Truist Financial Corp Sells 80,019 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Truist Financial Corp reduced its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 3.9% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,970,399 shares of the semiconductor company’s stock after selling 80,019 shares during the quarter. Analog Devices accounts for 0.6% of Truist Financial Corp’s portfolio, making the stock its 29th biggest holding. Truist Financial Corp owned about 0.40% of Analog Devices worth $391,242,000 as of its most recent SEC filing.

Several other institutional investors also recently modified their holdings of ADI. Massachusetts Financial Services Co. MA lifted its position in Analog Devices by 22.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 13,868,437 shares of the semiconductor company’s stock valued at $2,428,225,000 after purchasing an additional 2,497,696 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Analog Devices by 639.7% during the 3rd quarter. Nordea Investment Management AB now owns 1,718,502 shares of the semiconductor company’s stock valued at $303,591,000 after buying an additional 1,486,180 shares during the period. International Assets Investment Management LLC boosted its stake in shares of Analog Devices by 20,527.8% in 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 buying an additional 930,732 shares during the last quarter. Alecta Tjanstepension Omsesidigt grew its holdings in shares of Analog Devices by 193.8% in the fourth quarter. Alecta Tjanstepension Omsesidigt now owns 1,175,000 shares of the semiconductor company’s stock worth $233,308,000 after acquiring an additional 775,000 shares during the period. Finally, Invesco Ltd. increased its position in Analog Devices by 7.5% during the third quarter. Invesco Ltd. now owns 10,003,284 shares of the semiconductor company’s stock valued at $1,751,475,000 after acquiring an additional 701,367 shares during the last quarter. 86.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

ADI has been the topic of several research reports. Truist Financial dropped their target price on Analog Devices from $226.00 to $222.00 and set a “buy” rating on the stock in a research report on Thursday, February 22nd. Sanford C. Bernstein cut shares of Analog Devices from an “outperform” rating to a “market perform” rating and set a $200.00 target price for the company. in a report on Thursday, January 4th. Morgan Stanley reiterated an “overweight” rating and set a $212.00 price target on shares of Analog Devices in a research note on Thursday, April 11th. The Goldman Sachs Group upped their price objective on Analog Devices from $191.00 to $205.00 and gave the stock a “buy” rating in a research note on Thursday, February 22nd. Finally, Wolfe Research upgraded Analog Devices from a “peer perform” rating to an “outperform” rating and set a $225.00 target price on the stock in a research report on Thursday, January 18th. Seven analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. According to data from MarketBeat, Analog Devices currently has an average rating of “Moderate Buy” and a consensus target price of $208.17.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 1st. The stock was sold at an average price of $192.11, for a total value of $1,921,100.00. Following the completion of the sale, the chief executive officer now directly owns 5,713 shares of the company’s stock, valued at approximately $1,097,524.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $192.11, for a total value of $1,921,100.00. Following the sale, the chief executive officer now directly owns 5,713 shares of the company’s stock, valued at approximately $1,097,524.43. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director James Champy sold 1,228 shares of the stock in a transaction that occurred on Thursday, March 21st. The stock was sold at an average price of $197.64, for a total value of $242,701.92. Following the completion of the sale, the director now owns 6,371 shares in the company, valued at $1,259,164.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 24,707 shares of company stock worth $4,825,113. 0.31% of the stock is currently owned by corporate insiders.

Analog Devices Price Performance

Shares of Analog Devices stock traded up $4.03 during trading on Friday, reaching $201.97. 3,136,251 shares of the stock traded hands, compared to its average volume of 3,394,093. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.51 and a quick ratio of 0.98. The company has a market capitalization of $100.16 billion, a price-to-earnings ratio of 36.13, a P/E/G ratio of 4.93 and a beta of 1.17. Analog Devices, Inc. has a 52-week low of $154.99 and a 52-week high of $204.20. The business has a fifty day simple moving average of $193.45 and a two-hundred day simple moving average of $187.28.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 21st. The semiconductor company reported $1.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.02. The business had revenue of $2.51 billion for the quarter, compared to the consensus estimate of $2.50 billion. Analog Devices had a return on equity of 12.76% and a net margin of 24.34%. The company’s revenue was down 22.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.75 EPS. Sell-side analysts expect that Analog Devices, Inc. will post 5.86 EPS for the current year.

Analog Devices Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 15th. Stockholders of record on Tuesday, March 5th were given a dividend of $0.92 per share. This represents a $3.68 annualized dividend and a dividend yield of 1.82%. This is a boost from Analog Devices’s previous quarterly dividend of $0.86. The ex-dividend date was Monday, March 4th. Analog Devices’s dividend payout ratio is currently 65.83%.

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.