Focus Partners Wealth Cuts Stake in Analog Devices, Inc. (NASDAQ:ADI)

Focus Partners Wealth trimmed its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 5.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 23,493 shares of the semiconductor company's stock after selling 1,231 shares during the period. Focus Partners Wealth's holdings in Analog Devices were worth $4,991,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of Analog Devices in the 4th quarter worth $1,755,958,000. Raymond James Financial Inc. bought a new stake in Analog Devices during the fourth quarter valued at about $833,386,000. Proficio Capital Partners LLC raised its holdings in Analog Devices by 22,005.0% during the fourth quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company's stock valued at $652,943,000 after acquiring an additional 3,059,349 shares during the period. Kovitz Investment Group Partners LLC boosted its stake in shares of Analog Devices by 301.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company's stock worth $335,933,000 after acquiring an additional 1,186,981 shares during the period. Finally, Deutsche Bank AG grew its position in shares of Analog Devices by 71.0% during the fourth quarter. Deutsche Bank AG now owns 2,158,914 shares of the semiconductor company's stock worth $458,683,000 after purchasing an additional 896,694 shares in the last quarter. 86.81% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Benchmark increased their price objective on shares of Analog Devices from $245.00 to $275.00 and gave the company a "buy" rating in a report on Thursday, February 20th. Morgan Stanley set a $214.00 price objective on shares of Analog Devices in a report on Monday, April 21st. Citigroup dropped their price objective on shares of Analog Devices from $265.00 to $235.00 and set a "buy" rating for the company in a report on Friday, April 11th. JPMorgan Chase & Co. increased their price objective on shares of Analog Devices from $280.00 to $300.00 and gave the company an "overweight" rating in a report on Thursday, February 20th. Finally, Truist Financial increased their price objective on shares of Analog Devices from $230.00 to $248.00 and gave the company a "hold" rating in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and sixteen have assigned a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $249.95.

Analog Devices Trading Down 0.0%

NASDAQ ADI traded down $0.01 during trading on Friday, hitting $227.11. The stock had a trading volume of 3,617,772 shares, compared to its average volume of 3,517,761. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.43 and a current ratio of 1.93. The stock has a market capitalization of $112.64 billion, a price-to-earnings ratio of 72.33, a P/E/G ratio of 2.85 and a beta of 0.98. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $247.10. The stock has a 50 day simple moving average of $196.58 and a 200 day simple moving average of $210.41.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.54 by $0.09. The business had revenue of $2.42 billion during the quarter, compared to the consensus estimate of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm's quarterly revenue was down 3.6% compared to the same quarter last year. During the same quarter last year, the firm earned $1.73 earnings per share. Sell-side analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a dividend yield of 1.74%. The ex-dividend date of this dividend was Tuesday, March 4th. This is an increase from Analog Devices's previous quarterly dividend of $0.92. Analog Devices's payout ratio is currently 126.11%.

Analog Devices declared that its Board of Directors has initiated a stock buyback plan on Tuesday, February 18th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor company to purchase up to 9.2% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's leadership believes its stock is undervalued.

Insider Activity

In related news, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction that occurred on Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the transaction, the executive vice president now directly owns 43,175 shares of the company's stock, valued at $9,066,750. This trade represents a 22.71% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, Director Ray Stata sold 3,125 shares of Analog Devices stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total transaction of $563,156.25. Following the transaction, the director now directly owns 186,321 shares in the company, valued at approximately $33,576,907.41. The trade was a 1.65% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 42,934 shares of company stock valued at $8,735,156. Corporate insiders own 0.33% of the company's stock.

About Analog Devices

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.