PNC Financial Services Group Inc. grew its stake in Activision Blizzard, Inc. (NASDAQ:ATVI) by 7.0% in the third quarter, HoldingsChannel reports. The firm owned 101,153 shares of the company’s stock after acquiring an additional 6,596 shares during the quarter. PNC Financial Services Group Inc.’s holdings in Activision Blizzard were worth $8,415,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of the company. Altman Advisors Inc. purchased a new position in Activision Blizzard in the second quarter worth approximately $323,000. Asset Advisors Investment Management LLC purchased a new position in Activision Blizzard in the third quarter worth approximately $100,000. Ashburton Jersey Ltd purchased a new position in Activision Blizzard in the second quarter worth approximately $107,000. Quad Cities Investment Group LLC purchased a new position in Activision Blizzard in the second quarter worth approximately $114,000. Finally, NuWave Investment Management LLC purchased a new position in Activision Blizzard in the second quarter worth approximately $121,000. Institutional investors and hedge funds own 87.83% of the company’s stock.
ATVI has been the subject of several analyst reports. Piper Jaffray Companies reiterated an “overweight” rating and issued a $88.00 price objective on shares of Activision Blizzard in a research report on Wednesday, September 26th. Credit Suisse Group lowered their price objective on Activision Blizzard from $85.00 to $79.00 and set an “outperform” rating for the company in a research report on Friday, November 9th. BidaskClub lowered Activision Blizzard from a “hold” rating to a “sell” rating in a research report on Thursday, November 8th. Oppenheimer lowered their price objective on Activision Blizzard from $87.00 to $68.00 and set an “outperform” rating for the company in a research report on Friday, November 9th. Finally, KeyCorp reiterated an “overweight” rating and issued a $80.00 price objective (down from $85.00) on shares of Activision Blizzard in a research report on Friday, November 9th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating, nineteen have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Buy” and an average price target of $75.99.
Activision Blizzard (NASDAQ:ATVI) last released its quarterly earnings results on Thursday, November 8th. The company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.50 by ($0.03). Activision Blizzard had a return on equity of 15.44% and a net margin of 8.07%. The firm had revenue of $1.66 billion for the quarter, compared to analysts’ expectations of $1.66 billion. During the same quarter in the prior year, the business earned $0.25 earnings per share. The company’s quarterly revenue was down 12.6% on a year-over-year basis. Equities research analysts predict that Activision Blizzard, Inc. will post 2.36 earnings per share for the current fiscal year.
About Activision Blizzard
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. The company 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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