owns 16,393 shares of the semiconductor company's stock worth $3,306,000 after acquiring an additional 5,518 shares during the last quarter. Mediolanum International Funds Ltd raised its position in shares of Analog Devices by 905.9% during the first quarter. Mediolanum International Funds Ltd now owns 107,449 shares of the semiconductor company's stock worth $21,657,000 after acquiring an additional 96,767 shares during the last quarter. Skandinaviska Enskilda Banken AB publ raised its position in shares of Analog Devices by 13.4% during the first quarter. Skandinaviska Enskilda Banken AB publ now owns 139,464 shares of the semiconductor company's stock worth $28,126,000 after acquiring an additional 16,514 shares during the last quarter. Finally, Stevens Capital Management LP bought a new position in shares of Analog Devices during the first quarter worth about $287,000. 86.81% of the stock is owned by institutional investors and hedge funds.

Analog Devices Price Performance

Shares of NASDAQ ADI traded down $4.16 during midday trading on Friday, hitting $220.47. 1,398,590 shares of the company's stock were exchanged, compared to its average volume of 3,974,665. Analog Devices, Inc. has a 12-month low of $158.65 and a 12-month high of $247.73. 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 cap of $109.41 billion, a price-to-earnings ratio of 60.02, a PEG ratio of 2.13 and a beta of 1.02. The business's fifty day moving average price is $231.31 and its two-hundred day moving average price is $215.61.

Analog Devices (NASDAQ:ADI - Get Free Report) last issued its earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.70 by $0.15. The business had revenue of $2.64 billion during the quarter, compared to analyst estimates 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 for the quarter was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.40 earnings per share. As a group, research analysts forecast that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Announces Dividend

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

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on ADI shares. Wall Street Zen upgraded Analog Devices from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. Raymond James Financial upgraded Analog Devices from a "moderate buy" rating to a "strong-buy" rating in a research report on Wednesday, June 18th. Piper Sandler lowered their target price on Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Citigroup reiterated a "buy" rating and issued a $290.00 target price (up from $260.00) on shares of Analog Devices in a report on Monday, July 7th. Finally, KeyCorp lifted their target price on Analog Devices from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. Six research analysts have rated the stock with a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus price target of $258.89.

Insider Transactions at Analog Devices

In other Analog Devices news, Director Ray Stata sold 3,125 shares of the business's stock in a transaction that occurred on 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 sale, the director owned 167,571 shares in the company, valued at approximately $40,088,010.33. The trade was a 1.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.33% of the stock is currently owned by corporate insiders.

About Analog Devices

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.