Wedge Capital Management L L P NC Sells 7,358 Shares of Adeia Inc. (NASDAQ:ADEA)

Wedge Capital Management L L P NC lowered its position in shares of Adeia Inc. (NASDAQ:ADEA) by 7.0% in the 1st quarter, HoldingsChannel reports. The firm owned 97,830 shares of the company’s stock after selling 7,358 shares during the quarter. Wedge Capital Management L L P NC’s holdings in Adeia were worth $1,293,000 at the end of the most recent reporting period.

Other hedge funds have also recently added to or reduced their stakes in the company. Castlekeep Investment Advisors LLC purchased a new position in Adeia during the 4th quarter valued at about $25,000. Ameriprise Financial Inc. grew its holdings in shares of Adeia by 6.3% during the 4th quarter. Ameriprise Financial Inc. now owns 14,656,979 shares of the company’s stock worth $204,902,000 after acquiring an additional 874,098 shares during the period. Intech Investment Management LLC grew its holdings in shares of Adeia by 250.9% during the 4th quarter. Intech Investment Management LLC now owns 450,303 shares of the company’s stock worth $6,295,000 after acquiring an additional 321,970 shares during the period. Norges Bank purchased a new position in shares of Adeia during the 4th quarter worth approximately $3,288,000. Finally, Raymond James Financial Inc. purchased a new position in shares of Adeia during the 4th quarter worth approximately $2,470,000. Institutional investors own 97.36% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Maxim Group upped their price objective on Adeia from $15.00 to $17.00 and gave the company a “buy” rating in a research report on Wednesday, February 19th. BWS Financial restated a “buy” rating and issued a $18.00 price objective on shares of Adeia in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities reiterated a “buy” rating and issued a $17.00 price target on shares of Adeia in a research note on Tuesday, May 6th.

Adeia Stock Performance

Shares of NASDAQ:ADEA opened at $13.87 on Wednesday. The firm has a market cap of $1.50 billion, a PE ratio of 24.33 and a beta of 1.59. The firm’s 50 day simple moving average is $12.67 and its 200-day simple moving average is $13.36. Adeia Inc. has a one year low of $9.68 and a one year high of $17.46. The company has a debt-to-equity ratio of 1.15, a quick ratio of 3.53 and a current ratio of 3.53.

Adeia Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 17th. Investors of record on Tuesday, May 27th will be issued a dividend of $0.05 per share. This represents a $0.20 annualized dividend and a yield of 1.44%. The ex-dividend date of this dividend is Tuesday, May 27th. Adeia’s payout ratio is 30.30%.

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.