Canoe Financial LP Has $127.33 Million Stake in Analog Devices, Inc. (NASDAQ:ADI)

Canoe Financial LP cut its holdings in shares of Analog Devices, Inc. (NASDAQ:ADI) by 1.1% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 599,291 shares of the semiconductor company’s stock after selling 6,644 shares during the quarter. Analog Devices comprises 1.8% of Canoe Financial LP’s portfolio, making the stock its 18th biggest holding. Canoe Financial LP’s holdings in Analog Devices were worth $127,325,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in ADI. Capital Performance Advisors LLP acquired a new stake in Analog Devices during the 3rd quarter worth approximately $28,000. Archer Investment Corp boosted its position in shares of Analog Devices by 101.4% in the third quarter. Archer Investment Corp now owns 145 shares of the semiconductor company’s stock valued at $33,000 after acquiring an additional 73 shares during the period. Peterson Financial Group Inc. bought a new stake in Analog Devices in the 3rd quarter valued at about $43,000. Reston Wealth Management LLC acquired a new position in shares of Analog Devices during the 3rd quarter worth approximately $48,000. Finally, Northwest Investment Counselors LLC bought a new position in shares of Analog Devices during the third quarter worth approximately $80,000. Institutional investors and hedge funds own 86.81% of the company’s stock.

Insider Transactions at Analog Devices

In related news, CEO Vincent Roche sold 10,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was sold at an average price of $223.87, for a total transaction of $2,238,700.00. Following the completion of the sale, the chief executive officer now owns 21,983 shares of the company’s stock, valued at $4,921,334.21. This trade represents a 31.27 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Gregory M. Bryant sold 20,000 shares of the business’s stock in a transaction that occurred on Friday, November 1st. The shares were sold at an average price of $223.87, for a total value of $4,477,400.00. Following the completion of the transaction, the executive vice president now directly owns 59,093 shares in the company, valued at approximately $13,229,149.91. This trade represents a 25.29 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 50,000 shares of company stock worth $11,029,300. Company insiders own 0.31% of the company’s stock.

Analog Devices Stock Up 1.9 %

NASDAQ:ADI opened at $219.16 on Friday. Analog Devices, Inc. has a one year low of $182.57 and a one year high of $244.14. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.84 and a quick ratio of 1.35. The company has a market cap of $108.74 billion, a PE ratio of 66.61, a P/E/G ratio of 2.43 and a beta of 1.05. The firm’s 50 day simple moving average is $215.78 and its 200 day simple moving average is $222.60.

Analog Devices (NASDAQ:ADI) last issued its quarterly earnings data on Tuesday, November 26th. The semiconductor company reported $1.67 earnings per share for the quarter, topping the consensus estimate of $1.64 by $0.03. The company had revenue of $2.44 billion for the quarter, compared to analysts’ expectations of $2.41 billion. Analog Devices had a net margin of 17.35% and a return on equity of 9.01%. Analog Devices’s revenue for the quarter was down 10.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.01 earnings per share. On average, research analysts anticipate that Analog Devices, Inc. will post 7.09 earnings per share for the current year.

Analog Devices Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, December 20th. Shareholders of record on Monday, December 9th were issued a dividend of $0.92 per share. The ex-dividend date of this dividend was Monday, December 9th. This represents a $3.68 annualized dividend and a yield of 1.68%. Analog Devices’s payout ratio is 111.85%.

Analyst Upgrades and Downgrades

ADI has been the subject of several recent research reports. TD Cowen cut their price target on Analog Devices from $270.00 to $260.00 and set a “buy” rating for the company in a research note on Wednesday, November 27th. Barclays reduced their target price on Analog Devices from $250.00 to $210.00 and set an “equal weight” rating on the stock in a report on Friday. Wells Fargo & Company assumed coverage on Analog Devices in a research note on Friday, November 22nd. They issued an “equal weight” rating and a $220.00 price target for the company. Piper Sandler reduced their price objective on shares of Analog Devices from $235.00 to $220.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 27th. Finally, Cantor Fitzgerald reaffirmed a “neutral” rating and set a $250.00 price target on shares of Analog Devices in a report on Tuesday, October 8th. Seven analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $247.57.

Analog Devices 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.