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

DAVENPORT & Co LLC reduced its position in Electronic Arts Inc. (NASDAQ:EA) by 97.2% in the 4th quarter, Holdings Channel reports. The firm owned 2,873 shares of the game software company’s stock after selling 98,658 shares during the quarter. DAVENPORT & Co LLC’s holdings in Electronic Arts were worth $587,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. State Street Corp grew its holdings in shares of Electronic Arts by 5.8% during the second quarter. State Street Corp now owns 17,072,959 shares of the game software company’s stock worth $2,726,552,000 after buying an additional 932,024 shares in the last quarter. Pentwater Capital Management LP purchased a new position in shares of Electronic Arts in the third quarter worth about $968,160,000. Ameriprise Financial Inc. boosted its position in Electronic Arts by 8.9% during the third quarter. Ameriprise Financial Inc. now owns 4,591,869 shares of the game software company’s stock worth $926,194,000 after acquiring an additional 374,840 shares during the last quarter. Invesco Ltd. boosted its position in Electronic Arts by 4.9% during the third quarter. Invesco Ltd. now owns 4,314,962 shares of the game software company’s stock worth $870,328,000 after acquiring an additional 202,657 shares during the last quarter. Finally, First Trust Advisors LP grew its stake in Electronic Arts by 26.3% during the 3rd quarter. First Trust Advisors LP now owns 3,069,543 shares of the game software company’s stock valued at $619,127,000 after acquiring an additional 638,667 shares in the last quarter. Hedge funds and other institutional investors own 90.23% of the company’s stock.

Insider Activity

In other news, CFO Stuart Canfield sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, February 17th. The shares were sold at an average price of $199.90, for a total transaction of $299,850.00. Following the completion of the sale, the chief financial officer owned 5,897 shares in the company, valued at $1,178,810.30. This trade represents a 20.28% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Andrew Wilson sold 5,000 shares of Electronic Arts stock in a transaction that occurred on Monday, March 16th. The shares were sold at an average price of $199.95, for a total transaction of $999,750.00. Following the sale, the chief executive officer directly owned 28,858 shares in the company, valued at approximately $5,770,157.10. The trade was a 14.77% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders sold 27,600 shares of company stock worth $5,553,319. Corporate insiders own 0.24% of the company’s stock.

Electronic Arts Trading Up 0.3%

Shares of EA opened at $202.57 on Tuesday. The company has a current ratio of 0.93, a quick ratio of 0.93 and a debt-to-equity ratio of 0.24. Electronic Arts Inc. has a 12-month low of $131.15 and a 12-month high of $204.88. The firm has a 50-day moving average price of $201.27 and a 200 day moving average price of $199.72. The firm has a market capitalization of $50.69 billion, a P/E ratio of 76.15, a P/E/G ratio of 2.40 and a beta of 0.75.

Electronic Arts Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Wednesday, February 25th were issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, February 25th. Electronic Arts’s payout ratio is presently 28.57%.

Analysts Set New Price Targets

EA has been the subject of a number of recent research reports. UBS Group reiterated a “neutral” rating on shares of Electronic Arts in a report on Wednesday, February 4th. Citigroup lowered their target price on Electronic Arts from $207.00 to $202.00 and set a “neutral” rating on the stock in a report on Wednesday, February 4th. Three analysts have rated the stock with a Buy rating, nineteen have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $188.30.

Electronic Arts Company Profile

Electronic Arts Inc (NASDAQ: EA) is a global interactive entertainment company headquartered in Redwood City, California. Founded in 1982 by Trip Hawkins, EA develops, publishes and distributes video games and related content for a variety of platforms, including consoles, personal computers and mobile devices. The company combines in-house development, partnerships and studio acquisitions to create and maintain a portfolio of entertainment properties and live-service experiences for players worldwide.

EA’s product lineup spans several well-known franchises and genres.