Analog Devices, Inc. (NASDAQ:ADI) – Investment analysts at Truist Securiti upped their Q1 2022 earnings per share (EPS) estimates for Analog Devices in a report issued on Wednesday, November 24th. Truist Securiti analyst W. Stein now anticipates that the semiconductor company will earn $1.77 per share for the quarter, up from their prior forecast of $1.63. Truist Securiti also issued estimates for Analog Devices’ Q2 2022 earnings at $1.87 EPS, Q1 2023 earnings at $1.97 EPS, Q2 2023 earnings at $2.06 EPS, Q3 2023 earnings at $2.12 EPS, Q4 2023 earnings at $2.16 EPS and FY2023 earnings at $8.31 EPS.
Several other equities analysts also recently issued reports on the stock. JPMorgan Chase & Co. raised shares of Analog Devices from a “neutral” rating to an “overweight” rating and raised their price target for the company from $119.00 to $215.00 in a research note on Monday, September 20th. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Analog Devices from $175.00 to $190.00 and gave the company a “hold” rating in a research note on Wednesday. BMO Capital Markets lifted their price objective on shares of Analog Devices from $190.00 to $220.00 and gave the company an “outperform” rating in a report on Tuesday. Zacks Investment Research cut shares of Analog Devices from a “hold” rating to a “sell” rating and set a $194.00 price target on the stock. in a report on Tuesday, November 9th. Finally, Citigroup lifted their price objective on shares of Analog Devices from $191.00 to $216.00 and gave the stock a “buy” rating in a research report on Wednesday. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and twenty-two have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $193.41.
Analog Devices (NASDAQ:ADI) last announced its earnings results on Monday, November 22nd. The semiconductor company reported $1.73 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $1.70 by $0.03. The firm had revenue of $2.34 billion for the quarter, compared to analyst estimates of $2.31 billion. Analog Devices had a net margin of 26.15% and a return on equity of 18.86%. The business’s revenue was up 53.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.44 EPS.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, December 14th. Shareholders of record on Friday, December 3rd will be paid a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date of this dividend is Thursday, December 2nd. Analog Devices’s payout ratio is 60.39%.
Analog Devices announced that its Board of Directors has initiated a share buyback plan on Wednesday, August 25th that authorizes the company to buyback $8.50 billion in shares. This buyback authorization authorizes the semiconductor company to purchase up to 13.8% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
In other news, CEO Vincent Roche sold 10,000 shares of Analog Devices stock in a transaction that occurred on Friday, October 1st. The shares were sold at an average price of $168.09, for a total transaction of $1,680,900.00. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Bruce R. Evans purchased 8,001 shares of Analog Devices stock in a transaction that occurred on Wednesday, October 6th. The stock was acquired at an average price of $164.98 per share, for a total transaction of $1,320,004.98. The disclosure for this purchase can be found here. In the last quarter, insiders have sold 31,100 shares of company stock worth $5,382,960. Company insiders own 0.91% of the company’s stock.
A number of hedge funds and other institutional investors have recently bought and sold shares of ADI. Camden National Bank purchased a new position in Analog Devices during the fourth quarter worth $247,000. Ameritas Investment Company LLC purchased a new position in Analog Devices during the first quarter worth $27,000. Colony Group LLC boosted its stake in Analog Devices by 42.4% during the first quarter. Colony Group LLC now owns 14,225 shares of the semiconductor company’s stock worth $2,206,000 after buying an additional 4,235 shares during the period. Schroder Investment Management Group boosted its stake in shares of Analog Devices by 249.3% during the first quarter. Schroder Investment Management Group now owns 84,041 shares of the semiconductor company’s stock valued at $13,034,000 after purchasing an additional 59,979 shares during the period. Finally, HM Payson & Co. boosted its stake in shares of Analog Devices by 4.0% during the first quarter. HM Payson & Co. now owns 7,096 shares of the semiconductor company’s stock valued at $1,100,000 after purchasing an additional 273 shares during the period. 99.41% of the stock is owned by institutional investors.
About Analog Devices
Analog Devices, Inc engages in the design, development, manufacture, and marketing of integrated circuits (ICs). Its products include industrial process control systems, medical imaging equipment, factory process automation systems, patient vital signs monitoring devices, instrumentation and measurement systems, wireless infrastructure equipment, energy management systems, networking equipment, aerospace and defense electronics, optical systems, automobiles, and portable consumer devices.
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