Adeia Inc. $ADEA Position Raised by Wedge Capital Management L L P NC

Key Points

• Wedge Capital Management L L P NC increased its stake in Adeia Inc. by 17.1%, acquiring an additional 16,717 shares, bringing its total ownership to 114,547 shares valued at approximately $1,620,000.
• Adeia's stock has received a consensus rating of "Buy" from analysts, with a target price of $19.50, following varied ratings from different firms.
• The company recently declared a $0.05 quarterly dividend, which equates to an annualized dividend of $0.20 and a dividend yield of 1.2%.

Wedge Capital Management L L P NC raised its stake in Adeia Inc. (NASDAQ:ADEA - Free Report) by 17.1% during the second quarter, according to its most recent disclosure with the SEC. The fund owned 114,547 shares of the company's stock after buying an additional 16,717 shares during the quarter. Wedge Capital Management L L P NC owned approximately 0.11% of Adeia worth $1,620,000 as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. NorthCrest Asset Manangement LLC bought a new stake in Adeia in the second quarter valued at $150,000. Focus Partners Wealth bought a new stake in Adeia in the first quarter valued at $167,000. Jane Street Group LLC lifted its holdings in Adeia by 1,193.2% in the first quarter. Jane Street Group LLC now owns 348,961 shares of the company's stock worth $4,613,000 after purchasing an additional 321,976 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Adeia by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 231,421 shares of the company's stock worth $3,059,000 after purchasing an additional 42,918 shares during the period. Finally, Caxton Associates LLP acquired a new stake in Adeia in the first quarter worth about $174,000. 97.36% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on ADEA shares. BWS Financial reaffirmed a "buy" rating and issued a $18.00 price objective on shares of Adeia in a report on Wednesday, August 6th. Roth Capital started coverage on shares of Adeia in a report on Friday, June 20th. They issued a "buy" rating and a $26.00 price objective for the company. Wall Street Zen downgraded shares of Adeia from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Zacks Research raised shares of Adeia to a "strong-buy" rating in a report on Friday, August 8th. One analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. According to MarketBeat.com, Adeia has a consensus rating of "Buy" and a consensus target price of $19.50.

Adeia Trading Up 1.9%

NASDAQ:ADEA opened at $16.95 on Tuesday. The company has a debt-to-equity ratio of 1.06, a current ratio of 3.09 and a quick ratio of 3.09. Adeia Inc. has a fifty-two week low of $10.59 and a fifty-two week high of $17.46. The stock's 50-day moving average is $14.63 and its two-hundred day moving average is $13.72. The stock has a market cap of $1.85 billion, a PE ratio of 22.91 and a beta of 1.74.

Adeia Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th were paid a $0.05 dividend. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.20 annualized dividend and a dividend yield of 1.2%. Adeia's payout ratio is presently 27.03%.

Adeia Company Profile

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.

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