Adeia Inc. (NASDAQ:ADEA) Given Consensus Rating of "Buy" by Brokerages

Key Points

• Adeia Inc. has received an average rating of "Buy" from five brokerages, with four analysts recommending a buy and one a strong buy, setting an average price target of $19.50.
• Large institutional investors have increased their stakes in Adeia, with 97.36% of the stock currently owned by institutional investors and hedge funds.
• Adeia recently declared a quarterly dividend of $0.05 per share, translating to an annualized dividend yield of 1.3%.

Shares of Adeia Inc. (NASDAQ:ADEA - Get Free Report) have earned a consensus recommendation of "Buy" from the five ratings firms that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a buy rating and one has issued a strong buy rating on the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $19.50.

Several research analysts have issued reports on ADEA shares. Roth Capital started coverage on shares of Adeia in a research report on Friday, June 20th. They set a "buy" rating and a $26.00 price objective on the stock. Zacks Research raised shares of Adeia to a "strong-buy" rating in a research report on Friday, August 8th. Wall Street Zen downgraded shares of Adeia from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Finally, BWS Financial reissued a "buy" rating and set a $18.00 price objective on shares of Adeia in a research report on Wednesday, August 6th.

Institutional Trading of Adeia

Several hedge funds have recently made changes to their positions in the company. Ameriprise Financial Inc. lifted its stake in shares of Adeia by 0.7% in the 2nd quarter. Ameriprise Financial Inc. now owns 14,509,642 shares of the company's stock worth $205,166,000 after acquiring an additional 97,666 shares during the period. Harvey Partners LLC lifted its stake in shares of Adeia by 0.5% in the second quarter. Harvey Partners LLC now owns 3,189,944 shares of the company's stock valued at $45,106,000 after purchasing an additional 17,444 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Adeia by 19.3% in the second quarter. The Manufacturers Life Insurance Company now owns 2,765,859 shares of the company's stock valued at $39,109,000 after purchasing an additional 448,274 shares during the period. The Manufacturers Life Insurance Company lifted its stake in shares of Adeia by 6.8% in the first quarter. The Manufacturers Life Insurance Company now owns 2,317,585 shares of the company's stock valued at $30,638,000 after purchasing an additional 147,971 shares during the period. Finally, Systematic Financial Management LP lifted its stake in shares of Adeia by 1.4% in the second quarter. Systematic Financial Management LP now owns 2,293,737 shares of the company's stock valued at $32,433,000 after purchasing an additional 31,315 shares during the period. Institutional investors and hedge funds own 97.36% of the company's stock.

Adeia Stock Performance

Adeia stock traded down $0.01 during midday trading on Tuesday, hitting $15.65. 529,147 shares of the company's stock were exchanged, compared to its average volume of 450,741. Adeia has a 12-month low of $10.59 and a 12-month high of $17.46. The company has a debt-to-equity ratio of 1.06, a quick ratio of 3.09 and a current ratio of 3.09. The stock has a market cap of $1.71 billion, a price-to-earnings ratio of 21.15 and a beta of 1.74. The firm's 50 day simple moving average is $14.45 and its 200 day simple moving average is $13.68.

Adeia Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, August 26th will be paid a $0.05 dividend. This represents a $0.20 annualized dividend and a dividend yield of 1.3%. The ex-dividend date is Tuesday, August 26th. Adeia's dividend payout ratio (DPR) is 27.03%.

About Adeia

Adeia Inc, together with its subsidiaries, operates as a media and semiconductor intellectual property licensing company in the United States, Canada, Asia, Europe, the Middle East, and internationally. The company licenses its patent portfolios across various markets, including multichannel video programming distributors comprising cable, satellite, and telecommunications television providers that aggregate and distribute linear content over networks, as well as television providers that aggregate and stream linear content over broadband networks; over-the-top video service providers and social media companies, such as subscription video-on-demand and advertising-supported streaming service providers, as well as content providers, networks, and media companies.