Adeia Inc. $ADEA Shares Sold by Vanguard Group Inc.

Key Points

• Vanguard Group Inc. reduced its stake in Adeia Inc. by 2.0%, owning approximately 13.04% of the company, valued at $186.9 million after selling 285,487 shares in the first quarter.
• Adeia recently announced a quarterly dividend of $0.05, translating to an annualized dividend yield of 1.4%, with a payout ratio of 27.03%.
• Adeia has received mixed analyst ratings, with one analyst upgrading it to a "strong buy" and a consensus target price of approximately $19.50.

Vanguard Group Inc. cut its stake in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 2.0% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 14,138,086 shares of the company's stock after selling 285,487 shares during the period. Vanguard Group Inc. owned about 13.04% of Adeia worth $186,905,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Kayne Anderson Rudnick Investment Management LLC acquired a new position in Adeia during the fourth quarter worth $33,000. GAMMA Investing LLC raised its position in 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 period. Nisa Investment Advisors LLC raised its position in Adeia by 14.2% during the first 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. Vestcor Inc raised its position in Adeia by 45.7% during the first quarter. Vestcor Inc now owns 11,593 shares of the company's stock worth $153,000 after acquiring an additional 3,638 shares during the period. Finally, Carmel Capital Partners LLC raised its position in Adeia by 9.9% during the first quarter. Carmel Capital Partners LLC now owns 12,904 shares of the company's stock worth $171,000 after acquiring an additional 1,161 shares during the period. 97.36% of the stock is currently owned by institutional investors and hedge funds.

Adeia Trading Up 6.3%

ADEA stock traded up $0.92 during mid-day trading on Friday, hitting $15.52. 666,840 shares of the company were exchanged, compared to its average volume of 532,361. The company has a quick ratio of 3.09, a current ratio of 3.09 and a debt-to-equity ratio of 1.06. The firm 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 fifty day simple moving average of $14.01 and a 200-day simple moving average of $13.61. Adeia Inc. has a 12-month low of $10.59 and a 12-month high of $17.46.

Adeia Dividend Announcement

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

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the stock. Zacks Research upgraded shares of Adeia to a "strong-buy" rating in a research report on Friday, August 8th. Rosenblatt Securities restated a "buy" rating and set a $17.00 price objective on shares of Adeia in a research report on Tuesday, May 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 target price for the company. Wall Street Zen lowered shares of Adeia from a "buy" rating to a "hold" rating in a research note on Saturday, August 9th. Finally, BWS Financial reaffirmed a "buy" rating and set a $18.00 target price on shares of Adeia in a research note on Wednesday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating and four have assigned a Buy rating to the company. Based on data from MarketBeat, the company has a consensus 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.