Goldman Sachs Group Inc. Sells 56,340 Shares of Adeia Inc. $ADEA

Key Points

• Goldman Sachs Group Inc. reduced its stake in Adeia Inc. by 11% during the 1st quarter, now holding approximately 0.42% of the company's shares.
• Adeia announced a quarterly dividend of $0.05 per share, with a yield of 1.3%, to be paid on September 16th.
• The current consensus rating for Adeia's stock is "Buy," with a target price of $19.50 following several recent upgrades by analysts.

Goldman Sachs Group Inc. cut its stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 11.0% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 456,971 shares of the company's stock after selling 56,340 shares during the period. Goldman Sachs Group Inc. owned approximately 0.42% of Adeia worth $6,041,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in the stock. Brooklyn Investment Group bought a new stake in shares of Adeia in the 1st quarter worth approximately $44,000. Ritholtz Wealth Management bought a new stake in shares of Adeia during the first quarter worth $175,000. GAMMA Investing LLC raised its position in shares of Adeia by 80.9% during the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock worth $48,000 after acquiring an additional 1,611 shares during the last quarter. New York State Teachers Retirement System raised its position in shares of Adeia by 9.6% during the first quarter. New York State Teachers Retirement System now owns 148,732 shares of the company's stock worth $1,966,000 after acquiring an additional 13,078 shares during the last quarter. Finally, SG Americas Securities LLC raised its position in shares of Adeia by 60.9% during the first quarter. SG Americas Securities LLC now owns 56,254 shares of the company's stock worth $744,000 after acquiring an additional 21,302 shares during the last quarter. Institutional investors own 97.36% of the company's stock.

Adeia Price Performance

NASDAQ:ADEA traded up $0.06 during trading hours on Friday, reaching $16.64. 1,314,098 shares of the company were exchanged, compared to its average volume of 482,232. The business has a 50 day moving average of $14.58 and a 200 day moving average of $13.73. 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 1-year low of $10.59 and a 1-year high of $17.46. The company has a market capitalization of $1.82 billion, a P/E ratio of 22.49 and a beta of 1.74.

Adeia Dividend Announcement

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

Wall Street Analysts Forecast Growth

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

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.