Should You be Confident in the Long-Term Trends for Analog Devices (ADI)?

Madison Investments, an investment advisor, released its “Madison Investors Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, Fund (class Y) declined -1.3% compared to a -3.3% decline for the S&P 500 Index benchmark.  In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Madison Investors Fund highlighted stocks like Analog Devices, Inc. (NASDAQ:ADI) in the third quarter 2023 investor letter. Headquartered in Wilmington, Massachusetts, Analog Devices, Inc. (NASDAQ:ADI) is a semiconductor company that designs and manufactures integrated circuits (ICs), software, and subsystems. On October 27, 2023, Analog Devices, Inc. (NASDAQ:ADI) stock closed at $160.57 per share. One-month return of Analog Devices, Inc. (NASDAQ:ADI) was -8.47%, and its shares gained 12.59% of their value over the last 52 weeks. Analog Devices, Inc. (NASDAQ:ADI) has a market capitalization of $80.014 billion.

Madison Investors Fund made the following comment about Analog Devices, Inc. (NASDAQ:ADI) in its Q3 2023 investor letter:

“The bottom five individual contributors were Dollar Tree, Fiserv, Analog Devices, Inc. (NASDAQ:ADI), Lowe’s Companies, and Alcon. Both Analog Devices and Lowe’s Companies saw end-market demand moderate (in semiconductors and home improvement products, respectively) relative to the strong levels over the last couple of years. Despite these near-term trends, we remain very confident in the long-term trends within both markets.”

A technician overlooking a circuit board being built and tested for a semiconductor device.

Analog Devices, Inc. (NASDAQ:ADI) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 65 hedge fund portfolios held Analog Devices, Inc. (NASDAQ:ADI) at the end of second quarter which was 73 in the previous quarter.

We discussed Analog Devices, Inc. (NASDAQ:ADI) in another article and shared the list of dividend stocks of 2023. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 10 Fastest Growing Regions in the World
• 12 Best Undervalued Energy Stocks To Buy According to Analysts
• 12 Biggest Energy Drink Stocks in the US

Disclosure: None. This article is originally published at Insider Monkey.