CIBC Asset Management Inc Cuts Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

CIBC Asset Management Inc reduced its stake in Analog Devices, Inc. (NASDAQ:ADI) by 5.6% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 171,459 shares of the semiconductor company’s stock after selling 10,123 shares during the quarter. CIBC Asset Management Inc’s holdings in Analog Devices were worth $39,137,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new position in shares of Analog Devices during the fourth quarter valued at about $1,225,227,000. Swedbank AB purchased a new stake in Analog Devices in the 1st quarter valued at about $537,171,000. Vanguard Group Inc. lifted its position in shares of Analog Devices by 4.7% during the 1st quarter. Vanguard Group Inc. now owns 47,716,169 shares of the semiconductor company’s stock worth $9,437,781,000 after buying an additional 2,160,668 shares in the last quarter. Canada Pension Plan Investment Board boosted its stake in shares of Analog Devices by 17,535,360.0% in the 1st quarter. Canada Pension Plan Investment Board now owns 1,753,546 shares of the semiconductor company’s stock worth $346,834,000 after buying an additional 1,753,536 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD boosted its stake in shares of Analog Devices by 19.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 8,163,882 shares of the semiconductor company’s stock worth $1,614,735,000 after buying an additional 1,330,242 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors.

Analog Devices Price Performance

Analog Devices stock traded up $3.95 during mid-day trading on Monday, hitting $234.84. 2,771,000 shares of the company traded hands, compared to its average volume of 3,366,937. The stock has a fifty day moving average price of $226.06 and a 200-day moving average price of $212.98. The stock has a market cap of $116.60 billion, a price-to-earnings ratio of 54.87, a price-to-earnings-growth ratio of 3.91 and a beta of 1.08. Analog Devices, Inc. has a one year low of $154.99 and a one year high of $244.14. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.24 and a current ratio of 1.69.

Analog Devices (NASDAQ:ADI) last announced its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.50 by $0.08. Analog Devices had a net margin of 17.07% and a return on equity of 9.47%. The company had revenue of $2.31 billion during the quarter, compared to analyst estimates of $2.27 billion. During the same period in the previous year, the business earned $2.49 earnings per share. The firm’s quarterly revenue was down 24.8% compared to the same quarter last year. On average, equities analysts predict that Analog Devices, Inc. will post 6.33 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 17th. Investors of record on Tuesday, September 3rd will be issued a dividend of $0.92 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $3.68 dividend on an annualized basis and a dividend yield of 1.57%. Analog Devices’s dividend payout ratio is 85.98%.

Insider Buying and Selling

In other Analog Devices news, Director Edward H. Frank sold 995 shares of the stock in a transaction that occurred on Thursday, August 29th. The shares were sold at an average price of $234.31, for a total transaction of $233,138.45. Following the transaction, the director now directly owns 3,753 shares in the company, valued at $879,365.43. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Gregory M. Bryant sold 17,612 shares of the stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $233.94, for a total transaction of $4,120,151.28. Following the completion of the sale, the executive vice president now directly owns 69,241 shares in the company, valued at approximately $16,198,239.54. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Edward H. Frank sold 995 shares of the firm’s stock in a transaction that occurred on Thursday, August 29th. The stock was sold at an average price of $234.31, for a total value of $233,138.45. Following the transaction, the director now owns 3,753 shares in the company, valued at $879,365.43. The disclosure for this sale can be found here. Insiders sold 39,107 shares of company stock worth $9,014,710 in the last quarter. 0.31% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on ADI shares. Jefferies Financial Group started coverage on Analog Devices in a research report on Monday, May 13th. They set a “buy” rating and a $250.00 price target for the company. Citigroup lifted their target price on Analog Devices from $220.00 to $250.00 and gave the stock a “buy” rating in a research note on Thursday, May 23rd. KeyCorp increased their price target on shares of Analog Devices from $230.00 to $285.00 and gave the company an “overweight” rating in a research report on Thursday, May 23rd. UBS Group lifted their price objective on shares of Analog Devices from $225.00 to $275.00 and gave the stock a “buy” rating in a research report on Thursday, May 23rd. Finally, Morgan Stanley boosted their target price on shares of Analog Devices from $250.00 to $257.00 and gave the company an “overweight” rating in a research note on Thursday, August 22nd. Six analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat, Analog Devices presently has an average rating of “Moderate Buy” and an average price target of $251.45.

Analog Devices 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.