Activision Blizzard, Inc (NASDAQ:ATVI) Earns “Buy” Rating from MKM Partners
Activision Blizzard, Inc (NASDAQ:ATVI)‘s stock had its “buy” rating restated by investment analysts at MKM Partners in a report released on Wednesday. They currently have a $63.00 price objective on the stock, up from their previous price objective of $60.00. MKM Partners’ price target would suggest a potential upside of 3.36% from the company’s previous close.
A number of other brokerages have also weighed in on ATVI. BidaskClub lowered Activision Blizzard from a “buy” rating to a “hold” rating in a report on Tuesday. Vetr lowered Activision Blizzard from a “strong-buy” rating to a “buy” rating and set a $67.48 price objective on the stock. in a report on Wednesday, July 12th. Piper Jaffray Companies reaffirmed an “overweight” rating and issued a $65.00 target price (up from $60.00) on shares of Activision Blizzard in a research note on Wednesday. Morgan Stanley reaffirmed an “overweight” rating and issued a $67.00 target price on shares of Activision Blizzard in a research note on Saturday. Finally, Credit Suisse Group reaffirmed an “outperform” rating and issued a $67.00 target price (up from $62.00) on shares of Activision Blizzard in a research note on Monday. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-two have issued a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus target price of $61.14.
Shares of Activision Blizzard (NASDAQ:ATVI) traded up 1.54% during trading on Wednesday, reaching $61.89. 2,297,445 shares of the company’s stock traded hands. Activision Blizzard has a one year low of $35.12 and a one year high of $62.39. The stock has a market cap of $46.64 billion, a P/E ratio of 45.41 and a beta of 1.07. The company has a 50 day moving average price of $59.38 and a 200-day moving average price of $50.98.
Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings data on Thursday, May 4th. The company reported $0.27 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.11. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.09 billion. Activision Blizzard had a return on equity of 16.90% and a net margin of 14.63%. The firm’s revenue for the quarter was up 31.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 EPS. On average, equities research analysts expect that Activision Blizzard will post $2.01 EPS for the current fiscal year.
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In related news, CEO Riccardo Zacconi sold 19,761 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The stock was sold at an average price of $55.45, for a total value of $1,095,747.45. Following the sale, the chief executive officer now owns 55,509 shares of the company’s stock, valued at approximately $3,077,974.05. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 2.12% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Kentucky Retirement Systems bought a new stake in shares of Activision Blizzard during the fourth quarter valued at about $1,792,000. Kentucky Retirement Systems Insurance Trust Fund bought a new stake in shares of Activision Blizzard during the fourth quarter valued at about $799,000. Highbridge Capital Management LLC increased its stake in shares of Activision Blizzard by 15,075.0% in the fourth quarter. Highbridge Capital Management LLC now owns 584,024 shares of the company’s stock valued at $21,089,000 after buying an additional 587,924 shares during the period. TrueNorth Inc. bought a new stake in shares of Activision Blizzard during the fourth quarter valued at about $322,000. Finally, Chevy Chase Trust Holdings Inc. increased its stake in shares of Activision Blizzard by 4.3% in the first quarter. Chevy Chase Trust Holdings Inc. now owns 598,486 shares of the company’s stock valued at $29,841,000 after buying an additional 24,840 shares during the period. 87.48% of the stock is currently owned by institutional investors and hedge funds.
About Activision Blizzard
Activision Blizzard, Inc is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc (Activision), Blizzard Entertainment, Inc (Blizzard), King Digital Entertainment (King) and Other.
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