Principal Financial Group Inc. Trims Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Principal Financial Group Inc. lowered its stake in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 561,836 shares of the semiconductor company's stock after selling 74,119 shares during the period. Principal Financial Group Inc. owned 0.11% of Analog Devices worth $113,305,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of ADI. Orion Capital Management LLC purchased a new position in shares of Analog Devices in the fourth quarter valued at $27,000. Menard Financial Group LLC bought a new position in Analog Devices during the fourth quarter valued at $27,000. Alpine Bank Wealth Management purchased a new position in shares of Analog Devices in the 1st quarter worth $27,000. Hopwood Financial Services Inc. bought a new stake in shares of Analog Devices in the 4th quarter worth about $30,000. Finally, Cassady Schiller Wealth Management LLC raised its position in shares of Analog Devices by 63.2% during the 4th quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company's stock valued at $30,000 after buying an additional 55 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company's stock.

Analog Devices Stock Up 0.4%

Shares of ADI traded up $0.93 during midday trading on Friday, reaching $246.08. 1,837,392 shares of the stock were exchanged, compared to its average volume of 3,593,981. The company has a market capitalization of $122.12 billion, a P/E ratio of 67.05, a PEG ratio of 2.27 and a beta of 1.02. The company has a current ratio of 2.08, a quick ratio of 1.51 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 52 week low of $158.65 and a 52 week high of $247.10. The company's 50 day moving average is $221.10 and its two-hundred day moving average is $212.68.

Analog Devices (NASDAQ:ADI - Get Free Report) last posted its earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 EPS for the quarter, beating analysts' consensus estimates of $1.70 by $0.15. Analog Devices had a net margin of 18.65% and a return on equity of 9.56%. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.50 billion. During the same quarter last year, the firm posted $1.40 EPS. The company's revenue for the quarter was up 22.3% on a year-over-year basis. On average, sell-side analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were issued a $0.99 dividend. This represents a $3.96 annualized dividend and a yield of 1.61%. The ex-dividend date was Wednesday, June 4th. Analog Devices's dividend payout ratio is currently 107.90%.

Insider Activity

In related news, CEO Vincent Roche sold 10,000 shares of the firm's stock in a transaction on Thursday, May 1st. The stock was sold at an average price of $196.84, for a total value of $1,968,400.00. Following the completion of the transaction, the chief executive officer owned 142,996 shares in the company, valued at $28,147,332.64. This trade represents a 6.54% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ray Stata sold 3,125 shares of the stock in a transaction dated Tuesday, May 6th. The shares were sold at an average price of $195.84, for a total value of $612,000.00. Following the completion of the transaction, the director directly owned 180,071 shares in the company, valued at $35,265,104.64. This represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 16,250 shares of company stock worth $3,143,556. Corporate insiders own 0.33% of the company's stock.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on ADI shares. Cfra Research lowered Analog Devices from a "strong-buy" rating to a "moderate buy" rating in a research report on Thursday, May 22nd. Williams Trading set a $260.00 price target on Analog Devices in a report on Friday, May 23rd. Cantor Fitzgerald raised shares of Analog Devices from a "neutral" rating to an "overweight" rating and lifted their price objective for the stock from $250.00 to $270.00 in a research note on Wednesday, June 18th. Oppenheimer boosted their price objective on shares of Analog Devices from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 16th. Finally, Morgan Stanley lowered their target price on shares of Analog Devices from $214.00 to $212.00 and set an "overweight" rating for the company in a report on Friday, May 23rd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating, eighteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Analog Devices has an average rating of "Moderate Buy" and a consensus price target of $251.75.

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.