Pinebridge Investments L.P. boosted its position in shares of Activision Blizzard, Inc. (NASDAQ:ATVI) by 34.3% in the second quarter, Holdings Channel reports. The fund owned 238,300 shares of the company’s stock after acquiring an additional 60,864 shares during the period. Pinebridge Investments L.P.’s holdings in Activision Blizzard were worth $11,248,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors have also recently added to or reduced their stakes in the company. Capital Investment Advisory Services LLC lifted its position in Activision Blizzard by 189.5% during the 2nd quarter. Capital Investment Advisory Services LLC now owns 553 shares of the company’s stock worth $25,000 after acquiring an additional 362 shares during the last quarter. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Activision Blizzard during the 1st quarter worth $27,000. Redhawk Wealth Advisors Inc. acquired a new position in Activision Blizzard during the 2nd quarter worth $29,000. Freestone Capital Holdings LLC acquired a new position in Activision Blizzard during the 2nd quarter worth $18,898,000. Finally, Thor Advisors LLC acquired a new position in Activision Blizzard during the 1st quarter worth $40,000. 87.07% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Brian M. Stolz sold 134,845 shares of the stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $47.80, for a total transaction of $6,445,591.00. Following the sale, the insider now directly owns 58,563 shares of the company’s stock, valued at $2,799,311.40. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Christopher B. Walther sold 5,333 shares of the stock in a transaction that occurred on Thursday, August 1st. The shares were sold at an average price of $50.34, for a total transaction of $268,463.22. The disclosure for this sale can be found here. Insiders have sold 156,844 shares of company stock worth $7,528,095 over the last ninety days. Insiders own 1.29% of the company’s stock.
Activision Blizzard (NASDAQ:ATVI) last issued its quarterly earnings data on Thursday, August 8th. The company reported $0.34 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.14. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. Activision Blizzard had a net margin of 23.69% and a return on equity of 15.54%. The company’s quarterly revenue was down 12.9% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. On average, equities analysts predict that Activision Blizzard, Inc. will post 2 earnings per share for the current fiscal year.
A number of research firms have weighed in on ATVI. Piper Jaffray Companies reissued an “overweight” rating and set a $55.00 target price (up previously from $52.00) on shares of Activision Blizzard in a research report on Friday, August 9th. Morgan Stanley reissued an “overweight” rating and set a $57.00 target price (up previously from $55.00) on shares of Activision Blizzard in a research report on Friday, August 9th. Citigroup began coverage on shares of Activision Blizzard in a research report on Friday, June 7th. They set a “neutral” rating and a $47.00 target price for the company. Credit Suisse Group cut their target price on shares of Activision Blizzard from $65.00 to $64.00 and set an “outperform” rating for the company in a research report on Thursday, August 8th. Finally, BidaskClub raised shares of Activision Blizzard from a “hold” rating to a “buy” rating in a research report on Thursday, August 22nd. Eight analysts have rated the stock with a hold rating and twenty-six have given a buy rating to the company’s stock. Activision Blizzard currently has an average rating of “Buy” and an average target price of $61.71.
Activision Blizzard Company Profile
Activision Blizzard, Inc develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment. It develops, publishes, and sells interactive software products and entertainment content for the console and PC platforms through retail and digital channels, including subscription, full-game, and in-game sales, as well as by licensing software to third-party or related-party companies; and offers downloadable content.
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