California Public Employees Retirement System Reduces Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

California Public Employees Retirement System reduced its position in Analog Devices, Inc. (NASDAQ:ADI) by 2.2% in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,574,253 shares of the semiconductor company’s stock after selling 36,155 shares during the quarter. California Public Employees Retirement System owned approximately 0.32% of Analog Devices worth $334,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently made changes to their positions in ADI. Mainstream Capital Management LLC purchased a new stake in Analog Devices in the 4th quarter worth about $30,000. Hopwood Financial Services Inc. bought a new position in Analog Devices during the fourth quarter worth about $30,000. Cassady Schiller Wealth Management LLC increased its stake in shares of Analog Devices by 63.2% in the fourth quarter. Cassady Schiller Wealth Management LLC now owns 142 shares of the semiconductor company’s stock worth $30,000 after purchasing an additional 55 shares in the last quarter. Financial Life Planners bought a new stake in shares of Analog Devices in the fourth quarter valued at approximately $33,000. Finally, Kestra Investment Management LLC purchased a new stake in shares of Analog Devices during the 4th quarter valued at approximately $41,000. 86.81% of the stock is currently owned by institutional investors.

Insider Activity

In related news, EVP Vivek Jain sold 12,684 shares of Analog Devices stock in a transaction on Monday, March 24th. The shares were sold at an average price of $210.00, for a total value of $2,663,640.00. Following the transaction, the executive vice president now directly owns 43,175 shares of the company’s stock, valued at $9,066,750. The trade was a 22.71 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Vincent Roche sold 10,000 shares of the stock in a transaction on Wednesday, March 12th. The shares were sold at an average price of $209.12, for a total transaction of $2,091,200.00. Following the sale, the chief executive officer now directly owns 64,918 shares of the company’s stock, valued at $13,575,652.16. The trade was a 13.35 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 36,684 shares of company stock valued at $7,746,500. Insiders own 0.33% of the company’s stock.

Analog Devices Stock Performance

NASDAQ:ADI opened at $201.56 on Friday. The company has a market capitalization of $99.97 billion, a price-to-earnings ratio of 64.19, a PEG ratio of 2.85 and a beta of 1.07. The business has a 50 day moving average of $216.51 and a 200 day moving average of $219.53. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.93 and a quick ratio of 1.43. Analog Devices, Inc. has a 1-year low of $182.57 and a 1-year high of $247.10.

Analog Devices (NASDAQ:ADI) last posted its quarterly earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 EPS for the quarter, topping the consensus estimate of $1.54 by $0.09. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The firm had revenue of $2.42 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same period last year, the firm posted $1.73 earnings per share. The business’s revenue was down 3.6% compared to the same quarter last year. On average, sell-side analysts predict that Analog Devices, Inc. will post 7.14 earnings per share for the current fiscal year.

Analog Devices declared that its board has approved a share repurchase plan on Tuesday, February 18th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor company to reacquire up to 9.2% of its shares through open market purchases. Shares buyback plans are generally a sign that the company’s board of directors believes its stock is undervalued.

Analog Devices Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were issued a $0.99 dividend. The ex-dividend date was Tuesday, March 4th. This represents a $3.96 annualized dividend and a dividend yield of 1.96%. This is an increase from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s payout ratio is currently 126.11%.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADI. Maxim Group started coverage on shares of Analog Devices in a report on Friday, February 14th. They set a “buy” rating on the stock. Morgan Stanley boosted their price objective on Analog Devices from $248.00 to $250.00 and gave the company an “overweight” rating in a research note on Thursday, February 20th. Williams Trading set a $245.00 price objective on Analog Devices in a report on Friday, February 14th. Wells Fargo & Company lifted their target price on Analog Devices from $220.00 to $240.00 and gave the company an “equal weight” rating in a report on Thursday, February 20th. Finally, Benchmark increased their price target on shares of Analog Devices from $245.00 to $275.00 and gave the stock a “buy” rating in a report on Thursday, February 20th. Six equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $255.41.

Analog Devices 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.