Wellington Management Group LLP Purchases 121,424 Shares of Adeia Inc. $ADEA

Key Points

• Wellington Management Group LLP increased its stake in Adeia Inc. by 11.0% during the first quarter, bringing its total ownership to approximately 1,229,245 shares, valued at $16.25 million.
• Adeia has received favorable ratings from analysts, with a consensus rating of "Buy" and an average price target of $19.50.
• The company announced a quarterly dividend of $0.05, which provides an annual yield of 1.3% based on its payout ratio of 27.03%.

Wellington Management Group LLP raised its position in shares of Adeia Inc. (NASDAQ:ADEA - Free Report) by 11.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,229,245 shares of the company's stock after acquiring an additional 121,424 shares during the period. Wellington Management Group LLP owned approximately 1.13% of Adeia worth $16,251,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds have also bought and sold shares of the company. Brooklyn Investment Group bought a new position in shares of Adeia in the first quarter worth about $44,000. Ritholtz Wealth Management bought a new position in shares of Adeia in the first quarter worth about $175,000. GAMMA Investing LLC grew its holdings in shares of Adeia by 80.9% in the first quarter. GAMMA Investing LLC now owns 3,603 shares of the company's stock worth $48,000 after purchasing an additional 1,611 shares during the last quarter. New York State Teachers Retirement System grew its holdings in shares of Adeia by 9.6% in the first quarter. New York State Teachers Retirement System now owns 148,732 shares of the company's stock worth $1,966,000 after purchasing an additional 13,078 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in shares of Adeia by 60.9% in the first quarter. SG Americas Securities LLC now owns 56,254 shares of the company's stock worth $744,000 after purchasing an additional 21,302 shares during the last quarter. Institutional investors own 97.36% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on ADEA. Rosenblatt Securities restated a "buy" rating and issued a $17.00 price target on shares of Adeia in a report on Tuesday, May 6th. Roth Capital began coverage on shares of Adeia in a report on Friday, June 20th. They issued a "buy" rating and a $26.00 price target on the stock. Zacks Research upgraded shares of Adeia to a "strong-buy" rating in a report on Friday, August 8th. Wall Street Zen cut shares of Adeia from a "buy" rating to a "hold" rating in a report on Saturday, August 9th. Finally, BWS Financial restated a "buy" rating and issued a $18.00 price target on shares of Adeia in a 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's stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Buy" and an average target price of $19.50.

Adeia Stock Down 1.4%

NASDAQ:ADEA opened at $15.36 on Wednesday. Adeia Inc. has a 1-year low of $10.59 and a 1-year high of $17.46. The company has a 50-day moving average of $14.11 and a 200 day moving average of $13.65. The firm has a market cap of $1.68 billion, a PE ratio of 20.76 and a beta of 1.53. 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 Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Investors of record on Tuesday, August 26th will be paid a $0.05 dividend. 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 is 27.03%.

Adeia 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.

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