State of Michigan Retirement System lifted its position in shares of Activision Blizzard, Inc. (NASDAQ:ATVI) by 11.7% in the second quarter, HoldingsChannel reports. The institutional investor owned 196,742 shares of the company’s stock after purchasing an additional 20,598 shares during the period. State of Michigan Retirement System’s holdings in Activision Blizzard were worth $14,933,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in the company. Massachusetts Financial Services Co. MA acquired a new stake in Activision Blizzard in the 1st quarter valued at $327,047,000. Morgan Stanley increased its holdings in 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 in the last quarter. AJO LP increased its holdings in Activision Blizzard by 587.8% in the 1st quarter. AJO LP now owns 2,755,286 shares of the company’s stock valued at $163,883,000 after purchasing an additional 2,354,676 shares in the last quarter. Capital International Investors increased its holdings in Activision Blizzard by 4.0% in the 1st quarter. Capital International Investors now owns 59,362,226 shares of the company’s stock valued at $3,530,860,000 after purchasing an additional 2,295,133 shares in the last quarter. Finally, BlackRock Inc. increased its holdings in Activision Blizzard by 4.3% in the 1st quarter. BlackRock Inc. now owns 52,051,234 shares of the company’s stock valued at $3,096,008,000 after purchasing an additional 2,149,264 shares in the last quarter. Institutional investors and hedge funds own 86.73% of the company’s stock.
In related news, Director Brian G. Kelly sold 250,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $72.42, for a total transaction of $18,105,000.00. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Collister Johnson sold 24,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $72.31, for a total transaction of $1,735,440.00. The disclosure for this sale can be found here. Insiders sold 324,000 shares of company stock worth $23,504,440 in the last 90 days. 1.29% of the stock is owned by company insiders.
Activision Blizzard (NASDAQ:ATVI) last announced its quarterly earnings results on Tuesday, May 5th. The company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.38 by $0.20. Activision Blizzard had a net margin of 24.21% and a return on equity of 14.57%. The company had revenue of $1.52 billion for the quarter, compared to analyst estimates of $1.32 billion. During the same quarter last year, the business earned $0.58 earnings per share. Activision Blizzard’s revenue was up 21.0% compared to the same quarter last year. As a group, research analysts anticipate that Activision Blizzard, Inc. will post 2.54 EPS for the current year.
Several brokerages recently issued reports on ATVI. Citigroup increased their price target on Activision Blizzard from $64.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, May 18th. SunTrust Banks increased their price target on Activision Blizzard to $87.00 and gave the company a “buy” rating in a report on Thursday, July 23rd. Edward Jones started coverage on shares of Activision Blizzard in a research report on Tuesday, July 14th. They issued a “buy” rating for the company. MKM Partners upped their price objective on shares of Activision Blizzard from $80.00 to $87.00 in a research report on Wednesday, July 15th. Finally, Berenberg Bank upped their price objective on shares of Activision Blizzard from $83.00 to $88.00 and gave the company a “buy” rating in a research report on Thursday. One equities research analyst has rated the stock with a sell rating, four have given a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $78.47.
Activision Blizzard Profile
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.
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