Analog Devices, Inc. (NASDAQ:ADI) Stock Position Decreased by California State Teachers Retirement System

California State Teachers Retirement System lowered its holdings in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 2.7% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 791,756 shares of the semiconductor company's stock after selling 22,235 shares during the period. California State Teachers Retirement System owned 0.16% of Analog Devices worth $168,216,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in ADI. Norges Bank purchased a new stake in shares of Analog Devices during the 4th quarter valued at $1,755,958,000. Raymond James Financial Inc. purchased a new stake in Analog Devices during the fourth quarter valued at about $833,386,000. Proficio Capital Partners LLC increased its stake 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 worth $652,943,000 after acquiring an additional 3,059,349 shares during the last quarter. Franklin Resources Inc. raised its holdings in shares of Analog Devices by 14.9% in the 3rd quarter. Franklin Resources Inc. now owns 9,176,877 shares of the semiconductor company's stock worth $2,169,689,000 after purchasing an additional 1,189,940 shares during the period. Finally, Kovitz Investment Group Partners LLC lifted its stake in shares of Analog Devices by 301.1% in the 4th quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company's stock valued at $335,933,000 after purchasing an additional 1,186,981 shares in the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research firms recently issued reports on ADI. Benchmark increased their target price on shares of Analog Devices from $245.00 to $275.00 and gave the stock a "buy" rating in a research report on Thursday, February 20th. Citigroup cut their target price on shares of Analog Devices from $265.00 to $235.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Stifel Nicolaus decreased their price target on shares of Analog Devices from $275.00 to $225.00 and set a "buy" rating for the company in a research report on Thursday, April 17th. Wells Fargo & Company increased their price target on Analog Devices from $220.00 to $240.00 and gave the company an "equal weight" rating in a report on Thursday, February 20th. Finally, Truist Financial boosted their price objective on Analog Devices from $230.00 to $248.00 and gave the stock a "hold" rating in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, six have issued a hold rating and seventeen have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus target price of $250.43.

Analog Devices Stock Performance

Shares of NASDAQ ADI traded up $4.85 during trading on Friday, reaching $198.59. The stock had a trading volume of 3,795,868 shares, compared to its average volume of 3,476,922. 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 cap of $98.50 billion, a PE ratio of 63.25, a P/E/G ratio of 2.85 and a beta of 1.06. Analog Devices, Inc. has a one year low of $158.65 and a one year high of $247.10. The firm's 50 day moving average price is $198.79 and its two-hundred day moving average price is $211.59.

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

Analog Devices Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were paid a $0.99 dividend. This is a boost from Analog Devices's previous quarterly dividend of $0.92. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.99%. Analog Devices's dividend payout ratio is presently 126.11%.

Analog Devices declared that its board has authorized a stock buyback plan on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to buy up to 9.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company's management believes its stock is undervalued.

Insider Activity at Analog Devices

In related news, Director Ray Stata sold 3,125 shares of the firm's 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 owns 186,321 shares in the company, valued at $33,576,907.41. This trade represents a 1.65 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total value of $2,663,640.00. Following the completion of the sale, the executive vice president now 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 disclosure for this sale can be found here. Insiders have sold a total of 39,809 shares of company stock worth $8,123,156 over the last ninety days. 0.33% of the stock is currently owned by corporate insiders.

Analog Devices Company 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.