Financial Advocates Investment Management bought a new stake in NetEase, Inc. (NASDAQ:NTES – Free Report) during the 2nd quarter, HoldingsChannel reports. The fund bought 4,410 shares of the technology company’s stock, valued at approximately $421,000.
Several other hedge funds have also recently added to or reduced their stakes in the business. Advisory Resource Group lifted its stake in shares of NetEase by 24.1% in the 2nd quarter. Advisory Resource Group now owns 10,345 shares of the technology company’s stock worth $989,000 after acquiring an additional 2,010 shares during the period. Fifth Third Bancorp lifted its position in NetEase by 1.9% in the second quarter. Fifth Third Bancorp now owns 7,658 shares of the technology company’s stock worth $732,000 after purchasing an additional 146 shares during the period. Legacy Capital Group California Inc. bought a new position in NetEase during the 2nd quarter valued at $267,000. Summit Global Investments increased its holdings in shares of NetEase by 184.9% in the second quarter. Summit Global Investments now owns 30,778 shares of the technology company’s stock valued at $2,942,000 after buying an additional 19,976 shares in the last quarter. Finally, Marshall Financial Group LLC acquired a new stake in shares of NetEase during the 2nd quarter valued at $1,708,000. Institutional investors own 11.07% of the company’s stock.
NetEase Price Performance
NASDAQ:NTES traded up $0.59 during trading hours on Thursday, reaching $80.96. The company’s stock had a trading volume of 660,928 shares, compared to its average volume of 1,726,198. The company has a market cap of $51.99 billion, a price-to-earnings ratio of 12.46, a price-to-earnings-growth ratio of 1.81 and a beta of 0.53. NetEase, Inc. has a one year low of $80.30 and a one year high of $118.89. The business’s 50-day moving average is $91.25 and its 200-day moving average is $96.77.
NetEase Cuts Dividend
The business also recently declared a quarterly dividend, which will be paid on Friday, September 20th. Shareholders of record on Friday, September 6th will be issued a dividend of $0.435 per share. The ex-dividend date is Friday, September 6th. This represents a $1.74 annualized dividend and a yield of 2.15%. NetEase’s dividend payout ratio (DPR) is presently 26.82%.
Wall Street Analyst Weigh In
NTES has been the topic of a number of recent research reports. Benchmark lifted their target price on NetEase from $144.00 to $145.00 and gave the stock a “buy” rating in a report on Friday, May 24th. Bank of America lowered their price target on shares of NetEase from $142.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, August 23rd. Barclays cut their price objective on NetEase from $104.00 to $82.00 and set an “equal weight” rating for the company in a report on Monday. StockNews.com downgraded NetEase from a “strong-buy” rating to a “buy” rating in a research note on Saturday, July 20th. Finally, Jefferies Financial Group cut their price target on NetEase from $126.00 to $103.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Two equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $114.43.
View Our Latest Analysis on NetEase
About NetEase
NetEase, Inc engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally . The company operates through Games and Related Value-Added Services, Youdao, Cloud Music, and Innovative Businesses and Others segments.
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