The New York State Common Retirement Fund has reduced its holdings in Analog Devices, Inc. (NASDAQ: ADI) by 7.1% during the second quarter of 2023, as reported in its latest filing with the Securities and Exchange Commission (SEC). The fund now owns 697,142 shares of the semiconductor company after selling 53,167 shares during the period, totaling a value of approximately $165.9 million.
Multiple hedge funds have also adjusted their positions in Analog Devices recently. RMG Wealth Management LLC acquired a new stake during the second quarter valued at about $26,000. Activest Wealth Management significantly increased its position by 6,350.0% in the first quarter, now owning 129 shares valued at the same amount. Other notable changes include N.E.W. Advisory Services LLC, which purchased shares worth $33,000, and Access Investment Management LLC, acquiring shares valued at $45,000. A total of 86.81% of Analog Devices stock is currently held by hedge funds and institutional investors.
In related news, insider trading activity has been notable. On September 5, 2023, Senior Vice President Martin Cotter sold 12,500 shares at an average price of $246.25, amounting to a total of $3,078,125. Following this transaction, Cotter retained 63,048 shares, valued at approximately $15.5 million, representing a 16.55% decrease in his holdings. Additionally, Chief Executive Officer Vincent Roche sold 10,000 shares on November 3, 2023, at an average price of $234.95, which resulted in a total transaction value of $2,349,500. Roche now holds 163,640 shares valued at around $38.4 million, reflecting a 5.76% decrease in his position.
Analysts have been closely monitoring Analog Devices’ stock performance. The company’s shares opened at $265.52 on the last trading day. With a market capitalization of $130.62 billion, Analog Devices boasts a price-to-earnings (P/E) ratio of 67.73 and a price-to-earnings-growth (PEG) ratio of 1.98. The stock has shown robust movement, with a 52-week low of $158.65 and a 52-week high of $265.75.
On November 25, 2023, Analog Devices announced its quarterly earnings, reporting $2.26 earnings per share (EPS), surpassing analysts’ expectations of $2.22 by $0.04. The company generated revenue of $3.08 billion, exceeding the consensus estimate of $3.02 billion, marking a 25.9% increase compared to the same quarter last year. Analysts project that Analog Devices will post an EPS of $7.14 for the current fiscal year.
In another significant update, the company recently declared a quarterly dividend of $0.99 per share, which will be paid on December 22, 2023, to stockholders of record on December 8, 2023. This dividend translates to an annualized amount of $3.96 and a yield of 1.5%. Currently, Analog Devices has a payout ratio of 86.84%.
Analog Devices, Inc. specializes in designing, manufacturing, and marketing integrated circuits (ICs), software, and subsystems globally. The company provides essential data converter products, power management solutions, and performance ICs across various sectors, including automotive, communications, industrial, and consumer markets.
