Dearborn Partners LLC Sells 2,890 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Key Points

• Dearborn Partners LLC reduced its stake in Analog Devices, Inc. by 30.7% in the first quarter, leaving it with 6,510 shares valued at approximately $1.31 million.
• Other hedge funds have increased their positions, notably China Universal Asset Management, which raised its holdings by 284.4%, now owning 31,050 shares worth around $6.26 million.
• Analog Devices announced a quarterly dividend of $0.99 per share, representing an annual yield of 1.72%, despite a high dividend payout ratio of 107.90%.

Dearborn Partners LLC lessened its position in Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 30.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 6,510 shares of the semiconductor company's stock after selling 2,890 shares during the quarter. Dearborn Partners LLC's holdings in Analog Devices were worth $1,313,000 as of its most recent filing with the SEC.

Other hedge funds have also made changes to their positions in the company. Orion Capital Management LLC acquired a new position in shares of Analog Devices during the 4th quarter worth $27,000. Menard Financial Group LLC bought a new stake in Analog Devices in the 4th quarter valued at $27,000. Alpine Bank Wealth Management bought a new position in shares of Analog Devices during the 1st quarter worth about $27,000. N.E.W. Advisory Services LLC bought a new position in Analog Devices during the 1st quarter valued at about $33,000. Finally, North Capital Inc. bought a new position in Analog Devices during the 1st quarter valued at about $36,000. Hedge funds and other institutional investors own 86.81% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on ADI. KeyCorp boosted their target price on shares of Analog Devices from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Tuesday, July 8th. UBS Group dropped their price target on shares of Analog Devices from $285.00 to $280.00 and set a "buy" rating for the company in a research note on Monday, July 7th. Wells Fargo & Company set a $235.00 price target on shares of Analog Devices and gave the stock an "equal weight" rating in a research note on Monday, June 16th. Piper Sandler decreased their price objective on shares of Analog Devices from $240.00 to $215.00 and set a "neutral" rating for the company in a report on Friday, May 23rd. Finally, Raymond James Financial upgraded shares of Analog Devices from a "moderate buy" rating to a "strong-buy" rating in a report on Wednesday, June 18th. Six equities research analysts have rated the stock with a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $258.89.

Insider Transactions at Analog Devices

In other Analog Devices news, Director Ray Stata sold 3,125 shares of the company's stock in a transaction on Wednesday, July 16th. The shares were sold at an average price of $239.23, for a total transaction of $747,593.75. Following the sale, the director directly owned 167,571 shares of the company's stock, valued at approximately $40,088,010.33. This represents a 1.83% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.33% of the company's stock.

Analog Devices Stock Down 2.8%

ADI traded down $6.48 during trading hours on Thursday, hitting $224.63. 4,943,759 shares of the company's stock were exchanged, compared to its average volume of 3,092,246. Analog Devices, Inc. has a 1-year low of $158.65 and a 1-year high of $247.73. The stock's 50-day moving average is $231.31 and its two-hundred day moving average is $215.61. The stock has a market cap of $111.47 billion, a price-to-earnings ratio of 61.21, a PEG ratio of 2.13 and a beta of 1.02. The company has a quick ratio of 1.51, a current ratio of 2.08 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI - Get Free Report) last announced its earnings results on Thursday, May 22nd. The semiconductor company reported $1.85 EPS for the quarter, topping the consensus estimate 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 during the quarter, compared to analysts' expectations of $2.50 billion. During the same quarter in the prior year, the company posted $1.40 earnings per share. The firm's revenue was up 22.3% on a year-over-year basis. Sell-side analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were given 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 dividend payout ratio is 107.90%.

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.