Corebridge Financial Inc. Trims Position in Electronic Arts Inc. $EA

Key Points

• Corebridge Financial Inc. reduced its holdings in Electronic Arts Inc. by 4.0%, now owning 75,529 shares valued at approximately $10.9 million.
• Institutional investors have shown increased interest in Electronic Arts, with Ameriprise Financial increasing its position by 197.5% during the first quarter.
• Electronic Arts recently announced a quarterly dividend of $0.19 per share, with a dividend yield of 0.4% and a payout ratio of 19.05%.

Corebridge Financial Inc. lowered its position in shares of Electronic Arts Inc. (NASDAQ:EA - Free Report) by 4.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 75,529 shares of the game software company's stock after selling 3,148 shares during the quarter. Corebridge Financial Inc.'s holdings in Electronic Arts were worth $10,915,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of EA. Ameriprise Financial Inc. grew its position in shares of Electronic Arts by 197.5% in the first quarter. Ameriprise Financial Inc. now owns 2,916,693 shares of the game software company's stock valued at $421,524,000 after purchasing an additional 1,936,313 shares during the period. Nuveen LLC purchased a new position in Electronic Arts during the first quarter worth about $203,537,000. Goldman Sachs Group Inc. boosted its stake in Electronic Arts by 62.7% in the 1st quarter. Goldman Sachs Group Inc. now owns 3,253,505 shares of the game software company's stock worth $470,197,000 after buying an additional 1,254,194 shares during the last quarter. ING Groep NV grew its holdings in Electronic Arts by 3,477.8% in the 1st quarter. ING Groep NV now owns 1,163,747 shares of the game software company's stock valued at $168,185,000 after buying an additional 1,131,220 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its holdings in Electronic Arts by 300.3% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 1,454,006 shares of the game software company's stock valued at $210,134,000 after buying an additional 1,090,769 shares during the period. 90.23% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on EA. Morgan Stanley increased their price objective on shares of Electronic Arts from $135.00 to $148.00 and gave the stock an "equal weight" rating in a report on Wednesday, May 7th. Citigroup reaffirmed a "neutral" rating and set a $153.00 price target (up previously from $139.00) on shares of Electronic Arts in a research note on Thursday, May 29th. Wells Fargo & Company set a $168.00 price target on shares of Electronic Arts and gave the company an "equal weight" rating in a report on Monday, July 28th. Wall Street Zen downgraded Electronic Arts from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Moffett Nathanson reaffirmed a "neutral" rating and issued a $163.00 target price on shares of Electronic Arts in a research report on Wednesday, May 7th. Two analysts have rated the stock with a Strong Buy rating, eleven have issued a Buy rating and fifteen have assigned a Hold rating to the company. Based on data from MarketBeat.com, Electronic Arts presently has a consensus rating of "Moderate Buy" and a consensus target price of $167.12.

Insider Buying and Selling at Electronic Arts

In other news, insider Laura Miele sold 2,500 shares of Electronic Arts stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $155.49, for a total transaction of $388,725.00. Following the sale, the insider owned 58,092 shares in the company, valued at $9,032,725.08. This trade represents a 4.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Andrew Wilson sold 5,000 shares of the business's stock in a transaction on Wednesday, August 20th. The stock was sold at an average price of $171.05, for a total transaction of $855,250.00. Following the transaction, the chief executive officer directly owned 52,393 shares in the company, valued at approximately $8,961,822.65. The trade was a 8.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 26,200 shares of company stock worth $4,142,660. Insiders own 0.24% of the company's stock.

Electronic Arts Stock Down 0.3%

Shares of NASDAQ EA opened at $172.23 on Wednesday. The stock has a fifty day moving average price of $159.28 and a 200 day moving average price of $148.28. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.24. Electronic Arts Inc. has a 12-month low of $115.21 and a 12-month high of $180.90. The company has a market cap of $43.09 billion, a P/E ratio of 43.17, a P/E/G ratio of 2.23 and a beta of 0.72.

Electronic Arts Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 27th will be issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.4%. The ex-dividend date is Wednesday, August 27th. Electronic Arts's dividend payout ratio (DPR) is presently 19.05%.

Electronic Arts Profile

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.

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