Long Corridor Asset Management Ltd Reduces Position in NetEase, Inc. (NASDAQ:NTES)

Key Points

• Long Corridor Asset Management Ltd has reduced its shareholding in NetEase, Inc. by 25%, now holding 30,000 shares valued at approximately $3.1 million, making it the 12th largest position in their portfolio.
• In the fourth quarter, other institutional investors like LPL Financial LLC increased their stakes significantly, with LPL raising its holdings in NetEase by 34.9%.
• NetEase declared a quarterly dividend of $0.675 per share, representing a yield of 2.1%, with a payout ratio of 38.71% as of May 30th.

Long Corridor Asset Management Ltd trimmed its holdings in NetEase, Inc. (NASDAQ:NTES - Free Report) by 25.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 30,000 shares of the technology company's stock after selling 10,000 shares during the period. NetEase makes up 2.3% of Long Corridor Asset Management Ltd's investment portfolio, making the stock its 12th biggest holding. Long Corridor Asset Management Ltd's holdings in NetEase were worth $3,088,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Brighton Jones LLC increased its holdings in shares of NetEase by 1.1% in the 4th quarter. Brighton Jones LLC now owns 10,297 shares of the technology company's stock worth $919,000 after buying an additional 117 shares during the last quarter. LPL Financial LLC increased its stake in NetEase by 34.9% in the fourth quarter. LPL Financial LLC now owns 23,688 shares of the technology company's stock valued at $2,113,000 after acquiring an additional 6,122 shares during the last quarter. Franklin Resources Inc. raised its position in NetEase by 48.8% during the fourth quarter. Franklin Resources Inc. now owns 10,288 shares of the technology company's stock valued at $918,000 after purchasing an additional 3,373 shares in the last quarter. Geode Capital Management LLC lifted its stake in NetEase by 2.8% during the fourth quarter. Geode Capital Management LLC now owns 107,306 shares of the technology company's stock worth $9,573,000 after purchasing an additional 2,873 shares during the last quarter. Finally, Cerity Partners LLC boosted its holdings in shares of NetEase by 5.8% in the 4th quarter. Cerity Partners LLC now owns 5,837 shares of the technology company's stock worth $529,000 after purchasing an additional 318 shares in the last quarter. Institutional investors own 11.07% of the company's stock.

NetEase Price Performance

Shares of NASDAQ:NTES traded down $0.45 during mid-day trading on Friday, reaching $129.22. 953,540 shares of the company traded hands, compared to its average volume of 803,900. NetEase, Inc. has a 52 week low of $75.85 and a 52 week high of $141.45. The firm has a market cap of $81.87 billion, a PE ratio of 17.49, a PEG ratio of 4.50 and a beta of 0.67. The company's 50 day moving average price is $132.01 and its 200-day moving average price is $114.88.

NetEase Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 11th. Stockholders of record on Thursday, August 28th will be issued a $0.675 dividend. This represents a $2.70 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Thursday, August 28th. NetEase's payout ratio is 38.71%.

Wall Street Analyst Weigh In

A number of research analysts have commented on NTES shares. Barclays increased their price target on shares of NetEase from $104.00 to $118.00 and gave the company an "equal weight" rating in a research report on Friday, May 16th. JPMorgan Chase & Co. cut shares of NetEase from an "overweight" rating to a "neutral" rating and lifted their target price for the stock from $135.00 to $140.00 in a research report on Monday, July 28th. Deutsche Bank Aktiengesellschaft assumed coverage on shares of NetEase in a research report on Monday, May 12th. They set a "buy" rating and a $130.00 price target for the company. Finally, Wall Street Zen downgraded NetEase from a "strong-buy" rating to a "buy" rating in a report on Saturday. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $120.00.

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.