The Manufacturers Life Insurance Company Has $30.64 Million Stock Holdings in Adeia Inc. $ADEA

The Manufacturers Life Insurance Company raised its stake in shares of Adeia Inc. (NASDAQ:ADEA) by 6.8% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 2,317,585 shares of the company’s stock after buying an additional 147,971 shares during the period. The Manufacturers Life Insurance Company owned about 2.14% of Adeia worth $30,638,000 as of its most recent SEC filing.

A number of other hedge funds have also modified their holdings of the stock. Kayne Anderson Rudnick Investment Management LLC raised its holdings in shares of Adeia by 433.5% during the first quarter. Kayne Anderson Rudnick Investment Management LLC now owns 12,628 shares of the company’s stock worth $167,000 after acquiring an additional 10,261 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new position in Adeia in the 1st quarter worth about $43,000. Wellington Management Group LLP raised its stake in shares of Adeia by 11.0% during the 1st quarter. Wellington Management Group LLP now owns 1,229,245 shares of the company’s stock worth $16,251,000 after purchasing an additional 121,424 shares in the last quarter. Brooklyn Investment Group acquired a new stake in shares of Adeia during the 1st quarter valued at about $44,000. Finally, American Century Companies Inc. grew its stake in shares of Adeia by 19.2% in the 1st quarter. American Century Companies Inc. now owns 275,393 shares of the company’s stock valued at $3,641,000 after buying an additional 44,439 shares in the last quarter. 97.36% of the stock is owned by institutional investors and hedge funds.

Adeia Stock Down 2.8%

ADEA opened at $15.04 on Tuesday. Adeia Inc. has a 1-year low of $10.59 and a 1-year high of $17.46. The business has a 50 day moving average of $14.26 and a 200-day moving average of $13.71. The stock has a market capitalization of $1.64 billion, a price-to-earnings ratio of 20.32 and a beta of 1.74. The company has a current ratio of 3.09, a quick ratio of 3.09 and a debt-to-equity ratio of 1.06.

Adeia Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 16th. Stockholders of record on Tuesday, August 26th will be given 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 dividend yield of 1.3%. Adeia’s dividend payout ratio is currently 27.03%.

Analyst Upgrades and Downgrades

Several equities analysts recently weighed in on ADEA shares. BWS Financial reaffirmed a “buy” rating and set a $18.00 price objective on shares of Adeia in a research report on Wednesday, August 6th. Zacks Research upgraded Adeia to a “strong-buy” rating in a report on Friday, August 8th. Roth Capital started coverage on shares of Adeia in a research note on Friday, June 20th. They issued a “buy” rating and a $26.00 price objective for the company. Wall Street Zen downgraded shares of Adeia from a “buy” rating to a “hold” rating in a report on Saturday, August 9th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $17.00 target price on shares of Adeia in a report on Tuesday, May 6th. One research analyst has rated the stock with a Strong Buy rating and four have given a Buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $19.50.

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.