Cullinan Associates Inc. Sells 60,774 Shares of Electronic Arts Inc. $EA

Cullinan Associates Inc. lowered its position in shares of Electronic Arts Inc. (NASDAQ:EA) by 85.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 10,189 shares of the game software company’s stock after selling 60,774 shares during the period. Cullinan Associates Inc.’s holdings in Electronic Arts were worth $2,077,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of EA. Ascentis Independent Advisors bought a new stake in shares of Electronic Arts during the 1st quarter valued at $27,000. MV Capital Management Inc. bought a new position in Electronic Arts in the 4th quarter worth $28,000. Asset Planning Inc purchased a new stake in Electronic Arts in the 1st quarter worth $32,000. Whipplewood Advisors LLC purchased a new stake in Electronic Arts in the 1st quarter worth $32,000. Finally, Fideuram Asset Management Ireland dac bought a new stake in Electronic Arts during the fourth quarter valued at about $44,000. 90.23% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities analysts have recently commented on EA shares. Citigroup boosted their price objective on Electronic Arts from $202.00 to $204.00 and gave the company a “neutral” rating in a research report on Thursday, May 7th. Argus downgraded Electronic Arts from a “buy” rating to a “hold” rating in a research note on Thursday, May 28th. Wall Street Zen raised Electronic Arts to a “hold” rating in a report on Saturday, June 6th. Finally, Weiss Ratings upgraded Electronic Arts from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 18th. Two research analysts have rated the stock with a Buy rating, seventeen have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $196.64.

Electronic Arts Price Performance

Shares of EA traded down $0.15 during midday trading on Friday, hitting $206.41. 1,228,540 shares of the company traded hands, compared to its average volume of 1,937,871. The stock has a market cap of $51.76 billion, a price-to-earnings ratio of 59.14, a PEG ratio of 2.31 and a beta of 0.64. The firm has a 50 day moving average of $202.76 and a 200-day moving average of $202.54. The company has a debt-to-equity ratio of 0.22, a quick ratio of 1.05 and a current ratio of 1.05. Electronic Arts Inc. has a 52 week low of $146.97 and a 52 week high of $206.63.

Electronic Arts Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 17th. Stockholders of record on Wednesday, May 27th were given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.4%. The ex-dividend date was Wednesday, May 27th. Electronic Arts’s dividend payout ratio is currently 21.78%.

Insider Buying and Selling at Electronic Arts

In related news, CFO Stuart Canfield sold 1,500 shares of the company’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $201.36, for a total transaction of $302,040.00. Following the sale, the chief financial officer owned 25,991 shares of the company’s stock, valued at $5,233,547.76. This represents a 5.46% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, insider Laura Miele sold 2,500 shares of the stock in a transaction dated Wednesday, April 15th. The shares were sold at an average price of $203.21, for a total transaction of $508,025.00. Following the completion of the transaction, the insider directly owned 43,343 shares of the company’s stock, valued at approximately $8,807,731.03. The trade was a 5.45% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 39,906 shares of company stock valued at $8,060,033. 0.24% of the stock is owned by company insiders.

About Electronic Arts

Electronic Arts Inc (NASDAQ: EA) is a global interactive entertainment company headquartered in Redwood City, California. Founded in 1982 by Trip Hawkins, EA develops, publishes and distributes video games and related content for a variety of platforms, including consoles, personal computers and mobile devices. The company combines in-house development, partnerships and studio acquisitions to create and maintain a portfolio of entertainment properties and live-service experiences for players worldwide.

EA’s product lineup spans several well-known franchises and genres.