DAVENPORT & Co LLC Reduces Holdings in Electronic Arts Inc. $EA

DAVENPORT & Co LLC lowered its stake in Electronic Arts Inc. (NASDAQ:EA) by 29.7% during the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 354,607 shares of the game software company’s stock after selling 149,857 shares during the quarter. DAVENPORT & Co LLC’s holdings in Electronic Arts were worth $56,444,000 as of its most recent filing with the SEC.

Several other hedge funds also recently bought and sold shares of the stock. Opal Wealth Advisors LLC acquired a new position in shares of Electronic Arts in the first quarter worth $28,000. Bank of Jackson Hole Trust raised its stake in Electronic Arts by 56.4% in the 1st quarter. Bank of Jackson Hole Trust now owns 208 shares of the game software company’s stock valued at $30,000 after purchasing an additional 75 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Electronic Arts in the 1st quarter valued at about $39,000. Costello Asset Management INC acquired a new stake in shares of Electronic Arts during the 1st quarter worth about $40,000. Finally, ORG Partners LLC grew its holdings in shares of Electronic Arts by 47.6% during the second quarter. ORG Partners LLC now owns 251 shares of the game software company’s stock worth $40,000 after buying an additional 81 shares in the last quarter. Hedge funds and other institutional investors own 90.23% of the company’s stock.

Electronic Arts Stock Performance

Electronic Arts stock opened at $200.69 on Monday. The company has a market cap of $50.21 billion, a price-to-earnings ratio of 50.30, a price-to-earnings-growth ratio of 3.03 and a beta of 0.77. Electronic Arts Inc. has a 12 month low of $115.21 and a 12 month high of $203.75. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.84 and a quick ratio of 0.84. The stock’s 50-day moving average is $172.45 and its 200-day moving average is $156.76.

Electronic Arts Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, August 27th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a yield of 0.4%. The ex-dividend date of this dividend was Wednesday, August 27th. Electronic Arts’s payout ratio is 19.05%.

Insider Activity at Electronic Arts

In other news, insider Vijayanthimala Singh sold 1,200 shares of the stock in a transaction on Monday, September 29th. The shares were sold at an average price of $203.40, for a total value of $244,080.00. Following the completion of the sale, the insider owned 33,531 shares of the company’s stock, valued at $6,820,205.40. This represents a 3.46% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Jacob J. Schatz sold 1,200 shares of the firm’s stock in a transaction on Monday, September 15th. The shares were sold at an average price of $171.52, for a total transaction of $205,824.00. Following the completion of the transaction, the executive vice president directly owned 26,080 shares in the company, valued at approximately $4,473,241.60. This represents a 4.40% decrease in their position. The disclosure for this sale can be found here. Insiders sold 41,000 shares of company stock valued at $7,247,635 over the last quarter. Company insiders own 0.24% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on EA shares. HSBC lowered shares of Electronic Arts from a “buy” rating to a “hold” rating and set a $191.00 target price on the stock. in a research report on Monday, September 29th. Wall Street Zen downgraded Electronic Arts from a “buy” rating to a “hold” rating in a research report on Saturday, August 2nd. Robert W. Baird reiterated a “neutral” rating and issued a $210.00 target price (up from $170.00) on shares of Electronic Arts in a research note on Monday, September 29th. Citigroup reissued a “neutral” rating on shares of Electronic Arts in a research note on Friday, September 26th. Finally, Bank of America lifted their price target on Electronic Arts from $166.00 to $168.00 and gave the company a “neutral” rating in a report on Wednesday, July 30th. One investment analyst has rated the stock with a Strong Buy rating, four have given a Buy rating, twenty-five have given a Hold rating and one has assigned a Sell rating to the stock. Based on data from MarketBeat.com, Electronic Arts presently has a consensus rating of “Hold” and a consensus target price of $177.00.

About Electronic Arts

Electronic Arts Inc develops, markets, publishes, and distributes games, content, and services for game consoles, PCs, mobile phones, and tablets worldwide. It develops and publishes games and services across various genres, such as sports, racing, first-person shooter, action, role-playing, and simulation primarily under the Battlefield, The Sims, Apex Legends, Need for Speed, and license games from others, including FIFA, Madden NFL, UFC, and Star Wars brands.