Cullinan Associates Inc. Sells 60,774 Shares of Electronic Arts Inc. $EA

Key Points

• Cullinan Associates Inc. sharply reduced its Electronic Arts stake in the first quarter, selling 60,774 shares and cutting its position by 85.6% to 10,189 shares worth about $2.08 million.
• Several insiders sold EA shares over the past few months, including EVP Jacob J. Schatz and insider Vijayanthimala Singh, with total insider sales reaching 39,906 shares valued at about $8.06 million.
• Electronic Arts stock was trading near its 52-week high at $206.41, while analysts currently have a consensus Hold rating and an average price target of $196.64.

Cullinan Associates Inc. lessened its stake in Electronic Arts Inc. (NASDAQ:EA - Free Report) by 85.6% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,189 shares of the game software company's stock after selling 60,774 shares during the quarter. Cullinan Associates Inc.'s holdings in Electronic Arts were worth $2,077,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently bought and sold shares of EA. Ascentis Independent Advisors bought a new stake in Electronic Arts during the 1st quarter valued at about $27,000. MV Capital Management Inc. bought a new position in shares of Electronic Arts in the fourth quarter worth approximately $28,000. Asset Planning Inc purchased a new stake in shares of Electronic Arts during the first quarter valued at approximately $32,000. Whipplewood Advisors LLC bought a new stake in shares of Electronic Arts during the first quarter valued at approximately $32,000. Finally, Fideuram Asset Management Ireland dac bought a new stake in shares of Electronic Arts during the fourth quarter valued at approximately $44,000. Institutional investors own 90.23% of the company's stock.

Insider Activity at Electronic Arts

In other news, EVP Jacob J. Schatz sold 5,000 shares of Electronic Arts stock in a transaction on 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 transaction, the executive vice president owned 42,287 shares in the company, valued at $8,507,721.53. This trade represents a 10.57% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Vijayanthimala Singh sold 1,200 shares of the business's stock in a transaction on Monday, June 15th. The shares were sold at an average price of $203.00, for a total transaction of $243,600.00. Following the sale, the insider directly owned 26,360 shares of the company's stock, valued at approximately $5,351,080. The trade was a 4.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 39,906 shares of company stock valued at $8,060,033 in the last three months. Corporate insiders own 0.24% of the company's stock.

Electronic Arts Stock Performance

Shares of EA traded down $0.15 during trading hours on Friday, hitting $206.41. The stock had a trading volume of 1,228,540 shares, compared to its average volume of 1,937,871. The firm has a market capitalization of $51.76 billion, a PE ratio of 59.14, a PEG ratio of 2.31 and a beta of 0.64. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.05 and a quick ratio of 1.05. Electronic Arts Inc. has a 12 month low of $146.97 and a 12 month high of $206.63. The stock has a fifty day moving average price of $202.76 and a 200 day moving average price of $202.54.

Electronic Arts Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, June 17th. Investors of record on Wednesday, May 27th were issued a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, May 27th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.4%. Electronic Arts's dividend payout ratio (DPR) is presently 21.78%.

Analyst Upgrades and Downgrades

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

Electronic Arts 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.

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