JOYY (NASDAQ:JOYY) Sets New 1-Year High After Dividend Announcement

Shares of JOYY Inc. Sponsored ADR (NASDAQ:JOYY) reached a new 52-week high on Wednesday following a dividend announcement from the company. The stock traded as high as $80.90 and last traded at $75.9290, with a volume of 221268 shares traded. The stock had previously closed at $75.00.

The newly announced dividend which will be paid on Friday, October 16th. Shareholders of record on Wednesday, September 30th will be given a $1.55 dividend. The ex-dividend date of this dividend is Wednesday, September 30th. This is a positive change from JOYY’s previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a yield of 8.3%. JOYY’s payout ratio is 147.97%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on JOYY. Jefferies Financial Group reissued a “buy” rating and issued a $87.00 price objective on shares of JOYY in a report on Wednesday. JPMorgan Chase & Co. upgraded JOYY from a “neutral” rating to an “overweight” rating and lifted their target price for the company from $35.00 to $98.00 in a research report on Wednesday, August 12th. Benchmark restated a “buy” rating on shares of JOYY in a research report on Wednesday. Morgan Stanley set a $74.00 price objective on JOYY in a research report on Wednesday. Finally, Zacks Research raised shares of JOYY from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Five research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. According to data from MarketBeat, JOYY presently has a consensus rating of “Moderate Buy” and a consensus price target of $83.40.

JOYY Price Performance

The firm has a market capitalization of $3.74 billion, a PE ratio of 17.86 and a beta of 0.47. The company has a 50-day moving average price of $71.47 and a 200 day moving average price of $64.81.

Institutional Investors Weigh In On JOYY

Institutional investors and hedge funds have recently modified their holdings of the stock. Stonehill Capital Management LLC bought a new position in shares of JOYY during the third quarter worth $80,885,000. Public Employees Retirement System of Ohio bought a new position in shares of JOYY during the 3rd quarter valued at about $9,204,000. SG Americas Securities LLC grew its position in shares of JOYY by 49.9% during the first quarter. SG Americas Securities LLC now owns 112,466 shares of the company’s stock valued at $6,567,000 after purchasing an additional 37,451 shares in the last quarter. New York State Common Retirement Fund lifted its position in shares of JOYY by 8.8% in the fourth quarter. New York State Common Retirement Fund now owns 138,555 shares of the company’s stock worth $8,973,000 after buying an additional 11,200 shares in the last quarter. Finally, Ameriprise Financial Inc. bought a new position in JOYY during the third quarter valued at approximately $442,000. Institutional investors own 36.83% of the company’s stock.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.