Pacer Advisors Inc. Has $13.89 Million Position in Adeia Inc. (NASDAQ:ADEA)

Key Points

• Pacer Advisors Inc. has significantly decreased its stake in Adeia Inc. by 65%, reducing its ownership to approximately 1,050,542 shares valued at $13.88 million.
• Various institutional investors, including Raymond James Financial Inc. and Vanguard Group Inc., have recently modified their holdings in Adeia, with Vanguard increasing its stake to over 14 million shares worth approximately $201.64 million.
• Adeia has a current market capitalization of $1.44 billion and recently declared a quarterly dividend yield of 1.51%, demonstrating its commitment to returning value to shareholders.

Pacer Advisors Inc. decreased its stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 65.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 1,050,542 shares of the company's stock after selling 1,954,738 shares during the period. Pacer Advisors Inc. owned about 0.97% of Adeia worth $13,888,000 as of its most recent filing with the SEC.

Other large investors have also modified their holdings of the company. Raymond James Financial Inc. bought a new position in Adeia in the fourth quarter worth about $2,470,000. Natixis Advisors LLC bought a new position in Adeia in the fourth quarter worth about $302,000. American Century Companies Inc. lifted its holdings in Adeia by 10.1% in the fourth quarter. American Century Companies Inc. now owns 230,954 shares of the company's stock worth $3,229,000 after acquiring an additional 21,102 shares during the last quarter. KLP Kapitalforvaltning AS bought a new position in Adeia in the fourth quarter worth about $347,000. Finally, Vanguard Group Inc. lifted its holdings in Adeia by 1.0% in the fourth quarter. Vanguard Group Inc. now owns 14,423,573 shares of the company's stock worth $201,642,000 after acquiring an additional 143,297 shares during the last quarter. Institutional investors own 97.36% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have issued reports on ADEA. BWS Financial reissued a "buy" rating and issued a $18.00 target price on shares of Adeia in a report on Wednesday, July 9th. Rosenblatt Securities reiterated a "buy" rating and set a $17.00 price objective on shares of Adeia in a research note on Tuesday, May 6th. Finally, Roth Capital started coverage on shares of Adeia in a research note on Friday, June 20th. They set a "buy" rating and a $26.00 price objective on the stock.

Adeia Price Performance

Adeia stock traded up $0.19 during mid-day trading on Wednesday, hitting $13.15. The company's stock had a trading volume of 85,070 shares, compared to its average volume of 584,702. The stock's fifty day moving average price is $13.68 and its two-hundred day moving average price is $13.47. The stock has a market capitalization of $1.43 billion, a P/E ratio of 19.92 and a beta of 1.59. Adeia Inc. has a twelve month low of $9.68 and a twelve month high of $17.46. The company has a quick ratio of 2.94, a current ratio of 2.94 and a debt-to-equity ratio of 1.13.

Adeia Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Tuesday, June 17th. Shareholders of record on Tuesday, May 27th were paid a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date of this dividend was Tuesday, May 27th. Adeia's dividend payout ratio (DPR) is currently 30.30%.

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.