Toronto Dominion Bank Cuts Stake in Analog Devices, Inc. (NASDAQ:ADI)

Toronto Dominion Bank cut its position in Analog Devices, Inc. (NASDAQ:ADI) by 42.9% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 185,144 shares of the semiconductor company’s stock after selling 139,356 shares during the quarter. Toronto Dominion Bank’s holdings in Analog Devices were worth $42,261,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. New Millennium Group LLC purchased a new position in shares of Analog Devices during the second quarter valued at approximately $29,000. Riverview Trust Co bought a new position in Analog Devices in the 1st quarter worth $30,000. ORG Partners LLC increased its position in Analog Devices by 675.0% in the second quarter. ORG Partners LLC now owns 155 shares of the semiconductor company’s stock worth $35,000 after buying an additional 135 shares in the last quarter. CVA Family Office LLC grew its stake in shares of Analog Devices by 40.2% during the 2nd quarter. CVA Family Office LLC now owns 157 shares of the semiconductor company’s stock valued at $36,000 after acquiring an additional 45 shares during the period. Finally, Hobbs Group Advisors LLC purchased a new stake in Analog Devices in the 2nd quarter worth approximately $37,000. Institutional investors own 86.81% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on ADI. JPMorgan Chase & Co. lifted their price target on shares of Analog Devices from $260.00 to $280.00 and gave the company an “overweight” rating in a report on Thursday, August 22nd. Cantor Fitzgerald reaffirmed a “neutral” rating and issued a $250.00 target price on shares of Analog Devices in a report on Tuesday, July 16th. Bank of America decreased their price target on Analog Devices from $260.00 to $255.00 and set a “buy” rating on the stock in a report on Thursday, August 22nd. Barclays lifted their target price on Analog Devices from $235.00 to $250.00 and gave the company an “equal weight” rating in a research note on Thursday, July 18th. Finally, Truist Financial downgraded Analog Devices from a “buy” rating to a “hold” rating and dropped their price target for the stock from $266.00 to $233.00 in a research note on Monday. Seven analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $249.80.

Analog Devices Price Performance

Shares of Analog Devices stock opened at $226.64 on Thursday. 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, Inc. has a one year low of $154.99 and a one year high of $244.14. The stock has a market cap of $112.52 billion, a price-to-earnings ratio of 52.95, a price-to-earnings-growth ratio of 3.75 and a beta of 1.07. The stock has a 50 day moving average price of $223.24 and a 200-day moving average price of $216.85.

Analog Devices (NASDAQ:ADI) last released its earnings results on Wednesday, August 21st. The semiconductor company reported $1.58 EPS for the quarter, beating analysts’ consensus estimates of $1.50 by $0.08. Analog Devices had a return on equity of 9.47% and a net margin of 17.07%. The firm had revenue of $2.31 billion for the quarter, compared to analysts’ expectations of $2.27 billion. During the same quarter in the prior year, the firm posted $2.49 earnings per share. The company’s quarterly revenue was down 24.8% on a year-over-year basis. Equities analysts expect that Analog Devices, Inc. will post 6.34 EPS for the current year.

Analog Devices Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 17th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.92 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $3.68 annualized dividend and a dividend yield of 1.62%. Analog Devices’s dividend payout ratio (DPR) is 85.98%.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Monday, July 1st. The shares were sold at an average price of $226.70, for a total value of $2,267,000.00. Following the transaction, the chief executive officer now owns 51,039 shares of the company’s stock, valued at approximately $11,570,541.30. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Edward H. Frank sold 995 shares of the company’s stock in a transaction dated Thursday, August 29th. The shares were sold at an average price of $234.31, for a total value of $233,138.45. Following the completion of the sale, the director now directly owns 3,753 shares of the company’s stock, valued at $879,365.43. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction dated Monday, July 1st. The stock was sold at an average price of $226.70, for a total transaction of $2,267,000.00. Following the transaction, the chief executive officer now owns 51,039 shares in the company, valued at $11,570,541.30. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 31,495 shares of company stock valued at $7,181,458. 0.31% of the stock is currently owned by company insiders.

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.