Allianz Asset Management GmbH Cuts Stock Holdings in JOYY Inc. Sponsored ADR $JOYY

Allianz Asset Management GmbH lowered its holdings in JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Free Report) by 5.0% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 261,418 shares of the company's stock after selling 13,666 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.52% of JOYY worth $17,251,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. Sittner & Nelson LLC purchased a new position in JOYY during the third quarter valued at approximately $29,000. EverSource Wealth Advisors LLC lifted its holdings in JOYY by 167.7% during the first quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company's stock worth $36,000 after buying an additional 384 shares during the period. Ramsey Quantitative Systems purchased a new stake in JOYY during the second quarter worth $63,000. Nykredit A S bought a new stake in JOYY during the 2nd quarter valued at $110,000. Finally, DGS Capital Management LLC bought a new stake in JOYY during the 4th quarter valued at $232,000. Hedge funds and other institutional investors own 36.83% of the company's stock.

JOYY Stock Performance

Shares of JOYY opened at $75.00 on Tuesday. The stock has a 50-day moving average of $72.64 and a two-hundred day moving average of $65.40. The stock has a market cap of $3.67 billion, a P/E ratio of 17.90 and a beta of 0.45. JOYY Inc. Sponsored ADR has a one year low of $54.24 and a one year high of $80.90.

JOYY Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, October 16th. Investors of record on Wednesday, September 30th will be issued a dividend of $1.55 per share. This represents a $6.20 dividend on an annualized basis and a dividend yield of 8.3%. This is a positive change from JOYY's previous quarterly dividend of $1.50. The ex-dividend date of this dividend is Wednesday, September 30th. JOYY's dividend payout ratio is presently 142.72%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on JOYY shares. Jefferies Financial Group reissued a "buy" rating and issued a $87.00 price target on shares of JOYY in a research report on Wednesday, August 26th. Weiss Ratings raised JOYY from a "hold (c-)" rating to a "buy (b)" rating in a research report on Friday, August 28th. Benchmark reiterated a "buy" rating on shares of JOYY in a research note on Wednesday, August 26th. JPMorgan Chase & Co. upgraded shares of JOYY from a "neutral" rating to an "overweight" rating and boosted their target price for the stock from $35.00 to $98.00 in a report on Wednesday, August 12th. Finally, Morgan Stanley set a $74.00 price target on shares of JOYY in a research report on Wednesday, August 26th. Six research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. Based on data from MarketBeat.com, JOYY has an average rating of "Moderate Buy" and an average target price of $83.40.

JOYY Profile

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.

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