Bank of America Boosts Activision Blizzard (ATVI) Price Target to $77.00

Activision Blizzard (NASDAQ:ATVI) had its price target raised by Bank of America from $76.00 to $77.00 in a research note issued to investors on Tuesday morning. The firm currently has a buy rating on the stock.

Several other analysts have also recently commented on the company. Vetr upgraded Activision Blizzard from a hold rating to a buy rating and set a $75.74 target price on the stock in a report on Monday, February 5th. Stifel Nicolaus restated a buy rating and set a $77.00 target price on shares of Activision Blizzard in a report on Thursday, February 1st. Needham & Company LLC increased their target price on Activision Blizzard from $75.00 to $80.00 and gave the stock a buy rating in a report on Wednesday, January 31st. Credit Suisse Group restated a buy rating and set a $81.00 target price on shares of Activision Blizzard in a report on Friday, January 26th. Finally, SunTrust Banks set a $77.00 target price on Activision Blizzard and gave the stock a buy rating in a report on Wednesday, January 24th. Six equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of Buy and an average target price of $71.75.

Shares of Activision Blizzard (ATVI) opened at $67.08 on Tuesday. The company has a debt-to-equity ratio of 0.44, a quick ratio of 2.22 and a current ratio of 2.25. The company has a market capitalization of $50,720.00, a price-to-earnings ratio of 45.95, a PEG ratio of 1.91 and a beta of 1.11. Activision Blizzard has a 1-year low of $38.93 and a 1-year high of $74.94.

Activision Blizzard (NASDAQ:ATVI) last announced its earnings results on Thursday, February 8th. The company reported $0.94 EPS for the quarter, topping the consensus estimate of $0.92 by $0.02. The company had revenue of $2.64 billion for the quarter, compared to analysts’ expectations of $2.55 billion. Activision Blizzard had a return on equity of 17.56% and a net margin of 15.90%. The business’s revenue for the quarter was up 7.7% on a year-over-year basis. During the same quarter in the prior year, the business earned $0.65 earnings per share. research analysts expect that Activision Blizzard will post 2.13 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, May 9th. Shareholders of record on Friday, March 30th will be paid a $0.34 dividend. This is a positive change from Activision Blizzard’s previous quarterly dividend of $0.30. The ex-dividend date is Wednesday, March 28th. This represents a $1.36 annualized dividend and a yield of 2.03%. Activision Blizzard’s dividend payout ratio is presently 20.55%.

In other news, CEO Riccardo Zacconi sold 19,761 shares of the firm’s stock in a transaction dated Friday, November 17th. The stock was sold at an average price of $63.64, for a total transaction of $1,257,590.04. Following the sale, the chief executive officer now owns 41,435 shares of the company’s stock, valued at $2,636,923.40. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Company insiders own 2.12% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its position in shares of 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 purchasing an additional 2,992,193 shares during the period. Egerton Capital UK LLP raised its position in shares of 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 purchasing an additional 1,991,213 shares during the period. Bank of New York Mellon Corp raised its position in shares of Activision Blizzard by 7.4% during the fourth quarter. Bank of New York Mellon Corp now owns 8,026,958 shares of the company’s stock worth $508,266,000 after purchasing an additional 550,833 shares during the period. Boston Partners raised its position in shares of Activision Blizzard by 0.5% during the third quarter. Boston Partners now owns 6,778,871 shares of the company’s stock worth $437,305,000 after purchasing an additional 33,114 shares during the period. Finally, Carmignac Gestion raised its position in shares of Activision Blizzard by 0.5% during the third quarter. Carmignac Gestion now owns 5,920,188 shares of the company’s stock worth $381,911,000 after purchasing an additional 26,761 shares during the period. 86.04% of the stock is currently owned by institutional investors.

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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.

Analyst Recommendations for Activision Blizzard (NASDAQ:ATVI)

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