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

Key Points

• DAVENPORT & Co LLC reduced its stake in Electronic Arts Inc. by 29.7%, selling 149,857 shares to own 354,607 shares valued at approximately $56.4 million.
• Despite the reduction by DAVENPORT & Co LLC, other institutional investors have increased their holdings, with MassMutual Private Wealth raising its position by 3.7% during the same quarter.
• Research analysts have given Electronic Arts an average rating of "Hold" with a target price of $177.00, while noting mixed ratings from various firms, including a "neutral" rating from Wedbush.

DAVENPORT & Co LLC lowered its position in shares of Electronic Arts Inc. (NASDAQ:EA - Free Report) by 29.7% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 354,607 shares of the game software company's stock after selling 149,857 shares during the period. DAVENPORT & Co LLC owned about 0.14% of Electronic Arts worth $56,444,000 at the end of the most recent reporting period.

Other large investors have also recently made changes to their positions in the company. MassMutual Private Wealth & Trust FSB increased its position in Electronic Arts by 3.7% during the second quarter. MassMutual Private Wealth & Trust FSB now owns 2,023 shares of the game software company's stock worth $323,000 after buying an additional 72 shares during the period. Bank of Jackson Hole Trust grew its holdings in shares of Electronic Arts by 56.4% during the first 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. Financial Management Professionals Inc. increased its position in Electronic Arts by 13.6% in the 2nd quarter. Financial Management Professionals Inc. now owns 636 shares of the game software company's stock valued at $102,000 after acquiring an additional 76 shares during the period. Clarius Group LLC increased its position in Electronic Arts by 3.6% in the 1st quarter. Clarius Group LLC now owns 2,204 shares of the game software company's stock valued at $319,000 after acquiring an additional 77 shares during the period. Finally, Conning Inc. raised its stake in Electronic Arts by 4.7% during the 1st quarter. Conning Inc. now owns 1,749 shares of the game software company's stock valued at $253,000 after acquiring an additional 78 shares during the last quarter. 90.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Wedbush reissued a "neutral" rating and issued a $200.00 target price on shares of Electronic Arts in a report on Monday, September 29th. Wells Fargo & Company set a $168.00 price objective on shares of Electronic Arts and gave the company an "equal weight" rating in a research report on Monday, July 28th. Roth Capital cut shares of Electronic Arts from a "buy" rating to a "neutral" rating and boosted their price objective for the company from $185.00 to $210.00 in a research note on Thursday. Hsbc Global Res cut shares of Electronic Arts from a "strong-buy" rating to a "hold" rating in a research note on Monday, September 29th. Finally, UBS Group set a $210.00 target price on shares of Electronic Arts and gave the company a "neutral" rating in a report on Tuesday, September 30th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating, twenty-five have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Electronic Arts has an average rating of "Hold" and an average price target of $177.00.

Insider Activity at Electronic Arts

In other news, EVP Jacob J. Schatz sold 1,200 shares of the business's stock in a transaction that occurred on Monday, September 15th. The stock was sold at an average price of $171.52, for a total transaction of $205,824.00. Following the sale, the executive vice president owned 26,080 shares of the company's stock, valued at $4,473,241.60. The trade was a 4.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Andrew Wilson sold 5,000 shares of the firm's stock in a transaction that occurred on Monday, September 22nd. The shares were sold at an average price of $172.79, for a total value of $863,950.00. Following the completion of the transaction, the chief executive officer directly owned 47,393 shares of the company's stock, valued at $8,189,036.47. The trade was a 9.54% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 41,000 shares of company stock worth $7,247,635. 0.24% of the stock is currently owned by company insiders.

Electronic Arts Price Performance

Shares of NASDAQ EA opened at $200.69 on Monday. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.84 and a current ratio of 0.84. Electronic Arts Inc. has a one year low of $115.21 and a one year high of $203.75. The firm has a market capitalization of $50.21 billion, a P/E ratio of 50.30, a PEG ratio of 3.03 and a beta of 0.77. The company's fifty day moving average is $172.45 and its two-hundred day moving average is $156.76.

Electronic Arts Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 17th. Shareholders of record on Wednesday, August 27th were issued a $0.19 dividend. The ex-dividend date of this dividend was Wednesday, August 27th. This represents a $0.76 dividend on an annualized basis and a yield of 0.4%. Electronic Arts's dividend payout ratio (DPR) is 19.05%.

About Electronic Arts

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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