Wellington Management Group LLP Grows Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Wellington Management Group LLP lifted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 67.7% during the fourth quarter, according to its most recent disclosure with the SEC. The fund owned 72,698 shares of the semiconductor company’s stock after acquiring an additional 29,349 shares during the period. Wellington Management Group LLP’s holdings in Analog Devices were worth $15,445,000 at the end of the most recent quarter.

Several other hedge funds have also recently modified their holdings of the stock. Mainstream Capital Management LLC acquired a new stake in Analog Devices during the 4th quarter worth about $30,000. Hopwood Financial Services Inc. acquired a new stake in shares of Analog Devices during the fourth quarter worth about $30,000. Cassady Schiller Wealth Management LLC boosted its position in Analog Devices by 63.2% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock valued at $30,000 after buying an additional 55 shares during the last quarter. Financial Life Planners purchased a new position in Analog Devices during the 4th quarter worth approximately $33,000. Finally, Kestra Investment Management LLC acquired a new stake in Analog Devices during the 4th quarter valued at approximately $41,000. Institutional investors and hedge funds own 86.81% of the company’s stock.

Insider Transactions at Analog Devices

In other Analog Devices news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction on Wednesday, March 12th. The stock was sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the completion of the sale, the chief executive officer now owns 64,918 shares of the company’s stock, valued at $13,575,652.16. This trade represents a 13.35 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of the company’s stock in a transaction on Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the transaction, the executive vice president now directly owns 43,175 shares in the company, valued at approximately $9,066,750. This trade represents a 22.71 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 26,684 shares of company stock worth $5,591,600 in the last quarter. Company insiders own 0.33% of the company’s stock.

Analyst Upgrades and Downgrades

ADI has been the topic of a number of research reports. Lake Street Capital began coverage on shares of Analog Devices in a research note on Friday, February 14th. They issued a “buy” rating on the stock. JPMorgan Chase & Co. increased their price target on Analog Devices from $280.00 to $300.00 and gave the stock an “overweight” rating in a research report on Thursday, February 20th. Needham & Company LLC reissued a “hold” rating on shares of Analog Devices in a report on Thursday, February 20th. Benchmark raised their target price on Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Finally, Oppenheimer restated an “outperform” rating and issued a $270.00 price objective (up previously from $245.00) on shares of Analog Devices in a research report on Thursday, February 20th. Six analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. Based on data from MarketBeat.com, Analog Devices has a consensus rating of “Moderate Buy” and an average target price of $255.41.

Analog Devices Stock Performance

NASDAQ:ADI opened at $166.09 on Wednesday. The company has a market cap of $82.38 billion, a P/E ratio of 52.90, a P/E/G ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a twelve month low of $158.65 and a twelve month high of $247.10. The company’s 50-day moving average price is $210.59 and its 200-day moving average price is $217.05. The company has a current ratio of 1.93, a quick ratio of 1.43 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last released 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. The business had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period last year, the company posted $1.73 EPS. On average, sell-side analysts forecast that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its board has approved a share buyback plan on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company’s board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were paid a $0.99 dividend. The ex-dividend date was Tuesday, March 4th. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a dividend yield of 2.38%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

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.