Invesco Ltd. Buys 528,617 Shares of Adeia Inc. $ADEA

Key Points

• Invesco Ltd. increased its stake in Adeia Inc. by 122.2% during the 1st quarter, now owning approximately 0.89% of Adeia, valued at $12.71 million.
• Adeia's shares are currently rated as a Buy by a majority of analysts, with price targets ranging between $17.00 and $26.00, and an average target of $19.50.
• The company announced a quarterly dividend of $0.05, resulting in an annualized yield of 1.3%, with the next payout scheduled for September 16th.

Invesco Ltd. boosted its holdings in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 122.2% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 961,356 shares of the company's stock after acquiring an additional 528,617 shares during the quarter. Invesco Ltd. owned 0.89% of Adeia worth $12,709,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Wells Fargo & Company MN boosted its stake in shares of Adeia by 39.8% during the 4th quarter. Wells Fargo & Company MN now owns 58,905 shares of the company's stock valued at $823,000 after buying an additional 16,762 shares during the period. Envestnet Asset Management Inc. increased its position in Adeia by 5.4% in the 4th quarter. Envestnet Asset Management Inc. now owns 19,441 shares of the company's stock worth $272,000 after purchasing an additional 989 shares during the last quarter. Bank of Montreal Can raised its stake in shares of Adeia by 16.7% during the 4th quarter. Bank of Montreal Can now owns 14,003 shares of the company's stock worth $196,000 after purchasing an additional 2,001 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in shares of Adeia during the 4th quarter valued at about $2,470,000. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Adeia by 2.2% during the 4th quarter. Dimensional Fund Advisors LP now owns 2,853,732 shares of the company's stock valued at $39,894,000 after buying an additional 60,941 shares during the last quarter. Hedge funds and other institutional investors own 97.36% of the company's stock.

Wall Street Analysts Forecast Growth

ADEA has been the topic of a number of research reports. BWS Financial restated a "buy" rating and issued a $18.00 price objective on shares of Adeia in a report on Wednesday, August 6th. Roth Capital began coverage on shares of Adeia in a research note on Friday, June 20th. They set a "buy" rating and a $26.00 price target on the stock. Rosenblatt Securities restated a "buy" rating and set a $17.00 price target on shares of Adeia in a report on Tuesday, May 6th. Wall Street Zen cut shares of Adeia from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, Zacks Research upgraded Adeia to a "strong-buy" rating in a report on Friday, August 8th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the stock. According to data from MarketBeat, Adeia presently has a consensus rating of "Buy" and a consensus price target of $19.50.

Adeia Stock Performance

Shares of NASDAQ:ADEA traded up $0.20 during midday trading on Wednesday, hitting $15.56. The company's stock had a trading volume of 503,461 shares, compared to its average volume of 584,989. 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's 50 day simple moving average is $14.11 and its 200 day simple moving average is $13.65. The stock has a market capitalization of $1.70 billion, a price-to-earnings ratio of 21.03 and a beta of 1.53. Adeia Inc. has a fifty-two week low of $10.59 and a fifty-two week high of $17.46.

Adeia Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, August 26th will be given a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Tuesday, August 26th. Adeia's payout ratio is currently 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.