Covea Finance Invests $7.40 Million in Analog Devices, Inc. (NASDAQ:ADI)

Covea Finance bought a new position in shares of Analog Devices, Inc. (NASDAQ:ADI) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 36,700 shares of the semiconductor company’s stock, valued at approximately $7,401,000.

A number of other large investors have also modified their holdings of ADI. Brighton Jones LLC grew its holdings in shares of Analog Devices by 39.5% during the fourth quarter. Brighton Jones LLC now owns 1,867 shares of the semiconductor company’s stock worth $397,000 after buying an additional 529 shares in the last quarter. Empower Advisory Group LLC purchased a new stake in shares of Analog Devices during the fourth quarter worth $207,000. Kestra Investment Management LLC purchased a new stake in shares of Analog Devices during the fourth quarter worth $41,000. Global Retirement Partners LLC grew its holdings in shares of Analog Devices by 5.1% during the fourth quarter. Global Retirement Partners LLC now owns 7,440 shares of the semiconductor company’s stock worth $1,581,000 after buying an additional 361 shares in the last quarter. Finally, Wealth Alliance grew its holdings in shares of Analog Devices by 71.1% during the fourth quarter. Wealth Alliance now owns 2,549 shares of the semiconductor company’s stock worth $542,000 after buying an additional 1,059 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently weighed in on ADI shares. Keefe, Bruyette & Woods raised shares of Analog Devices to an “outperform” rating in a research report on Wednesday. Wells Fargo & Company set a $235.00 price target on shares of Analog Devices and gave the company an “equal weight” rating in a research report on Monday, June 16th. Wall Street Zen raised shares of Analog Devices from a “hold” rating to a “buy” rating in a research report on Saturday, May 24th. Stifel Nicolaus boosted their price target on shares of Analog Devices from $225.00 to $248.00 and gave the company a “buy” rating in a research report on Tuesday, May 20th. Finally, Cfra Research cut shares of Analog Devices from a “strong-buy” rating to a “moderate buy” rating in a research report on Thursday, May 22nd. One analyst has rated the stock with a sell rating, five have given a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $251.75.

Insider Buying and Selling

In related news, Director Ray Stata sold 3,125 shares of the company’s stock in a transaction that occurred on Tuesday, May 6th. The shares were sold at an average price of $195.84, for a total transaction of $612,000.00. Following the sale, the director now directly owns 180,071 shares in the company, valued at approximately $35,265,104.64. This represents a 1.71% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the sale, the executive vice president now owns 43,175 shares in the company, valued at $9,066,750. The trade was a 22.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,934 shares of company stock worth $5,807,196. Company insiders own 0.33% of the company’s stock.

Analog Devices Stock Down 0.6%

Shares of NASDAQ:ADI opened at $228.35 on Friday. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.08 and a quick ratio of 1.51. The firm has a market capitalization of $113.32 billion, a PE ratio of 62.22, a price-to-earnings-growth ratio of 2.12 and a beta of 1.00. The firm’s 50-day moving average is $209.55 and its two-hundred day moving average is $211.14. Analog Devices, Inc. has a 1 year low of $158.65 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.70 by $0.15. The company had revenue of $2.64 billion for the quarter, compared to analyst estimates of $2.50 billion. Analog Devices had a net margin of 18.65% and a return on equity of 9.56%. The business’s revenue for the quarter was up 22.3% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.40 earnings per share. Analysts predict that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were paid a dividend of $0.99 per share. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $3.96 dividend on an annualized basis and a dividend yield of 1.73%. Analog Devices’s payout ratio is 107.90%.

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.