Pinebridge Investments L.P. increased its position in Activision Blizzard, Inc. (NASDAQ:ATVI) by 34.3% in the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 238,300 shares of the company’s stock after purchasing an additional 60,864 shares during the period. Pinebridge Investments L.P.’s holdings in Activision Blizzard were worth $11,248,000 at the end of the most recent reporting period.
A number of other large investors have also recently bought and sold shares of the stock. Capital Investment Advisory Services LLC boosted its stake in Activision Blizzard by 189.5% in the second quarter. Capital Investment Advisory Services LLC now owns 553 shares of the company’s stock valued at $25,000 after acquiring an additional 362 shares during the period. Nelson Van Denburg & Campbell Wealth Management Group LLC acquired a new position in Activision Blizzard in the first quarter valued at approximately $27,000. Redhawk Wealth Advisors Inc. acquired a new position in Activision Blizzard in the second quarter valued at approximately $29,000. Freestone Capital Holdings LLC acquired a new position in Activision Blizzard in the second quarter valued at approximately $18,898,000. Finally, Thor Advisors LLC acquired a new position in Activision Blizzard in the first quarter valued at approximately $40,000. Institutional investors and hedge funds own 87.07% of the company’s stock.
A number of equities analysts have commented on ATVI shares. BidaskClub upgraded Activision Blizzard from a “hold” rating to a “buy” rating in a research note on Thursday, August 22nd. UBS Group restated a “buy” rating and issued a $56.00 target price (up from $52.00) on shares of Activision Blizzard in a research note on Friday, August 9th. Goldman Sachs Group upgraded Activision Blizzard from a “neutral” rating to a “buy” rating and lifted their target price for the company from $50.00 to $54.00 in a research note on Tuesday, May 28th. Ascendiant Capital Markets restated a “buy” rating and issued a $55.00 target price (up from $53.00) on shares of Activision Blizzard in a research note on Wednesday, August 14th. Finally, Bank of America lifted their target price on Activision Blizzard from $57.00 to $62.00 and gave the company a “buy” rating in a research note on Thursday. Eight analysts have rated the stock with a hold rating and twenty-six have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average price target of $61.71.
In related news, insider Brian M. Stolz sold 134,845 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $47.80, for a total transaction of $6,445,591.00. Following the sale, the insider now owns 58,563 shares of the company’s stock, valued at $2,799,311.40. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Christopher B. Walther sold 11,333 shares of the company’s stock in a transaction on Monday, July 1st. The shares were sold at an average price of $47.91, for a total value of $542,964.03. The disclosure for this sale can be found here. In the last three months, insiders have sold 156,844 shares of company stock worth $7,528,095. 1.29% of the stock is owned by corporate insiders.
NASDAQ:ATVI traded up $0.36 during midday trading on Friday, hitting $55.81. 2,578,598 shares of the stock were exchanged, compared to its average volume of 7,147,338. Activision Blizzard, Inc. has a one year low of $39.85 and a one year high of $84.68. The company has a market capitalization of $42.85 billion, a price-to-earnings ratio of 23.35, a P/E/G ratio of 2.22 and a beta of 0.89. The business has a 50-day moving average price of $49.35 and a two-hundred day moving average price of $46.51. The company has a current ratio of 3.46, a quick ratio of 3.43 and a debt-to-equity ratio of 0.22.
Activision Blizzard (NASDAQ:ATVI) last announced its earnings results on Thursday, August 8th. The company reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.20 by $0.14. Activision Blizzard had a return on equity of 15.54% and a net margin of 23.69%. The firm had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the previous year, the company earned $0.41 earnings per share. The firm’s quarterly revenue was down 12.9% compared to the same quarter last year. Sell-side analysts forecast that Activision Blizzard, Inc. will post 2 EPS for the current fiscal year.
About Activision Blizzard
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.
Further Reading: Limitations of the P/E Growth ratio
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