Analog Devices, Inc. (NASDAQ:ADI) Shares Sold by Maryland State Retirement & Pension System

Key Points

• Maryland State Retirement & Pension System reduced its holdings in Analog Devices, Inc. by 13.1% in the first quarter, now owning 23,171 shares valued at approximately $4.67 million.
• A number of other institutional investors have also adjusted their stakes, with China Universal Asset Management Co. Ltd. significantly increasing its position by 284.4% during the same period.
• After reporting better-than-expected earnings and revenue figures, Analog Devices has seen a consensus price target of $258.89 from analysts, reflecting a strong market outlook.

Maryland State Retirement & Pension System decreased its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 13.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 23,171 shares of the semiconductor company's stock after selling 3,494 shares during the period. Maryland State Retirement & Pension System's holdings in Analog Devices were worth $4,673,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Brighton Jones LLC raised its holdings in Analog Devices by 39.5% in the fourth quarter. Brighton Jones LLC now owns 1,867 shares of the semiconductor company's stock worth $397,000 after purchasing an additional 529 shares in the last quarter. DRW Securities LLC grew its position in shares of Analog Devices by 193.5% in the 4th quarter. DRW Securities LLC now owns 3,939 shares of the semiconductor company's stock worth $837,000 after buying an additional 2,597 shares during the last quarter. Bessemer Group Inc. raised its stake in shares of Analog Devices by 2.2% during the 4th quarter. Bessemer Group Inc. now owns 37,111 shares of the semiconductor company's stock worth $7,884,000 after acquiring an additional 801 shares in the last quarter. Legacy Financial Advisors Inc. raised its stake in shares of Analog Devices by 6.8% during the 4th quarter. Legacy Financial Advisors Inc. now owns 3,826 shares of the semiconductor company's stock worth $813,000 after acquiring an additional 243 shares in the last quarter. Finally, Treasurer of the State of North Carolina boosted its stake in Analog Devices by 0.8% in the fourth quarter. Treasurer of the State of North Carolina now owns 261,169 shares of the semiconductor company's stock valued at $55,488,000 after acquiring an additional 1,964 shares in the last quarter. Institutional investors own 86.81% of the company's stock.

Insider Transactions at Analog Devices

In other news, Director Ray Stata sold 3,125 shares of the stock in a transaction dated Wednesday, July 16th. The shares were sold at an average price of $239.23, for a total value of $747,593.75. Following the completion of the sale, the director directly owned 167,571 shares in the company, valued at $40,088,010.33. This represents a 1.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.33% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on ADI shares. Keefe, Bruyette & Woods raised Analog Devices to an "outperform" rating in a research report on Wednesday, June 18th. Barclays upped their target price on Analog Devices from $170.00 to $185.00 and gave the company an "equal weight" rating in a research report on Friday, May 23rd. Stifel Nicolaus raised their price target on Analog Devices from $248.00 to $270.00 and gave the stock a "buy" rating in a report on Friday, July 18th. Wall Street Zen raised shares of Analog Devices from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. Finally, Evercore ISI boosted their target price on shares of Analog Devices from $231.00 to $280.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. Six research analysts have rated the stock with a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $258.89.

Analog Devices Price Performance

ADI stock traded up $0.83 during mid-day trading on Friday, reaching $223.95. 3,078,240 shares of the company's stock were exchanged, compared to its average volume of 3,379,463. The company has a market cap of $111.14 billion, a price-to-earnings ratio of 61.02, a price-to-earnings-growth ratio of 2.06 and a beta of 1.05. Analog Devices, Inc. has a 12-month low of $158.65 and a 12-month high of $247.73. The stock's 50 day moving average is $232.32 and its 200 day moving average is $215.72. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.08 and a quick ratio of 1.51.

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

Analog Devices Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.99 per share. This represents a $3.96 annualized dividend and a yield of 1.8%. The ex-dividend date of this dividend was Wednesday, June 4th. Analog Devices's payout ratio is 107.90%.

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.