State of Michigan Retirement System Cuts Stake in Electronic Arts Inc. $EA

State of Michigan Retirement System decreased its holdings in Electronic Arts Inc. (NASDAQ:EA) by 3.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 64,454 shares of the game software company’s stock after selling 2,600 shares during the quarter. State of Michigan Retirement System’s holdings in Electronic Arts were worth $10,293,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the business. Mission Wealth Management LP raised its holdings in Electronic Arts by 13.5% in the second quarter. Mission Wealth Management LP now owns 5,080 shares of the game software company’s stock valued at $811,000 after buying an additional 606 shares during the period. Versor Investments LP purchased a new position in Electronic Arts in the second quarter valued at approximately $1,102,000. Plato Investment Management Ltd raised its holdings in Electronic Arts by 1,058.2% in the second quarter. Plato Investment Management Ltd now owns 7,737 shares of the game software company’s stock valued at $1,231,000 after buying an additional 7,069 shares during the period. Kesler Norman & Wride LLC raised its holdings in Electronic Arts by 3.1% in the second quarter. Kesler Norman & Wride LLC now owns 9,877 shares of the game software company’s stock valued at $1,578,000 after buying an additional 297 shares during the period. Finally, Simon Quick Advisors LLC raised its holdings in Electronic Arts by 22.4% in the second quarter. Simon Quick Advisors LLC now owns 5,290 shares of the game software company’s stock valued at $845,000 after buying an additional 969 shares during the period. Hedge funds and other institutional investors own 90.23% of the company’s stock.

Insider Buying and Selling at Electronic Arts

In other news, CEO Andrew Wilson sold 5,000 shares of the firm’s stock in a transaction that occurred on Monday, October 20th. The shares were sold at an average price of $200.55, for a total transaction of $1,002,750.00. Following the completion of the sale, the chief executive officer owned 42,393 shares of the company’s stock, valued at approximately $8,501,916.15. This trade represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Vijayanthimala Singh sold 1,200 shares of the firm’s stock in a transaction that occurred on Wednesday, October 15th. The stock was sold at an average price of $200.31, for a total transaction of $240,372.00. Following the sale, the insider directly owned 32,331 shares of the company’s stock, valued at $6,476,222.61. The trade was a 3.58% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 39,400 shares of company stock valued at $7,359,462. Corporate insiders own 0.24% of the company’s stock.

Electronic Arts Stock Down 0.1%

EA stock opened at $199.89 on Tuesday. Electronic Arts Inc. has a twelve month low of $115.21 and a twelve month high of $203.75. The company has a current ratio of 0.84, a quick ratio of 0.84 and a debt-to-equity ratio of 0.25. The company has a market capitalization of $50.01 billion, a P/E ratio of 58.45, a PEG ratio of 3.04 and a beta of 0.77. The firm has a 50 day simple moving average of $186.73 and a 200-day simple moving average of $165.53.

Electronic Arts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Tuesday, December 23rd. Stockholders of record on Wednesday, December 3rd will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, December 3rd. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.4%. Electronic Arts’s dividend payout ratio (DPR) is presently 22.22%.

Analyst Ratings Changes

EA has been the topic of several research reports. Morgan Stanley raised their price target on shares of Electronic Arts from $148.00 to $210.00 and gave the company an “equal weight” rating in a report on Monday, October 20th. Jefferies Financial Group lowered shares of Electronic Arts from a “buy” rating to a “hold” rating and raised their price target for the company from $200.00 to $210.00 in a report on Tuesday, September 30th. Benchmark reiterated a “buy” rating on shares of Electronic Arts in a research note on Wednesday, October 29th. UBS Group set a $210.00 price objective on shares of Electronic Arts and gave the company a “neutral” rating in a research note on Tuesday, September 30th. Finally, Arete upgraded shares of Electronic Arts from a “neutral” rating to a “buy” rating and set a $192.00 price objective on the stock in a research note on Tuesday, August 5th. Two analysts have rated the stock with a Strong Buy rating, four have given a Buy rating, twenty-five have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $181.64.

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.