Adeia Inc. (NASDAQ:ADEA) Announces $0.05 Quarterly Dividend

Adeia Inc. (NASDAQ:ADEA) announced a quarterly dividend on Monday, May 5th, Wall Street Journal reports. Stockholders of record on Tuesday, May 27th will be given a dividend of 0.05 per share on Tuesday, June 17th. This represents a $0.20 annualized dividend and a dividend yield of 1.58%. The ex-dividend date is Tuesday, May 27th.

Adeia has a dividend payout ratio of 13.7% meaning its dividend is sufficiently covered by earnings.

Adeia Stock Performance

NASDAQ:ADEA opened at $12.65 on Friday. The stock has a market cap of $1.37 billion, a P/E ratio of 22.19 and a beta of 1.57. The company has a current ratio of 3.53, a quick ratio of 3.53 and a debt-to-equity ratio of 1.15. The stock’s 50-day moving average is $12.78 and its 200-day moving average is $13.26. Adeia has a 1-year low of $9.68 and a 1-year high of $17.46.

Analysts Set New Price Targets

Several analysts have recently weighed in on ADEA shares. Rosenblatt Securities restated a “buy” rating and set a $17.00 price target on shares of Adeia in a report on Tuesday, May 6th. Maxim Group boosted their price target on Adeia from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Wednesday, February 19th. Finally, BWS Financial reaffirmed a “buy” rating and issued a $18.00 price objective on shares of Adeia in a research note on Tuesday, May 6th.

Hedge Funds Weigh In On Adeia

A number of hedge funds and other institutional investors have recently made changes to their positions in ADEA. Jane Street Group LLC lifted its stake in shares of Adeia by 1,193.2% in the first quarter. Jane Street Group LLC now owns 348,961 shares of the company’s stock worth $4,613,000 after acquiring an additional 321,976 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Adeia by 22.8% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 231,421 shares of the company’s stock worth $3,059,000 after acquiring an additional 42,918 shares during the period. Caxton Associates LLP acquired a new position in shares of Adeia in the first quarter worth approximately $174,000. Focus Partners Wealth acquired a new position in Adeia in the first quarter valued at approximately $167,000. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in Adeia by 4.6% in the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 64,701 shares of the company’s stock valued at $855,000 after buying an additional 2,829 shares during the period. 97.36% of the stock is owned by institutional investors and hedge funds.

Adeia Company 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.