Cove Private Wealth LLC Increases Stake in Electronic Arts Inc. $EA

Key Points

• Cove Private Wealth LLC increased its stake in Electronic Arts Inc. by 114.5% in the second quarter, owning a total of 4,290 shares valued at approximately $685,000, as per its latest SEC filing.
• The company declared a quarterly dividend of $0.19 per share, translating to an annualized dividend yield of 0.4%.
• Electronic Arts has seen strong interest from institutional investors, with 90.23% of its stock owned by hedge funds and other entities, indicating robust institutional confidence in the company.

Cove Private Wealth LLC lifted its stake in Electronic Arts Inc. (NASDAQ:EA - Free Report) by 114.5% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,290 shares of the game software company's stock after purchasing an additional 2,290 shares during the quarter. Cove Private Wealth LLC's holdings in Electronic Arts were worth $685,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new position in Electronic Arts during the 1st quarter worth approximately $28,000. Bank of Jackson Hole Trust raised its position in Electronic Arts by 56.4% during the 1st quarter. Bank of Jackson Hole Trust now owns 208 shares of the game software company's stock worth $30,000 after buying an additional 75 shares during the last quarter. Wayfinding Financial LLC purchased a new position in Electronic Arts during the 1st quarter worth approximately $39,000. American National Bank & Trust purchased a new position in Electronic Arts during the 1st quarter worth approximately $40,000. Finally, Costello Asset Management INC purchased a new position in Electronic Arts during the 1st quarter worth approximately $40,000. 90.23% of the stock is owned by hedge funds and other institutional investors.

Electronic Arts Trading Up 14.9%

Shares of EA opened at $193.35 on Friday. Electronic Arts Inc. has a 52-week low of $115.21 and a 52-week high of $197.33. The company has a quick ratio of 0.84, a current ratio of 0.84 and a debt-to-equity ratio of 0.24. The firm's fifty day moving average is $167.67 and its two-hundred day moving average is $154.43. The stock has a market cap of $48.38 billion, a PE ratio of 48.46, a price-to-earnings-growth ratio of 2.56 and a beta of 0.75.

Electronic Arts Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, September 17th. Stockholders of record on Wednesday, August 27th were 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 was Wednesday, August 27th. Electronic Arts's payout ratio is currently 19.05%.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on EA. UBS Group set a $167.00 price target on shares of Electronic Arts and gave the stock a "neutral" rating in a research report on Friday, August 1st. Citigroup reissued a "neutral" rating on shares of Electronic Arts in a research report on Friday. Bank of America lifted their target price on shares of Electronic Arts from $166.00 to $168.00 and gave the company a "neutral" rating in a report on Wednesday, July 30th. Wall Street Zen lowered shares of Electronic Arts from a "buy" rating to a "hold" rating in a report on Saturday, August 2nd. Finally, Wedbush reaffirmed an "outperform" rating and set a $210.00 target price on shares of Electronic Arts in a report on Monday, August 25th. Two equities research analysts have rated the stock with a Strong Buy rating, eleven have given a Buy rating and fourteen have given a Hold rating to the stock. According to MarketBeat, Electronic Arts has a consensus rating of "Moderate Buy" and an average price target of $167.40.

Insider Buying and Selling

In related news, CEO Andrew Wilson sold 5,000 shares of the business's stock in a transaction dated Monday, July 21st. The shares were sold at an average price of $152.21, for a total value of $761,050.00. Following the sale, the chief executive officer directly owned 57,393 shares in the company, valued at approximately $8,735,788.53. The trade was a 8.01% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Vijayanthimala Singh sold 1,200 shares of the business's stock in a transaction dated 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 sale, the insider owned 34,731 shares in the company, valued at approximately $5,957,061.12. This trade represents a 3.34% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 30,800 shares of company stock worth $5,077,960 in the last quarter. 0.24% of the stock is currently owned by insiders.

Electronic Arts Company 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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