Jennison Associates LLC Reduces Position in Analog Devices, Inc. (NASDAQ:ADI)

Jennison Associates LLC decreased its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 76.0% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 598,137 shares of the semiconductor company's stock after selling 1,898,941 shares during the period. Jennison Associates LLC owned approximately 0.12% of Analog Devices worth $120,626,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of ADI. Portland Global Advisors LLC grew its position in Analog Devices by 1.3% during the fourth quarter. Portland Global Advisors LLC now owns 4,014 shares of the semiconductor company's stock valued at $853,000 after buying an additional 53 shares during the period. Continuum Advisory LLC grew its position in Analog Devices by 14.8% during the first quarter. Continuum Advisory LLC now owns 443 shares of the semiconductor company's stock valued at $89,000 after buying an additional 57 shares during the period. Alps Advisors Inc. grew its position in Analog Devices by 1.1% during the first quarter. Alps Advisors Inc. now owns 5,688 shares of the semiconductor company's stock valued at $1,147,000 after buying an additional 60 shares during the period. Keystone Financial Services grew its position in Analog Devices by 1.6% during the first quarter. Keystone Financial Services now owns 3,791 shares of the semiconductor company's stock valued at $765,000 after buying an additional 61 shares during the period. Finally, Dakota Wealth Management grew its position in Analog Devices by 0.7% during the first quarter. Dakota Wealth Management now owns 8,955 shares of the semiconductor company's stock valued at $1,806,000 after buying an additional 61 shares during the period. Institutional investors and hedge funds own 86.81% of the company's stock.

Analog Devices Price Performance

ADI stock traded up $0.88 during midday trading on Friday, hitting $241.85. The company's stock had a trading volume of 2,761,631 shares, compared to its average volume of 3,598,123. The company has a 50 day moving average of $230.08 and a two-hundred day moving average of $214.68. Analog Devices, Inc. has a 12 month low of $158.65 and a 12 month high of $247.73. The company has a quick ratio of 1.51, a current ratio of 2.08 and a debt-to-equity ratio of 0.19. The firm has a market capitalization of $120.02 billion, a price-to-earnings ratio of 65.90, a price-to-earnings-growth ratio of 2.23 and a beta of 1.02.

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

Analog Devices Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, June 4th were paid a $0.99 dividend. The ex-dividend date was Wednesday, June 4th. This represents a $3.96 annualized dividend and a yield of 1.64%. Analog Devices's dividend payout ratio (DPR) is presently 107.90%.

Analysts Set New Price Targets

ADI has been the subject of a number of research reports. Wall Street Zen upgraded shares of Analog Devices from a "hold" rating to a "buy" rating in a research report on Saturday, May 24th. Oppenheimer increased their target price on shares of Analog Devices from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 16th. Noble Financial upgraded shares of Analog Devices to an "outperform" rating in a research report on Wednesday, June 18th. Williams Trading set a $260.00 price objective on shares of Analog Devices in a research report on Friday, May 23rd. Finally, Wells Fargo & Company set a $235.00 target price on shares of Analog Devices and gave the company an "equal weight" rating in a research report on Monday, June 16th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating, twenty have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, Analog Devices has an average rating of "Moderate Buy" and a consensus price target of $258.89.

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the business's stock in a transaction dated Thursday, May 1st. The stock was sold at an average price of $196.84, for a total transaction of $1,968,400.00. Following the sale, the chief executive officer owned 142,996 shares in the company, valued at approximately $28,147,332.64. The trade was a 6.54% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Ray Stata sold 3,125 shares of the business's stock in a transaction that occurred on 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 transaction, the director directly owned 167,571 shares of the company's stock, valued at $40,088,010.33. The trade was a 1.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 16,250 shares of company stock worth $3,327,994 in the last quarter. 0.33% of the stock is owned by 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.