Canoe Financial LP Has $132.40 Million Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Canoe Financial LP raised its position in shares of Analog Devices, Inc. (NASDAQ:ADI) by 9.5% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 656,496 shares of the semiconductor company’s stock after purchasing an additional 57,205 shares during the period. Analog Devices makes up approximately 2.1% of Canoe Financial LP’s investment portfolio, making the stock its 20th biggest position. Canoe Financial LP owned 0.13% of Analog Devices worth $132,396,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. increased its holdings in shares of Analog Devices by 0.8% during the fourth quarter. Vanguard Group Inc. now owns 49,105,529 shares of the semiconductor company’s stock worth $10,432,961,000 after buying an additional 413,084 shares in the last quarter. Geode Capital Management LLC increased its holdings in shares of Analog Devices by 2.4% during the fourth quarter. Geode Capital Management LLC now owns 10,612,183 shares of the semiconductor company’s stock worth $2,248,971,000 after buying an additional 247,737 shares in the last quarter. Norges Bank acquired a new position in shares of Analog Devices during the fourth quarter worth $1,755,958,000. FMR LLC increased its holdings in shares of Analog Devices by 0.8% during the fourth quarter. FMR LLC now owns 7,450,018 shares of the semiconductor company’s stock worth $1,582,831,000 after buying an additional 61,390 shares in the last quarter. Finally, Northern Trust Corp grew its stake in shares of Analog Devices by 8.4% in the fourth quarter. Northern Trust Corp now owns 5,521,162 shares of the semiconductor company’s stock worth $1,173,026,000 after purchasing an additional 427,328 shares during the last quarter. 86.81% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $196.84, for a total value of $1,968,400.00. Following the transaction, the chief executive officer now owns 142,996 shares of the company’s stock, valued at approximately $28,147,332.64. This trade represents a 6.54% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Vivek Jain sold 12,684 shares of the firm’s stock in a transaction dated Monday, March 24th. The shares were sold at an average price of $210.00, for a total transaction of $2,663,640.00. Following the completion of the transaction, the executive vice president now directly owns 43,175 shares in the company, valued at approximately $9,066,750. The trade was a 22.71% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 28,934 shares of company stock valued at $5,807,196. 0.33% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several analysts recently weighed in on the stock. Evercore ISI boosted their price objective on shares of Analog Devices from $231.00 to $280.00 and gave the stock an “outperform” rating in a research note on Friday, May 23rd. Barclays boosted their price objective on shares of Analog Devices from $170.00 to $185.00 and gave the stock an “equal weight” rating in a research note on Friday, May 23rd. Citigroup boosted their price objective on shares of Analog Devices from $235.00 to $260.00 and gave the stock a “buy” rating in a research note on Monday, May 19th. Noble Financial raised shares of Analog Devices to an “outperform” rating in a research note on Wednesday. Finally, Morgan Stanley reduced their price objective on shares of Analog Devices from $214.00 to $212.00 and set an “overweight” rating on the stock in a research note on Friday, May 23rd. One research analyst has rated the stock with a sell rating, five have issued a hold rating, eighteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $251.75.

Analog Devices Price Performance

ADI stock opened at $228.35 on Friday. The stock has a market capitalization of $113.32 billion, a PE ratio of 62.22, a price-to-earnings-growth ratio of 2.12 and a beta of 1.00. The company’s 50-day moving average is $209.55 and its 200-day moving average is $211.14. 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 1 year low of $158.65 and a 1 year high of $247.10.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data 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. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.50 billion. Analog Devices had a net margin of 18.65% and a return on equity of 9.56%. The business’s revenue was up 22.3% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.40 EPS. Equities research analysts expect that Analog Devices, Inc. will post 7.14 EPS for the current fiscal year.

Analog Devices Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Investors of record on Wednesday, June 4th were given a $0.99 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $3.96 annualized dividend and a yield of 1.73%. Analog Devices’s payout ratio is 107.90%.

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.