JOYY Inc. Sponsored ADR $JOYY Shares Newly Acquired by CenterBook Partners LP

Key Points

• CenterBook Partners acquired 28,564 JOYY shares in the third quarter, valued at about $2.29 million; several other funds also opened positions. Institutional investors collectively own 36.83% of the stock.
• Analysts give JOYY a consensus “Moderate Buy” rating with an average price target of $83.40; six analysts rate it Buy and one rates it Hold.
• JOYY raised its quarterly dividend from $1.50 to $1.55 per share, equivalent to a $6.20 annualized dividend and a 7.7% yield. Its reported payout ratio is 147.49%.

CenterBook Partners LP purchased a new stake in JOYY Inc. Sponsored ADR (NASDAQ:JOYY - Free Report) in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The fund purchased 28,564 shares of the company's stock, valued at approximately $2,292,000. CenterBook Partners LP owned approximately 0.06% of JOYY as of its most recent filing with the SEC.

Other hedge funds have also recently modified their holdings of the company. AIA Group Ltd purchased a new position in JOYY during the third quarter valued at approximately $2,257,000. Moody Aldrich Partners LLC bought a new position in JOYY in the third quarter worth approximately $933,000. Asset Management One Co. Ltd. purchased a new stake in JOYY during the third quarter worth $2,383,000. Signaturefd LLC purchased a new stake in JOYY during the third quarter worth $266,000. Finally, Ramsey Quantitative Systems purchased a new stake in JOYY during the third quarter worth $45,000. Hedge funds and other institutional investors own 36.83% of the company's stock.

Analysts Set New Price Targets

Several brokerages have issued reports on JOYY. JPMorgan Chase & Co. raised JOYY from a "neutral" rating to an "overweight" rating and increased their target price for the company from $35.00 to $98.00 in a research report on Wednesday, August 12th. Weiss Ratings raised JOYY from a "hold (c-)" rating to a "buy (b)" rating in a research report on Friday, August 28th. Jefferies Financial Group restated a "buy" rating and set a $87.00 price objective on shares of JOYY in a research note on Wednesday, August 26th. Morgan Stanley set a $74.00 price objective on JOYY in a research note on Wednesday, August 26th. Finally, Citigroup reaffirmed a "buy" rating on shares of JOYY in a research report on Wednesday, July 22nd. Six investment analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $83.40.

JOYY Price Performance

NASDAQ JOYY opened at $80.91 on Monday. The firm has a market cap of $3.96 billion, a PE ratio of 19.31 and a beta of 0.44. The company has a 50 day moving average price of $79.53 and a 200 day moving average price of $68.64. JOYY Inc. Sponsored ADR has a 52 week low of $54.24 and a 52 week high of $85.15.

JOYY Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, October 16th. Shareholders of record on Wednesday, September 30th were paid a $1.55 dividend. This represents a $6.20 annualized dividend and a yield of 7.7%. This is a positive change from JOYY's previous quarterly dividend of $1.50. The ex-dividend date was Wednesday, September 30th. JOYY's payout ratio is 147.49%.

About JOYY

JOYY Inc is a Singapore-headquartered internet company focused on live streaming, short-form video and online communication. Its consumer platforms include Bigo Live, where users broadcast and watch live content; Likee, a short-video creation and sharing app; and imo, a messaging and voice and video calling service.

The company's roots are in China, where it began as an online social entertainment business. It adopted the JOYY name in 2019 as it expanded its focus beyond its original market.

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