Electronic Arts Inc. (NASDAQ:EA) Stock Position Lessened by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia significantly reduced its holdings in Electronic Arts Inc. by 82.4% in the first quarter, selling 327,721 shares and retaining 69,983 shares valued at approximately $10.1 million.
• Several other institutional investors also adjusted their stakes, with Jupiter Asset Management increasing its stake by 1.6% to hold 601,494 shares, valued at around $86.9 million.
• Electronic Arts announced a quarterly dividend of $0.19 per share to be paid on September 17th, 2023, resulting in an annualized dividend yield of 0.5%.

Bank of Nova Scotia decreased its holdings in Electronic Arts Inc. (NASDAQ:EA - Free Report) by 82.4% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 69,983 shares of the game software company's stock after selling 327,721 shares during the quarter. Bank of Nova Scotia's holdings in Electronic Arts were worth $10,114,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds also recently modified their holdings of EA. Jupiter Asset Management Ltd. boosted its stake in Electronic Arts by 1.6% during the first quarter. Jupiter Asset Management Ltd. now owns 601,494 shares of the game software company's stock valued at $86,928,000 after buying an additional 9,292 shares in the last quarter. Blueshift Asset Management LLC bought a new position in Electronic Arts during the first quarter valued at about $955,000. Bank of Jackson Hole Trust boosted its stake in 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 valued at $30,000 after buying an additional 75 shares in the last quarter. TradeLink Capital LLC bought a new position in Electronic Arts during the first quarter valued at about $260,000. Finally, Natixis Advisors LLC boosted its stake in Electronic Arts by 7.0% during the first quarter. Natixis Advisors LLC now owns 299,110 shares of the game software company's stock valued at $43,227,000 after buying an additional 19,556 shares in the last quarter. Institutional investors own 90.23% of the company's stock.

Insider Transactions at Electronic Arts

In related news, CFO Stuart Canfield sold 1,000 shares of the business's stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $151.32, for a total value of $151,320.00. Following the completion of the sale, the chief financial officer directly owned 14,533 shares in the company, valued at approximately $2,199,133.56. The trade was a 6.44% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jacob J. Schatz sold 1,500 shares of the business's stock in a transaction that occurred on Tuesday, July 15th. The stock was sold at an average price of $148.32, for a total value of $222,480.00. Following the completion of the sale, the executive vice president owned 28,448 shares of the company's stock, valued at approximately $4,219,407.36. This trade represents a 5.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 33,229 shares of company stock worth $5,066,049. 0.24% of the stock is currently owned by company insiders.

Electronic Arts Stock Up 1.7%

EA opened at $159.77 on Tuesday. Electronic Arts Inc. has a fifty-two week low of $115.21 and a fifty-two week high of $168.50. The business has a 50-day moving average of $151.68 and a 200-day moving average of $143.39. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.84 and a quick ratio of 0.95. The company has a market capitalization of $40.15 billion, a PE ratio of 40.04, a price-to-earnings-growth ratio of 2.03 and a beta of 0.72.

Electronic Arts Announces Dividend

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 $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 0.5%. The ex-dividend date is Wednesday, August 27th. Electronic Arts's payout ratio is 19.05%.

Analyst Ratings Changes

Several equities research analysts have recently commented on EA shares. Benchmark upped their target price on Electronic Arts from $160.00 to $180.00 and gave the company a "buy" rating in a report on Wednesday, May 7th. Wells Fargo & Company set a $168.00 target price on Electronic Arts and gave the company an "equal weight" rating in a report on Monday, July 28th. Roth Capital raised Electronic Arts from a "neutral" rating to a "buy" rating and upped their target price for the company from $175.00 to $185.00 in a report on Tuesday, June 24th. Wall Street Zen downgraded Electronic Arts from a "buy" rating to a "hold" rating in a report on Saturday. Finally, HSBC raised Electronic Arts from a "hold" rating to a "buy" rating and set a $190.00 target price for the company in a report on Wednesday, May 7th. Sixteen equities research analysts have rated the stock with a hold rating, ten have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $164.21.

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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