Activision Blizzard (ATVI) Upgraded by Zacks Investment Research to Buy
Zacks Investment Research upgraded shares of Activision Blizzard (NASDAQ:ATVI) from a hold rating to a buy rating in a report released on Tuesday morning. They currently have $77.00 price objective on the stock.
According to Zacks, “Activision reported encouraging fourth-quarter 2017 results. Shares have outperformed the industry in the past year. The company's popularity is primarily driven by its well-known franchises, which will continue to fuel top-line growth. Increasing digital revenues, King Digital buyout and strength in franchises such as Call of Duty, Destiny & Overwatch are the key drivers. The company’s attempts to become a broad-based media company are prudent in our view. Apart from launching a movie studio and consumer products division, the company is also strengthening its presence in the lucrative e-sports market. However, hit driven and competitive nature of the video game industry begets caution.”
Other equities analysts also recently issued reports about the company. Piper Jaffray Companies restated a buy rating and issued a $70.00 price objective on shares of Activision Blizzard in a research report on Wednesday, November 8th. KeyCorp restated a buy rating and issued a $74.00 price objective on shares of Activision Blizzard in a research report on Tuesday, October 17th. SunTrust Banks set a $72.00 price objective on Activision Blizzard and gave the company a buy rating in a research report on Sunday, October 29th. Wedbush set a $75.00 target price on Activision Blizzard and gave the stock a buy rating in a report on Thursday, October 26th. Finally, UBS Group lifted their target price on Activision Blizzard from $72.00 to $75.00 and gave the stock a buy rating in a report on Friday, November 3rd. Six equities research analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of Buy and a consensus target price of $73.08.
Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings data on Thursday, February 8th. The company reported $0.94 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.92 by $0.02. Activision Blizzard had a return on equity of 17.48% and a net margin of 3.89%. The business had revenue of $2.64 billion for the quarter, compared to the consensus estimate of $2.55 billion. During the same period in the previous year, the business earned $0.65 earnings per share. The business’s revenue was up 7.7% on a year-over-year basis. sell-side analysts predict that Activision Blizzard will post 2.57 EPS for the current fiscal year.
A number of hedge funds and other institutional investors have recently modified their holdings of ATVI. BlackRock Inc. increased its stake in Activision Blizzard by 5.8% during the fourth quarter. BlackRock Inc. now owns 54,967,203 shares of the company’s stock worth $3,480,525,000 after acquiring an additional 2,992,193 shares during the last quarter. Schwab Charles Investment Management Inc. bought a new stake in Activision Blizzard during the fourth quarter worth approximately $169,547,000. Egerton Capital UK LLP increased its stake in Activision Blizzard by 22.0% during the fourth quarter. Egerton Capital UK LLP now owns 11,051,017 shares of the company’s stock worth $699,750,000 after acquiring an additional 1,991,213 shares during the last quarter. Prudential Financial Inc. grew its stake in shares of Activision Blizzard by 108.6% during the third quarter. Prudential Financial Inc. now owns 3,184,687 shares of the company’s stock valued at $205,444,000 after buying an additional 1,657,730 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of Activision Blizzard by 25.6% during the third quarter. Bank of New York Mellon Corp now owns 7,476,125 shares of the company’s stock valued at $482,285,000 after buying an additional 1,523,740 shares during the last quarter. 85.61% of the stock is currently owned by institutional investors.
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Activision Blizzard Company Profile
Activision Blizzard, Inc is a developer and publisher of interactive entertainment content and services. The Company develops and distributes content and services across various gaming platforms, including video game consoles, personal computers (PC) and mobile devices. Its segments include Activision Publishing, Inc (Activision), Blizzard Entertainment, Inc (Blizzard), King Digital Entertainment (King) and Other.
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