Canada Pension Plan Investment Board Reduces Stock Holdings in Analog Devices, Inc. (NASDAQ:ADI)

Canada Pension Plan Investment Board reduced its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 40.9% in the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,004,126 shares of the semiconductor company’s stock after selling 694,563 shares during the quarter. Canada Pension Plan Investment Board owned 0.20% of Analog Devices worth $213,337,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Invst LLC boosted its stake in shares of Analog Devices by 7.7% in the third quarter. Invst LLC now owns 974 shares of the semiconductor company’s stock worth $224,000 after acquiring an additional 70 shares during the period. SkyView Investment Advisors LLC lifted its holdings in Analog Devices by 4.1% in the 3rd quarter. SkyView Investment Advisors LLC now owns 3,261 shares of the semiconductor company’s stock worth $751,000 after purchasing an additional 128 shares in the last quarter. Anchor Investment Management LLC boosted its stake in Analog Devices by 33.2% in the 3rd quarter. Anchor Investment Management LLC now owns 2,485 shares of the semiconductor company’s stock worth $572,000 after purchasing an additional 619 shares during the period. Pine Valley Investments Ltd Liability Co raised its position in shares of Analog Devices by 0.9% during the third quarter. Pine Valley Investments Ltd Liability Co now owns 7,680 shares of the semiconductor company’s stock valued at $1,768,000 after buying an additional 65 shares during the last quarter. Finally, World Investment Advisors LLC lifted its holdings in shares of Analog Devices by 4,581.5% in the third quarter. World Investment Advisors LLC now owns 42,180 shares of the semiconductor company’s stock worth $9,709,000 after buying an additional 41,279 shares in the last quarter. Hedge funds and other institutional investors own 86.81% of the company’s stock.

Analog Devices Stock Performance

Shares of Analog Devices stock opened at $175.93 on Thursday. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19. The stock’s fifty day moving average is $207.12 and its two-hundred day moving average is $215.03. Analog Devices, Inc. has a 52 week low of $158.65 and a 52 week high of $247.10. The company has a market capitalization of $87.26 billion, a PE ratio of 56.03, a price-to-earnings-growth ratio of 2.85 and a beta of 1.06.

Analog Devices (NASDAQ:ADI) last issued its earnings results on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. Analog Devices had a net margin of 16.75% and a return on equity of 8.91%. The business’s revenue was down 3.6% on a year-over-year basis. During the same period in the previous year, the firm earned $1.73 earnings per share. As a group, analysts expect that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, March 17th. Stockholders of record on Tuesday, March 4th were given a dividend of $0.99 per share. The ex-dividend date was Tuesday, March 4th. This is a positive change from Analog Devices’s previous quarterly dividend of $0.92. This represents a $3.96 dividend on an annualized basis and a dividend yield of 2.25%. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Analog Devices announced that its board has authorized a share repurchase program on Tuesday, February 18th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor company to reacquire up to 9.2% of its stock through open market purchases. Stock buyback programs are usually an indication that the company’s leadership believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. UBS Group lifted their price target on shares of Analog Devices from $275.00 to $300.00 and gave the company a “buy” rating in a report on Thursday, February 20th. Williams Trading set a $245.00 target price on Analog Devices in a research report on Friday, February 14th. Oppenheimer restated an “outperform” rating and set a $270.00 price target (up previously from $245.00) on shares of Analog Devices in a report on Thursday, February 20th. Truist Financial upped their price objective on Analog Devices from $230.00 to $248.00 and gave the stock a “hold” rating in a report on Thursday, February 20th. Finally, Maxim Group initiated coverage on shares of Analog Devices in a report on Friday, February 14th. They issued a “buy” rating for the company. Six investment analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, Analog Devices currently has a consensus rating of “Moderate Buy” and a consensus target price of $254.76.

Insider Activity

In other Analog Devices news, CFO Richard C. Puccio, Jr. sold 4,000 shares of the firm’s stock in a transaction dated Wednesday, March 19th. The shares were sold at an average price of $209.19, for a total transaction of $836,760.00. Following the transaction, the chief financial officer now owns 49,916 shares of the company’s stock, valued at approximately $10,441,928.04. This trade represents a 7.42 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Vivek Jain sold 12,684 shares of the company’s stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 26,684 shares of company stock valued at $5,591,600. Corporate insiders own 0.33% of the company’s stock.

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.