Analog Devices, Inc. (NASDAQ:ADI) to Issue Quarterly Dividend of $0.99

Analog Devices, Inc. (NASDAQ:ADI) declared a quarterly dividend on Thursday, May 22nd, RTT News reports. Stockholders of record on Wednesday, June 4th will be given a dividend of 0.99 per share by the semiconductor company on Wednesday, June 18th. This represents a $3.96 annualized dividend and a dividend yield of 1.88%. The ex-dividend date of this dividend is Wednesday, June 4th.

Analog Devices has raised its dividend by an average of 10.1% per year over the last three years and has raised its dividend annually for the last 23 consecutive years. Analog Devices has a payout ratio of 44.9% meaning its dividend is sufficiently covered by earnings. Analysts expect Analog Devices to earn $8.59 per share next year, which means the company should continue to be able to cover its $3.96 annual dividend with an expected future payout ratio of 46.1%.

Analog Devices Trading Down 0.7%

Shares of NASDAQ:ADI opened at $210.47 on Friday. Analog Devices has a 52-week low of $158.65 and a 52-week high of $247.10. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The company has a market capitalization of $104.39 billion, a P/E ratio of 67.03, a price-to-earnings-growth ratio of 2.85 and a beta of 0.98. The company has a 50-day simple moving average of $197.66 and a 200 day simple moving average of $210.37.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.70 by $0.15. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.50 billion. During the same quarter in the prior year, the company earned $1.40 earnings per share. The business’s revenue for the quarter was up 22.3% compared to the same quarter last year. Sell-side analysts forecast that Analog Devices will post 7.14 earnings per share for the current year.

Analyst Ratings Changes

ADI has been the subject of several research reports. Evercore ISI raised their price target on Analog Devices from $231.00 to $280.00 and gave the company an “outperform” rating in a report on Friday. Wall Street Zen raised shares of Analog Devices from a “hold” rating to a “buy” rating in a research report on Saturday. Cantor Fitzgerald lifted their target price on shares of Analog Devices from $230.00 to $250.00 and gave the stock a “neutral” rating in a report on Monday, May 19th. Stifel Nicolaus upped their price target on shares of Analog Devices from $225.00 to $248.00 and gave the company a “buy” rating in a research note on Tuesday. Finally, Lake Street Capital started coverage on shares of Analog Devices in a research report on Friday, February 14th. They set a “buy” rating for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating and fourteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $247.82.

Analog Devices announced that its board has authorized a share repurchase plan on Tuesday, February 18th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s management believes its shares are undervalued.

Insider Activity at Analog Devices

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the sale, the chief financial officer now directly owns 49,916 shares in the company, valued at $10,441,928.04. This represents a 7.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total transaction of $563,156.25. Following the completion of the transaction, the director now directly owns 186,321 shares in the company, valued at approximately $33,576,907.41. This represents a 1.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 42,934 shares of company stock worth $8,735,156. Company insiders own 0.33% of the company’s stock.

Institutional Trading of Analog Devices

An institutional investor recently raised its position in Analog Devices stock. Brighton Jones LLC raised its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 39.5% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,867 shares of the semiconductor company’s stock after purchasing an additional 529 shares during the period. Brighton Jones LLC’s holdings in Analog Devices were worth $397,000 at the end of the most recent reporting period. 86.81% of the stock is currently owned by institutional investors and hedge funds.

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.