Harvey Capital Management Inc. Acquires 21,618 Shares of Electronic Arts Inc. (NASDAQ:EA)

Harvey Capital Management Inc. raised its stake in Electronic Arts Inc. (NASDAQ:EA) by 68.8% during the 3rd quarter, Holdings Channel.com reports. The firm owned 53,021 shares of the game software company’s stock after buying an additional 21,618 shares during the period. Electronic Arts accounts for 1.9% of Harvey Capital Management Inc.’s holdings, making the stock its 15th largest holding. Harvey Capital Management Inc.’s holdings in Electronic Arts were worth $7,605,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of EA. Opal Wealth Advisors LLC acquired a new position in Electronic Arts during the second quarter worth about $28,000. Family Firm Inc. acquired a new position in shares of Electronic Arts in the second quarter worth approximately $33,000. Reston Wealth Management LLC bought a new stake in Electronic Arts in the third quarter valued at approximately $36,000. Gradient Investments LLC increased its position in Electronic Arts by 592.1% during the 2nd quarter. Gradient Investments LLC now owns 263 shares of the game software company’s stock valued at $37,000 after purchasing an additional 225 shares during the period. Finally, New Covenant Trust Company N.A. bought a new position in Electronic Arts during the 1st quarter worth approximately $35,000. 90.23% of the stock is owned by institutional investors.

Insider Activity at Electronic Arts

In other Electronic Arts news, CFO Stuart Canfield sold 1,260 shares of the company’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $148.37, for a total transaction of $186,946.20. Following the transaction, the chief financial officer now directly owns 7,553 shares in the company, valued at $1,120,638.61. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Stuart Canfield sold 1,260 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $148.37, for a total transaction of $186,946.20. Following the completion of the sale, the chief financial officer now owns 7,553 shares in the company, valued at $1,120,638.61. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Vijayanthimala Singh sold 7,384 shares of Electronic Arts stock in a transaction on Wednesday, August 28th. The shares were sold at an average price of $149.91, for a total transaction of $1,106,935.44. Following the completion of the transaction, the insider now owns 31,190 shares in the company, valued at approximately $4,675,692.90. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 23,644 shares of company stock valued at $3,491,207. 0.22% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

Several research firms recently commented on EA. Jefferies Financial Group initiated coverage on Electronic Arts in a research note on Thursday, July 11th. They set a “buy” rating and a $165.00 target price for the company. DZ Bank upgraded shares of Electronic Arts from a “hold” rating to a “buy” rating and upped their price objective for the company from $135.00 to $177.00 in a report on Thursday. Robert W. Baird increased their price target on Electronic Arts from $170.00 to $175.00 and gave the stock an “outperform” rating in a report on Wednesday. StockNews.com raised shares of Electronic Arts from a “buy” rating to a “strong-buy” rating in a research report on Thursday. Finally, Bank of America raised their price objective on shares of Electronic Arts from $150.00 to $170.00 and gave the company a “buy” rating in a research note on Wednesday, July 31st. Eight equities research analysts have rated the stock with a hold rating, eleven have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $164.39.

Electronic Arts Stock Performance

Shares of NASDAQ:EA traded up $0.41 during trading on Friday, hitting $151.26. The stock had a trading volume of 1,954,157 shares, compared to its average volume of 1,665,278. Electronic Arts Inc. has a 12-month low of $124.92 and a 12-month high of $153.51. The stock has a 50-day simple moving average of $144.96 and a two-hundred day simple moving average of $140.19. The company has a quick ratio of 1.45, a current ratio of 1.43 and a debt-to-equity ratio of 0.25. The stock has a market capitalization of $39.96 billion, a price-to-earnings ratio of 38.88, a price-to-earnings-growth ratio of 2.05 and a beta of 0.78.

Electronic Arts Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Wednesday, December 18th. Investors of record on Wednesday, November 27th will be given a dividend of $0.19 per share. The ex-dividend date of this dividend is Wednesday, November 27th. This represents a $0.76 annualized dividend and a dividend yield of 0.50%. Electronic Arts’s dividend payout ratio (DPR) is presently 19.54%.

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.