New York State Common Retirement Fund Cuts Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

New York State Common Retirement Fund trimmed its holdings in Analog Devices, Inc. (NASDAQ:ADI) by 0.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 748,558 shares of the semiconductor company’s stock after selling 4,307 shares during the period. New York State Common Retirement Fund owned about 0.15% of Analog Devices worth $159,039,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also recently made changes to their positions in the company. Mcdonald Partners LLC raised its holdings in shares of Analog Devices by 3.9% during the 4th quarter. Mcdonald Partners LLC now owns 8,373 shares of the semiconductor company’s stock worth $1,779,000 after acquiring an additional 314 shares in the last quarter. Waycross Partners LLC raised its stake in Analog Devices by 3.8% during the fourth quarter. Waycross Partners LLC now owns 97,261 shares of the semiconductor company’s stock valued at $20,664,000 after purchasing an additional 3,567 shares in the last quarter. BKM Wealth Management LLC lifted its position in Analog Devices by 10.0% during the fourth quarter. BKM Wealth Management LLC now owns 11,948 shares of the semiconductor company’s stock valued at $2,538,000 after purchasing an additional 1,088 shares during the last quarter. Kestra Investment Management LLC purchased a new position in shares of Analog Devices in the 4th quarter worth $41,000. Finally, Venturi Wealth Management LLC increased its holdings in shares of Analog Devices by 56.9% in the 4th quarter. Venturi Wealth Management LLC now owns 7,487 shares of the semiconductor company’s stock worth $1,591,000 after buying an additional 2,714 shares during the last quarter. Institutional investors own 86.81% of the company’s stock.

Wall Street Analyst Weigh In

ADI has been the subject of a number of recent research reports. Barclays dropped their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating for the company in a report on Friday, January 17th. Truist Financial lifted their price objective on shares of Analog Devices from $216.00 to $230.00 and gave the stock a “hold” rating in a research note on Friday, January 10th. Morgan Stanley reduced their target price on shares of Analog Devices from $252.00 to $248.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 27th. Needham & Company LLC reiterated a “hold” rating on shares of Analog Devices in a report on Wednesday, November 27th. Finally, Wells Fargo & Company began coverage on shares of Analog Devices in a research note on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price objective for the company. Seven analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $248.52.

Analog Devices Stock Up 2.6 %

Shares of NASDAQ ADI opened at $220.22 on Wednesday. The stock has a market capitalization of $109.25 billion, a PE ratio of 66.94, a price-to-earnings-growth ratio of 2.38 and a beta of 1.04. The company has a current ratio of 1.84, a quick ratio of 1.35 and a debt-to-equity ratio of 0.19. Analog Devices, Inc. has a 12-month low of $182.57 and a 12-month high of $244.14. The stock’s fifty day simple moving average is $214.04 and its two-hundred day simple moving average is $219.65.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, beating analysts’ consensus estimates of $1.64 by $0.03. The company had revenue of $2.44 billion for the quarter, compared to the consensus estimate of $2.41 billion. Analog Devices had a return on equity of 9.01% and a net margin of 17.35%. The firm’s revenue for the quarter was down 10.1% compared to the same quarter last year. During the same quarter last year, the company earned $2.01 earnings per share. As a group, analysts expect that Analog Devices, Inc. will post 7.09 EPS for the current fiscal year.

Analog Devices Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 17th. Investors of record on Tuesday, March 4th will be given a dividend of $0.99 per share. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a yield of 1.80%. Analog Devices’s dividend payout ratio is presently 111.85%.

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

Insider Buying and Selling at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the company’s stock in a transaction dated Wednesday, December 11th. The stock was sold at an average price of $215.83, for a total transaction of $2,158,300.00. Following the transaction, the chief executive officer now directly owns 21,983 shares of the company’s stock, valued at $4,744,590.89. This represents a 31.27 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. 0.33% of the stock is owned by insiders.

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.