Shares of Analog Devices (NASDAQ:ADI) gained in trading after the company reported better-than-expected results in the Fiscal second quarter. The semiconductor company’s adjusted diluted earnings declined by 51% year-over-year to $1.40 per share but still surpassed consensus estimates of $1.26 per share.
On top of this, ADI’s revenues fell by 34% year-over-year to $2.16 billion but beat analysts’ expectations of $2.11 billion.
ADI’s Dividend Payment
The company’s Board of Directors has declared a quarterly cash dividend of $0.92 per share of common stock. The dividend will be paid on June 17 to all shareholders of record at the close of business on June 4, 2024.
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ADI’s Fiscal Q3 Outlook
Looking forward, management now expects its Q3 revenue to be $2.27 billion, with an increase or decrease of $100 million, with adjusted earnings likely to be $1.50 per share. For reference, analysts have forecasted earnings of $1.35 per share on revenues of $2.16 billion.
Is ADI a Good Buy?
Analysts remain cautiously optimistic about ADI stock, with a Moderate Buy consensus rating based on eight Buys and three Holds. Over the past year, ADI has increased by more than 10%, and the average ADI price target of $222.27 implies an upside potential of 2.6% from current levels. These analyst ratings are likely to change following ADI’s Fiscal Q2 results today.
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