Independence Bank of Kentucky Increases Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Independence Bank of Kentucky increased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 92.6% during the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 624 shares of the semiconductor company’s stock after buying an additional 300 shares during the quarter. Independence Bank of Kentucky’s holdings in Analog Devices were worth $123,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in the stock. Norges Bank acquired a new stake in shares of Analog Devices in the fourth quarter valued at $1,225,227,000. Massachusetts Financial Services Co. MA grew its stake in shares of Analog Devices by 8.6% in the fourth quarter. Massachusetts Financial Services Co. MA now owns 15,065,652 shares of the semiconductor company’s stock valued at $2,991,436,000 after buying an additional 1,197,215 shares in the last quarter. International Assets Investment Management LLC grew its stake in Analog Devices by 20,527.8% during the 4th quarter. International Assets Investment Management LLC now owns 935,266 shares of the semiconductor company’s stock worth $1,857,060,000 after purchasing an additional 930,732 shares in the last quarter. Alecta Tjanstepension Omsesidigt grew its stake in Analog Devices by 193.8% during the 4th quarter. Alecta Tjanstepension Omsesidigt now owns 1,175,000 shares of the semiconductor company’s stock worth $233,308,000 after purchasing an additional 775,000 shares in the last quarter. Finally, Confluence Investment Management LLC acquired a new position in Analog Devices during the 1st quarter worth $138,800,000. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Price Performance

NASDAQ:ADI traded up $1.58 during trading hours on Friday, reaching $228.26. 3,634,130 shares of the company traded hands, compared to its average volume of 3,017,578. The firm’s 50-day moving average is $220.13 and its 200-day moving average is $202.57. The stock has a market cap of $113.27 billion, a P/E ratio of 53.33, a P/E/G ratio of 3.82 and a beta of 1.12. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.58 and a quick ratio of 1.13. Analog Devices, Inc. has a 1-year low of $154.99 and a 1-year high of $241.88.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, May 22nd. The semiconductor company reported $1.40 EPS for the quarter, beating analysts’ consensus estimates of $1.26 by $0.14. Analog Devices had a return on equity of 10.74% and a net margin of 20.45%. The firm had revenue of $2.16 billion for the quarter, compared to analysts’ expectations of $2.11 billion. During the same quarter in the prior year, the firm earned $2.83 EPS. Analog Devices’s quarterly revenue was down 33.8% on a year-over-year basis. Equities research analysts expect that Analog Devices, Inc. will post 6.24 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 17th. Shareholders of record on Tuesday, June 4th were paid a dividend of $0.92 per share. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.61%. The ex-dividend date of this dividend was Tuesday, June 4th. Analog Devices’s dividend payout ratio is presently 85.98%.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on ADI shares. Citigroup upped their price objective on Analog Devices from $220.00 to $250.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. JPMorgan Chase & Co. boosted their target price on Analog Devices from $220.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Truist Financial boosted their target price on Analog Devices from $222.00 to $275.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. TD Cowen boosted their target price on Analog Devices from $210.00 to $270.00 and gave the company a “buy” rating in a report on Thursday, May 23rd. Finally, Morgan Stanley boosted their target price on Analog Devices from $221.00 to $260.00 and gave the company an “overweight” rating in a report on Thursday, May 23rd. Seven equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and an average price target of $243.23.

Insiders Place Their Bets

In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $197.40, for a total value of $1,974,000.00. Following the transaction, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at approximately $10,075,098.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $197.40, for a total value of $1,974,000.00. Following the transaction, the chief executive officer now directly owns 51,039 shares of the company’s stock, valued at approximately $10,075,098.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Gregory M. Bryant sold 17,612 shares of the stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $233.94, for a total value of $4,120,151.28. Following the completion of the transaction, the executive vice president now directly owns 69,241 shares in the company, valued at $16,198,239.54. The disclosure for this sale can be found here. Insiders have sold a total of 50,121 shares of company stock valued at $10,875,654 in the last quarter. 0.31% of the stock is currently owned by company 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.