Westpac Banking Corp Sells 21,905 Shares of Electronic Arts Inc. (NASDAQ:EA)

Key Points

• Westpac Banking Corp reduced its stake in Electronic Arts Inc. by 64.2% during the 1st quarter, holding 12,216 shares worth approximately $1.76 million after selling 21,905 shares.
• Wells Fargo set a price target of $168.00 with an "equal weight" rating, while multiple analysts have increased their target prices, indicating a general optimism toward the stock with a consensus target of $167.12.
• Electronic Arts announced a quarterly dividend of $0.19 per share, yielding approximately 0.4%, with a record date of August 27th for shareholders.

Westpac Banking Corp lowered its holdings in shares of Electronic Arts Inc. (NASDAQ:EA - Free Report) by 64.2% in the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 12,216 shares of the game software company's stock after selling 21,905 shares during the period. Westpac Banking Corp's holdings in Electronic Arts were worth $1,765,000 as of its most recent filing with the SEC.

Other institutional investors also recently modified their holdings of the company. Putney Financial Group LLC acquired a new stake in Electronic Arts during the 4th quarter worth approximately $26,000. Opal Wealth Advisors LLC acquired a new stake in Electronic Arts during the 1st quarter worth approximately $28,000. Bank of Jackson Hole Trust boosted 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 period. LGT Financial Advisors LLC acquired a new stake in Electronic Arts during the 4th quarter worth approximately $33,000. Finally, Wayfinding Financial LLC acquired a new stake in Electronic Arts during the 1st quarter worth approximately $39,000. Institutional investors and hedge funds own 90.23% of the company's stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on EA. DA Davidson lifted their target price on Electronic Arts from $150.00 to $160.00 and gave the stock a "neutral" rating in a report on Monday, August 11th. Benchmark lifted their target price on Electronic Arts from $160.00 to $180.00 and gave the stock a "buy" rating in a report on Wednesday, May 7th. Arete Research set a $192.00 target price on Electronic Arts in a report on Tuesday, August 5th. Roth Capital upgraded Electronic Arts from a "neutral" rating to a "buy" rating and lifted their target price for the stock from $175.00 to $185.00 in a report on Tuesday, June 24th. Finally, The Goldman Sachs Group lifted their target price on Electronic Arts from $135.00 to $155.00 and gave the stock a "neutral" rating in a report on Thursday, May 8th. Sixteen equities research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $167.12.

Insider Buying and Selling at Electronic Arts

In other news, EVP Jacob J. Schatz sold 1,500 shares of Electronic Arts stock in a transaction that occurred on Monday, June 16th. The stock was sold at an average price of $148.69, for a total value of $223,035.00. Following the sale, the executive vice president directly owned 29,948 shares in the company, valued at approximately $4,452,968.12. This trade represents a 4.77% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Stuart Canfield sold 1,000 shares of Electronic Arts 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 owned 14,533 shares in the company, valued at approximately $2,199,133.56. This represents a 6.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 29,229 shares of company stock worth $4,452,664 over the last quarter. Company insiders own 0.24% of the company's stock.

Electronic Arts Price Performance

Shares of EA traded down $4.34 during midday trading on Friday, reaching $174.67. The stock had a trading volume of 3,428,521 shares, compared to its average volume of 3,477,202. The company's 50-day moving average is $156.13 and its 200 day moving average is $146.04. Electronic Arts Inc. has a 12-month low of $115.21 and a 12-month high of $180.90. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.24. The company has a market capitalization of $43.70 billion, a price-to-earnings ratio of 43.78, a price-to-earnings-growth ratio of 2.25 and a beta of 0.72.

Electronic Arts Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 17th. Investors of record on Wednesday, August 27th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 0.4%. The ex-dividend date is Wednesday, August 27th. Electronic Arts's dividend payout ratio (DPR) is presently 19.05%.

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.