Sumitomo Life Insurance Co. Trims Stock Position in Electronic Arts Inc. (NASDAQ:EA)

Sumitomo Life Insurance Co. cut its holdings in shares of Electronic Arts Inc. (NASDAQ:EA) by 10.9% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 6,248 shares of the game software company’s stock after selling 768 shares during the period. Sumitomo Life Insurance Co.’s holdings in Electronic Arts were worth $871,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently added to or reduced their stakes in the company. Foster Victor Wealth Advisors LLC boosted its position in Electronic Arts by 10.4% in the 2nd quarter. Foster Victor Wealth Advisors LLC now owns 119,845 shares of the game software company’s stock worth $17,578,000 after purchasing an additional 11,268 shares in the last quarter. Gradient Investments LLC raised its position in shares of Electronic Arts by 592.1% in the second quarter. Gradient Investments LLC now owns 263 shares of the game software company’s stock worth $37,000 after acquiring an additional 225 shares during the period. Blue Trust Inc. boosted its stake in shares of Electronic Arts by 230.3% during the 2nd quarter. Blue Trust Inc. now owns 1,242 shares of the game software company’s stock worth $165,000 after acquiring an additional 866 shares in the last quarter. PICTET BANK & TRUST Ltd grew its position in shares of Electronic Arts by 3.9% during the 2nd quarter. PICTET BANK & TRUST Ltd now owns 8,615 shares of the game software company’s stock valued at $1,200,000 after acquiring an additional 320 shares during the period. Finally, Assenagon Asset Management S.A. raised its holdings in Electronic Arts by 206.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 81,679 shares of the game software company’s stock worth $11,380,000 after purchasing an additional 55,020 shares during the period. 90.23% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on EA. Benchmark boosted their price objective on Electronic Arts from $153.00 to $163.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. TD Cowen raised their target price on Electronic Arts from $163.00 to $183.00 and gave the company a “buy” rating in a research report on Wednesday, July 31st. Wedbush upped their price objective on shares of Electronic Arts from $162.00 to $170.00 and gave the company an “outperform” rating in a research note on Wednesday, July 31st. UBS Group upped their target price on Electronic Arts from $143.00 to $155.00 and gave the company a “neutral” rating in a report on Wednesday, July 31st. Finally, JPMorgan Chase & Co. lifted their target price on shares of Electronic Arts from $148.00 to $155.00 and gave the stock a “neutral” rating in a research note on Monday, July 15th. Nine research analysts have rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $161.28.

Insider Activity

In other news, insider Vijayanthimala Singh sold 800 shares of the business’s stock in a transaction dated Monday, June 3rd. The stock was sold at an average price of $132.88, for a total transaction of $106,304.00. Following the completion of the transaction, the insider now directly owns 39,374 shares of the company’s stock, valued at $5,232,017.12. The sale was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Andrew Wilson sold 4,639 shares of Electronic Arts stock in a transaction dated Wednesday, May 22nd. The stock was sold at an average price of $134.15, for a total transaction of $622,321.85. Following the sale, the chief executive officer now owns 66,747 shares in the company, valued at $8,954,110.05. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Vijayanthimala Singh sold 800 shares of the company’s stock in a transaction dated Monday, June 3rd. The shares were sold at an average price of $132.88, for a total value of $106,304.00. Following the completion of the sale, the insider now directly owns 39,374 shares of the company’s stock, valued at $5,232,017.12. The disclosure for this sale can be found here. Over the last three months, insiders have sold 24,365 shares of company stock worth $3,382,352. Corporate insiders own 0.22% of the company’s stock.

Electronic Arts Trading Up 0.9 %

EA traded up $1.32 during mid-day trading on Friday, hitting $148.36. 1,821,574 shares of the stock were exchanged, compared to its average volume of 2,153,466. The company has a market cap of $39.42 billion, a PE ratio of 31.70, a PEG ratio of 2.28 and a beta of 0.79. The company has a current ratio of 1.45, a quick ratio of 1.37 and a debt-to-equity ratio of 0.25. The firm’s fifty day moving average is $142.55 and its two-hundred day moving average is $136.55. Electronic Arts Inc. has a 1-year low of $117.47 and a 1-year high of $153.51.

Electronic Arts Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 18th. Shareholders of record on Wednesday, August 28th will be issued a dividend of $0.19 per share. The ex-dividend date is Wednesday, August 28th. This represents a $0.76 dividend on an annualized basis and a yield of 0.51%. Electronic Arts’s dividend payout ratio (DPR) is presently 16.24%.

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.