Bank of America Corp DE Buys 698,318 Shares of NetEase, Inc. $NTES

Key Points

• Bank of America more than doubled its NetEase stake in the first quarter, purchasing 698,318 additional shares and bringing its holdings to 1.33 million shares valued at approximately $148.4 million.
• NetEase shares opened at $128.11, with the stock trading above its 50-day and 200-day moving averages. The company pays an annualized dividend of $2.88 per share, yielding about 2.2%.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $158.38, although several firms recently downgraded the stock to “Hold.”

Bank of America Corp DE grew its stake in shares of NetEase, Inc. (NASDAQ:NTES - Free Report) by 111.4% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 1,325,317 shares of the technology company's stock after purchasing an additional 698,318 shares during the quarter. Bank of America Corp DE owned approximately 0.21% of NetEase worth $148,356,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also recently made changes to their positions in the company. Arkadios Wealth Advisors lifted its holdings in NetEase by 5.9% in the 4th quarter. Arkadios Wealth Advisors now owns 1,859 shares of the technology company's stock worth $256,000 after buying an additional 103 shares during the period. Cookson Peirce & Co. Inc. increased its stake in shares of NetEase by 2.2% during the fourth quarter. Cookson Peirce & Co. Inc. now owns 4,961 shares of the technology company's stock valued at $683,000 after buying an additional 106 shares during the period. EverSource Wealth Advisors LLC increased its stake in shares of NetEase by 16.0% during the first quarter. EverSource Wealth Advisors LLC now owns 777 shares of the technology company's stock valued at $87,000 after buying an additional 107 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank raised its holdings in shares of NetEase by 10.7% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 1,119 shares of the technology company's stock valued at $154,000 after acquiring an additional 108 shares in the last quarter. Finally, Vontobel Holding Ltd. raised its holdings in shares of NetEase by 0.5% during the fourth quarter. Vontobel Holding Ltd. now owns 21,075 shares of the technology company's stock valued at $2,900,000 after acquiring an additional 112 shares in the last quarter. Institutional investors own 11.07% of the company's stock.

NetEase Price Performance

NTES stock opened at $128.11 on Thursday. The stock's fifty day moving average price is $125.90 and its 200-day moving average price is $121.05. The company has a market cap of $82.02 billion, a P/E ratio of 17.01, a price-to-earnings-growth ratio of 1.69 and a beta of 0.73. NetEase, Inc. has a 1 year low of $106.06 and a 1 year high of $159.55.

NetEase Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 18th. Shareholders of record on Friday, June 5th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Friday, June 5th. NetEase's dividend payout ratio is currently 38.11%.

Insider Buying and Selling

In related news, General Counsel Paul William Boltz, Jr. sold 10,000 shares of NetEase stock in a transaction on Monday, June 29th. The stock was sold at an average price of $128.30, for a total transaction of $1,283,000.00. Following the transaction, the general counsel directly owned 12,223 shares in the company, valued at approximately $1,568,210.90. The trade was a 45.00% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 54.70% of the company's stock.

Analyst Ratings Changes

Several equities analysts have commented on NTES shares. Zacks Research lowered NetEase from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 27th. The Goldman Sachs Group set a $169.00 price target on shares of NetEase in a research report on Wednesday, July 1st. Wall Street Zen lowered shares of NetEase from a "buy" rating to a "hold" rating in a research note on Sunday. Weiss Ratings downgraded shares of NetEase from a "hold (c+)" rating to a "hold (c)" rating in a research note on Tuesday. Finally, Morgan Stanley reissued an "overweight" rating and issued a $158.00 price target on shares of NetEase in a research report on Tuesday, May 26th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, NetEase currently has a consensus rating of "Moderate Buy" and an average target price of $158.38.

NetEase Company Profile

NetEase, Inc NASDAQ: NTES is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company's founder and long-time leader, guiding its expansion into games, digital content and consumer services.

The company's primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.

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