Activision Blizzard, Inc (ATVI) Stock Rating Reaffirmed by MKM Partners
MKM Partners reissued their buy rating on shares of Activision Blizzard, Inc (NASDAQ:ATVI) in a research report sent to investors on Wednesday. They currently have a $63.00 price target on the stock, up from their previous price target of $60.00.
Several other brokerages also recently issued reports on ATVI. UBS AG reissued a buy rating and issued a $60.00 price objective (up previously from $57.00) on shares of Activision Blizzard in a research note on Friday, May 5th. Wedbush set a $63.00 price objective on shares of Activision Blizzard and gave the stock a buy rating in a research note on Saturday, May 6th. Piper Jaffray Companies reissued an overweight rating and issued a $65.00 price objective on shares of Activision Blizzard in a research note on Tuesday, July 18th. BidaskClub downgraded shares of Activision Blizzard from a buy rating to a hold rating in a research note on Tuesday, July 25th. Finally, Credit Suisse Group raised their price objective on shares of Activision Blizzard from $61.00 to $62.00 and gave the stock an outperform rating in a research note on Monday, May 15th. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-two have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and an average target price of $61.14.
Shares of Activision Blizzard (ATVI) opened at 61.45 on Wednesday. Activision Blizzard has a 1-year low of $35.12 and a 1-year high of $63.19. The company has a market cap of $46.31 billion, a price-to-earnings ratio of 45.08 and a beta of 1.07. The stock has a 50 day moving average price of $59.54 and a 200-day moving average price of $51.48.
Activision Blizzard (NASDAQ:ATVI) last released its quarterly earnings results on Thursday, May 4th. The company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.16 by $0.11. The company had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.09 billion. Activision Blizzard had a return on equity of 16.90% and a net margin of 14.63%. The firm’s revenue was up 31.7% on a year-over-year basis. During the same quarter last year, the business posted $0.23 earnings per share. Equities research analysts forecast that Activision Blizzard will post $2.01 earnings per share for the current year.
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In other Activision Blizzard news, CEO Riccardo Zacconi sold 19,761 shares of Activision Blizzard stock in a transaction on Wednesday, May 17th. The shares were sold at an average price of $55.45, for a total value of $1,095,747.45. Following the transaction, the chief executive officer now directly owns 55,509 shares of the company’s stock, valued at $3,077,974.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 2.12% of the stock is currently owned by insiders.
A number of institutional investors have recently added to or reduced their stakes in ATVI. BlackRock Inc. raised its position in Activision Blizzard by 3,032.9% in the first quarter. BlackRock Inc. now owns 48,912,065 shares of the company’s stock valued at $2,438,753,000 after buying an additional 47,350,818 shares in the last quarter. Jennison Associates LLC raised its position in Activision Blizzard by 110,271.4% in the first quarter. Jennison Associates LLC now owns 12,179,488 shares of the company’s stock valued at $607,269,000 after buying an additional 12,168,453 shares in the last quarter. Egerton Capital UK LLP raised its position in Activision Blizzard by 225.7% in the first quarter. Egerton Capital UK LLP now owns 12,219,008 shares of the company’s stock valued at $609,240,000 after buying an additional 8,467,902 shares in the last quarter. Caxton Associates LP purchased a new position in Activision Blizzard during the first quarter valued at about $149,610,000. Finally, Iridian Asset Management LLC CT purchased a new position in Activision Blizzard during the first quarter valued at about $148,547,000. 87.48% of the stock is currently owned by institutional investors and hedge funds.
About Activision Blizzard
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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