The Manufacturers Life Insurance Company Increases Stake in Analog Devices, Inc. (NASDAQ:ADI)

The Manufacturers Life Insurance Company grew its stake in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 5.1% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,715,313 shares of the semiconductor company's stock after purchasing an additional 181,309 shares during the period. Analog Devices makes up 0.7% of The Manufacturers Life Insurance Company's investment portfolio, making the stock its 28th biggest holding. The Manufacturers Life Insurance Company owned about 0.75% of Analog Devices worth $789,356,000 as of its most recent filing with the Securities and Exchange Commission.

Several other large investors also recently made changes to their positions in ADI. Vanguard Group Inc. lifted its position in Analog Devices by 0.8% in the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company's stock valued at $10,432,961,000 after acquiring an additional 413,084 shares in the last quarter. Geode Capital Management LLC lifted its holdings in shares of Analog Devices by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company's stock valued at $2,248,971,000 after purchasing an additional 247,737 shares in the last quarter. Franklin Resources Inc. boosted its position in shares of Analog Devices by 14.9% during the third quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company's stock valued at $2,169,689,000 after buying an additional 1,189,940 shares during the last quarter. Norges Bank purchased a new stake in Analog Devices in the 4th quarter valued at $1,755,958,000. Finally, FMR LLC lifted its stake in Analog Devices by 0.8% during the 4th quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company's stock valued at $1,582,831,000 after acquiring an additional 61,390 shares in the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analog Devices Price Performance

Shares of ADI traded up $2.25 during midday trading on Wednesday, hitting $194.92. 4,413,375 shares of the company traded hands, compared to its average volume of 3,473,109. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $247.10. The firm has a market cap of $96.68 billion, a P/E ratio of 62.08, a PEG ratio of 2.85 and a beta of 1.06. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. The stock has a 50-day moving average of $200.39 and a 200-day moving average of $212.07.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, topping analysts' consensus estimates of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the firm posted $1.73 EPS. Analog Devices's revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 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 2.03%. The ex-dividend date was Tuesday, March 4th. This is an increase from Analog Devices's previous quarterly dividend of $0.92. Analog Devices's dividend payout ratio (DPR) is 126.11%.

Analog Devices announced that its board has authorized a stock repurchase program on Tuesday, February 18th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.

Analysts Set New Price Targets

ADI has been the subject of several analyst reports. Benchmark increased their target price on shares of Analog Devices from $245.00 to $275.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Maxim Group assumed coverage on shares of Analog Devices in a research report on Friday, February 14th. They set a "buy" rating on the stock. Barclays dropped their price target on Analog Devices from $240.00 to $170.00 and set an "equal weight" rating on the stock in a report on Tuesday, April 22nd. Morgan Stanley set a $214.00 price objective on Analog Devices in a research note on Monday, April 21st. Finally, Truist Financial boosted their price target on shares of Analog Devices from $230.00 to $248.00 and gave the stock a "hold" rating in a report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus target price of $250.43.

Insider Transactions at Analog Devices

In other news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction dated Wednesday, March 19th. The stock was sold at an average price of $209.19, for a total transaction of $836,760.00. Following the transaction, the chief financial officer now directly owns 49,916 shares in the company, valued at approximately $10,441,928.04. This represents a 7.42 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Vincent Roche sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total value of $2,091,200.00. Following the completion of the sale, the chief executive officer now directly owns 64,918 shares of the company's stock, valued at approximately $13,575,652.16. This represents a 13.35 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 29,809 shares of company stock valued at $6,154,756. 0.33% of the stock is 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.