Glovista Investments LLC lessened its holdings in NetEase Inc (NASDAQ:NTES) by 38.2% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,661 shares of the technology company’s stock after selling 6,595 shares during the period. Glovista Investments LLC’s holdings in NetEase were worth $2,812,000 at the end of the most recent quarter.
A number of other large investors have also recently bought and sold shares of NTES. Lenox Wealth Management Inc. boosted its holdings in NetEase by 38.2% in the 3rd quarter. Lenox Wealth Management Inc. now owns 1,954 shares of the technology company’s stock valued at $515,000 after purchasing an additional 540 shares during the period. Asset Management One Co. Ltd. raised its position in shares of NetEase by 3.3% during the 3rd quarter. Asset Management One Co. Ltd. now owns 111,793 shares of the technology company’s stock valued at $29,400,000 after buying an additional 3,594 shares in the last quarter. Granite Point Capital Management L.P. raised its position in shares of NetEase by 21.0% during the 3rd quarter. Granite Point Capital Management L.P. now owns 9,800 shares of the technology company’s stock valued at $2,585,000 after buying an additional 1,700 shares in the last quarter. AMP Capital Investors Ltd raised its position in shares of NetEase by 11.1% during the 3rd quarter. AMP Capital Investors Ltd now owns 58,909 shares of the technology company’s stock valued at $15,541,000 after buying an additional 5,864 shares in the last quarter. Finally, Epoch Investment Partners Inc. purchased a new stake in shares of NetEase during the 3rd quarter valued at $4,731,000. Hedge funds and other institutional investors own 50.42% of the company’s stock.
NTES has been the topic of several research reports. ValuEngine cut shares of NetEase from a “buy” rating to a “hold” rating in a research report on Friday, September 1st. Vetr lowered shares of NetEase from a “strong-buy” rating to a “buy” rating and set a $327.04 price target on the stock. in a report on Monday, September 18th. Jefferies Group lowered shares of NetEase from a “buy” rating to a “hold” rating and cut their target price for the company from $330.00 to $290.00 in a research note on Tuesday, October 3rd. Credit Suisse Group reaffirmed an “outperform” rating and set a $315.00 target price on shares of NetEase in a research note on Tuesday, October 3rd. Finally, Barclays began coverage on shares of NetEase in a research note on Wednesday, October 4th. They set an “equal weight” rating and a $260.00 price objective on the stock. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and eight have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $327.05.
NetEase announced that its Board of Directors has authorized a stock buyback plan on Wednesday, November 15th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the technology company to buy shares of its stock through open market purchases. Shares repurchase plans are typically an indication that the company’s management believes its stock is undervalued.
The company also recently announced a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, December 1st were paid a $0.717 dividend. This represents a $2.87 annualized dividend and a dividend yield of 0.83%. The ex-dividend date of this dividend was Thursday, November 30th. NetEase’s dividend payout ratio is currently 25.09%.
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NetEase, Inc (NetEase) is a technology company. The Company operates an interactive online community in China and is a provider of Chinese language content and services through its online games, Internet media, e-mail, e-commerce and other businesses. The Company operates through three segments: Online Game Services; Advertising Services, and E-mail, E-commerce and Others.
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