Adeia Inc. $ADEA Shares Purchased by Meritage Portfolio Management

Key Points

• Meritage Portfolio Management increased its stake in Adeia Inc. by 160.5% in Q2, acquiring 74,805 additional shares.
• Adeia has a current consensus rating of "Moderate Buy" from analysts, with an average price target of $19.50.
• The company recently declared a quarterly dividend of $0.05 per share, yielding 1.3% annually.

Meritage Portfolio Management grew its stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 160.5% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 121,408 shares of the company's stock after acquiring an additional 74,805 shares during the quarter. Meritage Portfolio Management owned about 0.11% of Adeia worth $1,717,000 as of its most recent SEC filing.

Several other hedge funds have also recently modified their holdings of the stock. Quarry LP purchased a new position in shares of Adeia in the first quarter worth $29,000. BI Asset Management Fondsmaeglerselskab A S purchased a new position in shares of Adeia in the first quarter worth $43,000. Brooklyn Investment Group purchased a new position in shares of Adeia in the first quarter worth $44,000. GAMMA Investing LLC raised its holdings in shares of Adeia by 80.9% in the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock worth $48,000 after buying an additional 1,611 shares during the last quarter. Finally, Nisa Investment Advisors LLC lifted its position in Adeia by 14.2% during the 1st quarter. Nisa Investment Advisors LLC now owns 8,565 shares of the company's stock worth $113,000 after acquiring an additional 1,062 shares during the period. Institutional investors and hedge funds own 97.36% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on the company. BWS Financial reaffirmed a "buy" rating and set a $18.00 price target on shares of Adeia in a research report on Monday, October 6th. Weiss Ratings reiterated a "hold (c)" rating on shares of Adeia in a research report on Wednesday, October 8th. Wall Street Zen lowered Adeia from a "buy" rating to a "hold" rating in a research report on Saturday, August 9th. Zacks Research lowered Adeia from a "strong-buy" rating to a "hold" rating in a research report on Monday, October 6th. Finally, Roth Capital started coverage on Adeia in a research report on Friday, June 20th. They issued a "buy" rating and a $26.00 target price on the stock. Four research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat, Adeia presently has a consensus rating of "Moderate Buy" and an average price target of $19.50.

Adeia Trading Down 4.3%

Shares of NASDAQ:ADEA opened at $15.71 on Monday. Adeia Inc. has a 12-month low of $10.59 and a 12-month high of $18.25. The company has a market capitalization of $1.72 billion, a PE ratio of 21.23 and a beta of 1.74. The business has a 50 day moving average of $15.57 and a two-hundred day moving average of $14.01. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 1.06.

Adeia Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th were issued a dividend of $0.05 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. Adeia's dividend payout ratio 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.

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