Cannon Global Investment Management LLC Purchases 4,900 Shares of Electronic Arts Inc. $EA

Cannon Global Investment Management LLC grew its position in shares of Electronic Arts Inc. (NASDAQ:EA) by 445.5% in the first quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 6,000 shares of the game software company’s stock after buying an additional 4,900 shares during the quarter. Electronic Arts accounts for 2.4% of Cannon Global Investment Management LLC’s investment portfolio, making the stock its 9th largest holding. Cannon Global Investment Management LLC’s holdings in Electronic Arts were worth $1,223,000 at the end of the most recent reporting period.

Several other hedge funds also recently made changes to their positions in EA. Aaron Wealth Advisors LLC acquired a new position in shares of Electronic Arts during the first quarter worth about $281,000. Louisiana State Employees Retirement System acquired a new stake in Electronic Arts in the first quarter valued at about $5,688,000. Contravisory Investment Management Inc. lifted its position in Electronic Arts by 63.8% in the first quarter. Contravisory Investment Management Inc. now owns 4,852 shares of the game software company’s stock valued at $989,000 after purchasing an additional 1,890 shares during the period. OP Asset Management Ltd purchased a new stake in Electronic Arts in the 1st quarter valued at approximately $8,691,000. Finally, Banque Cantonale Vaudoise boosted its holdings in Electronic Arts by 4.0% in the 1st quarter. Banque Cantonale Vaudoise now owns 7,643 shares of the game software company’s stock valued at $1,558,000 after purchasing an additional 293 shares in the last quarter. Institutional investors and hedge funds own 90.23% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on EA shares. Citigroup boosted their target price on Electronic Arts from $202.00 to $204.00 and gave the stock a “neutral” rating in a research report on Thursday, May 7th. Wall Street Zen upgraded Electronic Arts to a “hold” rating in a research note on Saturday, June 6th. Weiss Ratings raised Electronic Arts from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 18th. Finally, Argus cut Electronic Arts from a “buy” rating to a “hold” rating in a research report on Thursday, May 28th. Two research analysts have rated the stock with a Buy rating, seventeen have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $196.64.

Electronic Arts Trading Up 0.1%

Shares of EA stock opened at $204.73 on Friday. Electronic Arts Inc. has a fifty-two week low of $146.97 and a fifty-two week high of $205.22. The stock has a market cap of $51.34 billion, a P/E ratio of 58.66, a P/E/G ratio of 2.30 and a beta of 0.65. The business has a fifty day simple moving average of $202.23 and a 200-day simple moving average of $202.40. The company has a quick ratio of 1.05, a current ratio of 1.05 and a debt-to-equity ratio of 0.22.

Electronic Arts Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Shareholders of record on Wednesday, May 27th were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.4%. The ex-dividend date was Wednesday, May 27th. Electronic Arts’s dividend payout ratio (DPR) is 21.78%.

Insider Buying and Selling at Electronic Arts

In other Electronic Arts news, CFO Stuart Canfield sold 1,500 shares of Electronic Arts stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $201.36, for a total transaction of $302,040.00. Following the completion of the transaction, the chief financial officer owned 25,991 shares in the company, valued at approximately $5,233,547.76. The trade was a 5.46% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, EVP Jacob J. Schatz sold 5,000 shares of the company’s stock in a transaction dated Wednesday, May 20th. The shares were sold at an average price of $201.19, for a total transaction of $1,005,950.00. Following the completion of the sale, the executive vice president directly owned 42,287 shares in the company, valued at $8,507,721.53. This trade represents a 10.57% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last 90 days, insiders have sold 39,906 shares of company stock valued at $8,060,033. Insiders own 0.24% of the company’s stock.

About Electronic Arts

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.