Farallon Capital Management LLC Has $245.86 Million Stock Position in Analog Devices, Inc. (NASDAQ:ADI)

Farallon Capital Management LLC decreased its stake in shares of Analog Devices, Inc. (NASDAQ:ADI) by 21.4% in the 4th quarter, HoldingsChannel.com reports. The institutional investor owned 1,157,200 shares of the semiconductor company’s stock after selling 314,900 shares during the period. Analog Devices accounts for about 1.2% of Farallon Capital Management LLC’s investment portfolio, making the stock its 27th biggest holding. Farallon Capital Management LLC’s holdings in Analog Devices were worth $245,859,000 at the end of the most recent quarter.

Other hedge funds also recently modified their holdings of the company. Norges Bank acquired a new stake in shares of Analog Devices in the 4th quarter worth about $1,755,958,000. Raymond James Financial Inc. bought a new position in Analog Devices during the 4th quarter valued at $833,386,000. Proficio Capital Partners LLC boosted its holdings in Analog Devices by 22,005.0% during the 4th quarter. Proficio Capital Partners LLC now owns 3,073,252 shares of the semiconductor company’s stock worth $652,943,000 after acquiring an additional 3,059,349 shares during the last quarter. Kovitz Investment Group Partners LLC raised its holdings in shares of Analog Devices by 301.1% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 1,581,157 shares of the semiconductor company’s stock valued at $335,933,000 after purchasing an additional 1,186,981 shares during the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Analog Devices by 71.0% during the fourth quarter. Deutsche Bank AG now owns 2,158,914 shares of the semiconductor company’s stock valued at $458,683,000 after purchasing an additional 896,694 shares in the last quarter. Institutional investors own 86.81% of the company’s stock.

Insider Activity at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the business’s stock in a transaction dated Thursday, May 1st. The shares were sold at an average price of $196.84, for a total transaction of $1,968,400.00. Following the sale, the chief executive officer now owns 142,996 shares of the company’s stock, valued at $28,147,332.64. The trade was a 6.54 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Ray Stata sold 3,125 shares of the firm’s stock in a transaction that occurred on Tuesday, April 15th. The shares were sold at an average price of $180.21, for a total transaction of $563,156.25. Following the transaction, the director now directly owns 186,321 shares of the company’s stock, valued at $33,576,907.41. This represents a 1.65 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 42,934 shares of company stock worth $8,735,156 over the last quarter. 0.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have commented on the stock. Barclays dropped their target price on shares of Analog Devices from $240.00 to $170.00 and set an “equal weight” rating on the stock in a research report on Tuesday, April 22nd. Maxim Group initiated coverage on Analog Devices in a research report on Friday, February 14th. They issued a “buy” rating for the company. Wells Fargo & Company increased their price target on Analog Devices from $220.00 to $240.00 and gave the stock an “equal weight” rating in a research note on Thursday, February 20th. Williams Trading set a $245.00 target price on shares of Analog Devices in a research report on Friday, February 14th. Finally, Oppenheimer restated an “outperform” rating and set a $270.00 price target (up from $245.00) on shares of Analog Devices in a research note on Thursday, February 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $250.43.

Analog Devices Price Performance

Shares of NASDAQ:ADI opened at $202.78 on Friday. The company’s fifty day moving average is $196.41 and its 200 day moving average is $210.81. Analog Devices, Inc. has a 52 week low of $158.65 and a 52 week high of $247.10. The stock has a market cap of $100.57 billion, a PE ratio of 64.58, a PEG ratio of 2.85 and a beta of 0.98. The company has a quick ratio of 1.43, a current ratio of 1.93 and a debt-to-equity ratio of 0.19.

Analog Devices (NASDAQ:ADI) last released its quarterly earnings data on Wednesday, February 19th. The semiconductor company reported $1.63 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.09. Analog Devices had a return on equity of 8.91% and a net margin of 16.75%. The firm had revenue of $2.42 billion during the quarter, compared to analyst estimates of $2.36 billion. During the same quarter in the prior year, the firm posted $1.73 earnings per share. The business’s quarterly revenue was down 3.6% compared to the same quarter last year. Research analysts anticipate that Analog Devices, Inc. will post 7.14 earnings per share for the current year.

Analog Devices announced that its board has approved a stock buyback program on Tuesday, February 18th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor company to repurchase up to 9.2% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.

Analog Devices Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 17th. Shareholders of record on Tuesday, March 4th were issued a $0.99 dividend. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.96 annualized dividend and a yield of 1.95%. This is a boost from Analog Devices’s previous quarterly dividend of $0.92. Analog Devices’s dividend payout ratio (DPR) is 126.11%.

Analog Devices Company 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.