Massachusetts Financial Services Co. MA Sells 1,290,779 Shares of Analog Devices, Inc. (NASDAQ:ADI)

Massachusetts Financial Services Co. MA cut its position in shares of Analog Devices, Inc. (NASDAQ:ADI - Free Report) by 11.2% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 10,233,477 shares of the semiconductor company's stock after selling 1,290,779 shares during the quarter. Analog Devices makes up about 0.7% of Massachusetts Financial Services Co. MA's investment portfolio, making the stock its 28th largest position. Massachusetts Financial Services Co. MA owned 2.06% of Analog Devices worth $2,063,785,000 at the end of the most recent reporting period.

Other institutional investors have also recently modified their holdings of the company. Vanguard Group Inc. grew its position in Analog Devices by 0.8% during the 4th quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company's stock worth $10,432,961,000 after acquiring an additional 413,084 shares during the last quarter. Geode Capital Management LLC grew its position in Analog Devices by 2.4% during the 4th quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company's stock worth $2,248,971,000 after acquiring an additional 247,737 shares during the last quarter. Norges Bank bought a new position in Analog Devices during the 4th quarter worth approximately $1,755,958,000. FMR LLC grew its position in Analog Devices by 0.8% during the 4th quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company's stock worth $1,582,831,000 after acquiring an additional 61,390 shares during the last quarter. Finally, Northern Trust Corp grew its position in Analog Devices by 8.4% during the 4th quarter. Northern Trust Corp now owns 5,521,162 shares of the semiconductor company's stock worth $1,173,026,000 after acquiring an additional 427,328 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on ADI shares. Stifel Nicolaus lifted their price objective on Analog Devices from $225.00 to $248.00 and gave the stock a "buy" rating in a research report on Tuesday, May 20th. Evercore ISI lifted their price objective on Analog Devices from $231.00 to $280.00 and gave the stock an "outperform" rating in a research report on Friday, May 23rd. Morgan Stanley cut their price objective on Analog Devices from $214.00 to $212.00 and set an "overweight" rating on the stock in a research report on Friday, May 23rd. Keefe, Bruyette & Woods upgraded Analog Devices to an "outperform" rating in a research report on Wednesday, June 18th. Finally, Citigroup reiterated a "buy" rating and issued a $290.00 price objective (up from $260.00) on shares of Analog Devices in a research report on Monday, July 7th. One research analyst has rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Analog Devices presently has an average rating of "Moderate Buy" and a consensus target price of $257.67.

Analog Devices Stock Performance

Shares of ADI traded up $0.71 during trading hours on Thursday, hitting $241.32. The stock had a trading volume of 942,258 shares, compared to its average volume of 3,595,111. 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, Inc. has a 12 month low of $158.65 and a 12 month high of $247.73. The firm has a market capitalization of $119.75 billion, a PE ratio of 65.78, a PEG ratio of 2.22 and a beta of 1.02. The stock has a fifty day moving average price of $228.63 and a 200 day moving average price of $214.27.

Analog Devices (NASDAQ:ADI - Get Free Report) last issued its quarterly earnings data 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 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 analyst estimates of $2.50 billion. During the same quarter in the previous year, the company posted $1.40 earnings per share. Analog Devices's revenue was up 22.3% compared to the same quarter last year. Analysts anticipate that Analog Devices, Inc. will post 7.14 EPS for the current year.

Analog Devices Dividend Announcement

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

Insider Activity

In other news, CEO Vincent Roche sold 10,000 shares of the company's stock in a transaction dated 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 of the company's stock, valued at $28,147,332.64. This represents a 6.54% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Ray Stata sold 3,125 shares of the company's stock in a transaction dated Tuesday, May 6th. The stock was 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 of the company's stock, valued at approximately $35,265,104.64. This trade represents a 1.71% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.33% of the company's stock.

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.