Principal Financial Group Inc. boosted its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI – Free Report) by 1.5% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 557,221 shares of the semiconductor company’s stock after buying an additional 8,047 shares during the period. Principal Financial Group Inc.’s holdings in Analog Devices were worth $177,274,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Vanguard Group Inc. boosted its position in shares of Analog Devices by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 50,893,276 shares of the semiconductor company’s stock valued at $13,802,256,000 after acquiring an additional 503,970 shares during the last quarter. State Street Corp increased its position in shares of Analog Devices by 0.4% in the fourth quarter. State Street Corp now owns 23,487,584 shares of the semiconductor company’s stock worth $6,369,833,000 after purchasing an additional 88,538 shares during the last quarter. Morgan Stanley raised its stake in Analog Devices by 1.9% in the fourth quarter. Morgan Stanley now owns 10,450,624 shares of the semiconductor company’s stock valued at $2,834,210,000 after purchasing an additional 194,535 shares in the last quarter. Bank of America Corp DE raised its stake in Analog Devices by 42.8% in the fourth quarter. Bank of America Corp DE now owns 9,715,095 shares of the semiconductor company’s stock valued at $2,634,734,000 after purchasing an additional 2,912,666 shares in the last quarter. Finally, Norges Bank bought a new stake in Analog Devices during the fourth quarter valued at approximately $2,215,516,000. 86.81% of the stock is currently owned by hedge funds and other institutional investors.
Analog Devices Stock Up 1.7%
Shares of ADI opened at $392.70 on Wednesday. Analog Devices, Inc. has a 1 year low of $218.37 and a 1 year high of $445.91. The company has a debt-to-equity ratio of 0.21, a current ratio of 1.75 and a quick ratio of 1.34. The stock has a 50 day simple moving average of $408.30 and a two-hundred day simple moving average of $355.31. The firm has a market cap of $191.28 billion, a P/E ratio of 58.35, a P/E/G ratio of 1.08 and a beta of 1.18.
Analog Devices Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, June 16th. Investors of record on Tuesday, June 2nd were given a $1.10 dividend. This represents a $4.40 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Tuesday, June 2nd. Analog Devices’s dividend payout ratio (DPR) is presently 65.38%.
Insider Buying and Selling at Analog Devices
In other news, CEO Vincent Roche sold 30,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $415.13, for a total transaction of $12,453,900.00. Following the transaction, the chief executive officer directly owned 137,538 shares of the company’s stock, valued at approximately $57,096,149.94. This trade represents a 17.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Ray Stata sold 1,432 shares of Analog Devices stock in a transaction dated Tuesday, June 9th. The stock was sold at an average price of $400.83, for a total value of $573,988.56. Following the completion of the transaction, the director owned 120,175 shares in the company, valued at approximately $48,169,745.25. This represents a 1.18% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 103,858 shares of company stock worth $42,062,730 in the last 90 days. 0.36% of the stock is owned by company insiders.
Analysts Set New Price Targets
A number of research firms have commented on ADI. Arete Research raised shares of Analog Devices from a “neutral” rating to a “buy” rating and set a $389.00 price target on the stock in a report on Monday, March 30th. Wall Street Zen raised shares of Analog Devices from a “hold” rating to a “buy” rating in a report on Sunday, May 24th. Needham & Company LLC upped their target price on shares of Analog Devices from $400.00 to $440.00 and gave the stock a “buy” rating in a research report on Thursday, May 21st. Robert W. Baird increased their target price on Analog Devices from $365.00 to $450.00 and gave the company an “outperform” rating in a research note on Thursday, May 21st. Finally, KeyCorp raised their price target on Analog Devices from $500.00 to $525.00 and gave the company an “overweight” rating in a research report on Tuesday. Two research analysts have rated the stock with a Strong Buy rating, twenty-four have issued a Buy rating and three have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $441.00.
Read Our Latest Research Report on Analog Devices
About Analog Devices
Analog Devices, Inc (NASDAQ: ADI) is a multinational semiconductor company that designs, manufactures and markets a broad portfolio of analog, mixed-signal and digital signal processing integrated circuits. Founded in 1965 by Ray Stata and Matthew Lorber, the company has grown into a leading supplier of components that convert, condition and process real-world signals for electronic systems. Analog Devices is headquartered in Massachusetts and serves customers around the world across multiple end markets.
The company’s product lineup includes data converters (ADCs and DACs), amplifiers, power management ICs, radio-frequency (RF) and microwave components, sensors and MEMS devices, signal chain and isolation products, timing and clocking solutions, and embedded processors and software for system-level design.
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