Arkadios Wealth Advisors Reduces Stock Holdings in Activision Blizzard, Inc. (NASDAQ:ATVI)
Arkadios Wealth Advisors cut its holdings in Activision Blizzard, Inc. (NASDAQ:ATVI) by 29.9% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 591 shares of the company’s stock after selling 252 shares during the quarter. Arkadios Wealth Advisors’ holdings in Activision Blizzard were worth $48,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. Morgan Stanley lifted its stake in shares of Activision Blizzard by 65.3% in the 1st quarter. Morgan Stanley now owns 8,571,832 shares of the company’s stock valued at $509,853,000 after purchasing an additional 3,385,187 shares during the period. California Public Employees Retirement System increased its holdings in Activision Blizzard by 156.6% in the third quarter. California Public Employees Retirement System now owns 4,387,825 shares of the company’s stock valued at $355,194,000 after buying an additional 2,677,541 shares in the last quarter. BlackRock Inc. raised its position in shares of Activision Blizzard by 4.0% in the second quarter. BlackRock Inc. now owns 54,133,188 shares of the company’s stock worth $4,108,711,000 after acquiring an additional 2,081,954 shares during the period. Assenagon Asset Management S.A. boosted its stake in shares of Activision Blizzard by 229.1% during the 3rd quarter. Assenagon Asset Management S.A. now owns 2,970,331 shares of the company’s stock worth $240,448,000 after acquiring an additional 2,067,889 shares in the last quarter. Finally, Nordea Investment Management AB grew its position in shares of Activision Blizzard by 111.8% during the 2nd quarter. Nordea Investment Management AB now owns 2,704,356 shares of the company’s stock valued at $206,180,000 after acquiring an additional 1,427,660 shares during the period. 81.94% of the stock is owned by institutional investors and hedge funds.
In other news, Director Brian G. Kelly sold 200,000 shares of the firm’s stock in a transaction that occurred on Monday, November 2nd. The shares were sold at an average price of $76.65, for a total value of $15,330,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Dennis M. Durkin sold 50,000 shares of Activision Blizzard stock in a transaction that occurred on Thursday, August 27th. The shares were sold at an average price of $83.51, for a total transaction of $4,175,500.00. Following the completion of the transaction, the chief financial officer now owns 442,096 shares of the company’s stock, valued at approximately $36,919,436.96. The disclosure for this sale can be found here. Insiders sold a total of 325,002 shares of company stock worth $25,423,916 in the last quarter. Company insiders own 1.29% of the company’s stock.
Activision Blizzard (NASDAQ:ATVI) last announced its earnings results on Tuesday, November 3rd. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.06. Activision Blizzard had a return on equity of 19.07% and a net margin of 28.90%. The company had revenue of $1.95 billion for the quarter, compared to analyst estimates of $1.70 billion. During the same quarter in the previous year, the company earned $0.26 earnings per share. The firm’s quarterly revenue was up 61.5% compared to the same quarter last year. As a group, research analysts predict that Activision Blizzard, Inc. will post 3.26 EPS for the current fiscal year.
A number of equities analysts recently weighed in on the company. Wells Fargo & Company reiterated a “buy” rating on shares of Activision Blizzard in a research report on Wednesday, August 5th. Citigroup increased their target price on Activision Blizzard from $73.00 to $83.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. Stifel Nicolaus lifted their price target on shares of Activision Blizzard from $97.00 to $102.00 and gave the company a “buy” rating in a research note on Wednesday, October 21st. Morgan Stanley lifted their price objective on Activision Blizzard from $88.00 to $100.00 and gave the stock an “overweight” rating in a report on Wednesday, August 5th. Finally, JPMorgan Chase & Co. increased their target price on Activision Blizzard from $92.00 to $95.00 and gave the company an “overweight” rating in a report on Monday, October 26th. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and twenty-three have issued a buy rating to the company. Activision Blizzard currently has a consensus rating of “Buy” and a consensus target price of $91.00.
About Activision Blizzard
Activision Blizzard, Inc, together with its subsidiaries, develops and distributes content and services on video game consoles, personal computers (PC), and mobile devices in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company operates through three segments: Activision Publishing, Inc; Blizzard Entertainment, Inc; and King Digital Entertainment.
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