DAVENPORT & Co LLC Cuts Stock Holdings in Electronic Arts Inc. (NASDAQ:EA)

DAVENPORT & Co LLC reduced its holdings in shares of Electronic Arts Inc. (NASDAQ:EA - Free Report) by 2.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 504,464 shares of the game software company's stock after selling 12,270 shares during the period. DAVENPORT & Co LLC owned about 0.19% of Electronic Arts worth $72,869,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently bought and sold shares of the company. Putney Financial Group LLC bought a new position in Electronic Arts during the fourth quarter valued at $26,000. Opal Wealth Advisors LLC purchased a new position in shares of Electronic Arts in the 1st quarter valued at approximately $28,000. LGT Financial Advisors LLC acquired a new stake in shares of Electronic Arts during the fourth quarter worth about $33,000. Millstone Evans Group LLC acquired a new position in Electronic Arts during the fourth quarter valued at $37,000. Finally, American National Bank & Trust acquired a new stake in Electronic Arts during the first quarter worth about $40,000. 90.23% of the stock is currently owned by hedge funds and other institutional investors.

Electronic Arts Price Performance

EA stock traded down $1.50 during mid-day trading on Thursday, hitting $155.53. The company had a trading volume of 697,593 shares, compared to its average volume of 2,804,565. The company has a market capitalization of $39.08 billion, a price-to-earnings ratio of 36.63, a P/E/G ratio of 2.16 and a beta of 0.73. The company has a 50-day moving average price of $150.29 and a 200 day moving average price of $142.44. The company has a quick ratio of 0.95, a current ratio of 0.95 and a debt-to-equity ratio of 0.23. Electronic Arts Inc. has a 12-month low of $115.21 and a 12-month high of $168.50.

Electronic Arts Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, June 18th. Shareholders of record on Wednesday, May 28th were given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 0.49%. The ex-dividend date of this dividend was Wednesday, May 28th. Electronic Arts's payout ratio is 17.92%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on EA. Wedbush upgraded shares of Electronic Arts to a "strong-buy" rating in a research report on Tuesday. Citigroup restated a "neutral" rating and issued a $153.00 target price (up previously from $139.00) on shares of Electronic Arts in a research note on Thursday, May 29th. JPMorgan Chase & Co. boosted their price target on Electronic Arts from $135.00 to $160.00 and gave the stock a "neutral" rating in a research note on Wednesday, May 7th. Oppenheimer lifted their price target on shares of Electronic Arts from $170.00 to $185.00 and gave the stock an "outperform" rating in a report on Wednesday, May 7th. Finally, Moffett Nathanson restated a "neutral" rating and issued a $163.00 price target on shares of Electronic Arts in a report on Wednesday, May 7th. Fourteen equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $162.80.

Insider Transactions at Electronic Arts

In other Electronic Arts news, CEO Andrew Wilson sold 5,000 shares of the company's stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $150.64, for a total value of $753,200.00. Following the completion of the transaction, the chief executive officer owned 62,393 shares in the company, valued at approximately $9,398,881.52. This represents a 7.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jacob J. Schatz sold 1,500 shares of the stock in a transaction on Monday, June 16th. The shares were sold at an average price of $148.69, for a total transaction of $223,035.00. Following the transaction, the executive vice president directly owned 29,948 shares in the company, valued at approximately $4,452,968.12. The trade was a 4.77% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,229 shares of company stock worth $4,226,399. 0.22% of the stock is currently owned by corporate insiders.

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.