Adeia Inc. $ADEA Shares Sold by US Bancorp DE

Key Points

• US Bancorp DE has significantly reduced its position in Adeia Inc. by 87.9%, selling over 24,000 shares during the first quarter, and now holds shares worth $44,000.
• Adeia will pay a $0.05 quarterly dividend on September 16th, with a 1.4% yield and a payout ratio of 27.03%.
• The stock currently has an average rating of "Buy" from analysts, with a price target of $19.50 and varying ratings from different research firms.

US Bancorp DE reduced its stake in Adeia Inc. (NASDAQ:ADEA - Free Report) by 87.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,355 shares of the company's stock after selling 24,367 shares during the quarter. US Bancorp DE's holdings in Adeia were worth $44,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of ADEA. Castlekeep Investment Advisors LLC purchased a new position in shares of Adeia in the 4th quarter valued at approximately $25,000. Ameriprise Financial Inc. grew its stake in shares of Adeia by 6.3% in the 4th quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company's stock valued at $204,902,000 after purchasing an additional 874,098 shares during the last quarter. Raymond James Financial Inc. purchased a new position in shares of Adeia in the 4th quarter valued at approximately $2,470,000. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Adeia in the 4th quarter valued at approximately $2,370,000. Finally, The Manufacturers Life Insurance Company grew its stake in shares of Adeia by 6.5% in the 4th quarter. The Manufacturers Life Insurance Company now owns 2,169,614 shares of the company's stock valued at $30,331,000 after purchasing an additional 132,395 shares during the last quarter. 97.36% of the stock is currently owned by hedge funds and other institutional investors.

Adeia Price Performance

Shares of Adeia stock traded up $0.92 during trading on Friday, reaching $15.52. The company's stock had a trading volume of 666,840 shares, compared to its average volume of 551,816. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 1.06. Adeia Inc. has a 12-month low of $10.59 and a 12-month high of $17.46. The company has a market capitalization of $1.70 billion, a P/E ratio of 20.97 and a beta of 1.53. The business has a 50 day moving average price of $14.01 and a 200-day moving average price of $13.61.

Adeia Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Tuesday, August 26th will be given a dividend of $0.05 per share. This represents a $0.20 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Tuesday, August 26th. Adeia's payout ratio is presently 27.03%.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. Roth Capital assumed coverage on Adeia in a research note on Friday, June 20th. They issued a "buy" rating and a $26.00 target price on the stock. Rosenblatt Securities reiterated a "buy" rating and issued a $17.00 target price on shares of Adeia in a research note on Tuesday, May 6th. BWS Financial reiterated a "buy" rating and issued a $18.00 target price on shares of Adeia in a research note on Wednesday, August 6th. Zacks Research upgraded Adeia to a "strong-buy" rating in a research note on Friday, August 8th. Finally, Wall Street Zen downgraded Adeia from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating and four have issued a Buy rating to the company's stock. According to data from MarketBeat, Adeia has an average rating of "Buy" and a consensus target price of $19.50.

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.