Mirae Asset Global Investments Co. Ltd. Buys 16,476 Shares of NetEase, Inc. $NTES

Key Points

• Mirae Asset Global Investments opened a new NetEase position, buying 16,476 shares worth approximately $2.0 million in the third quarter.
• Analyst sentiment is broadly positive: NetEase has a “Moderate Buy” consensus rating and an average price target of $159.86.
• NetEase cut its quarterly dividend from $0.72 to $0.48 per share, equivalent to an annualized yield of about 1.5%.

Mirae Asset Global Investments Co. Ltd. acquired a new position in NetEase, Inc. (NASDAQ:NTES - Free Report) during the third quarter, according to its most recent 13F filing with the SEC. The firm acquired 16,476 shares of the technology company's stock, valued at approximately $1,996,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the business. Renaissance Technologies LLC raised its position in NetEase by 25.2% in the first quarter. Renaissance Technologies LLC now owns 1,363,188 shares of the technology company's stock valued at $152,595,000 after purchasing an additional 274,500 shares during the period. Bank of America Corp DE boosted its position in shares of NetEase by 111.4% in the first quarter. Bank of America Corp DE now owns 1,325,317 shares of the technology company's stock worth $148,356,000 after buying an additional 698,318 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of NetEase by 16.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,079,110 shares of the technology company's stock valued at $120,697,000 after buying an additional 155,784 shares in the last quarter. Temasek Holdings Private Ltd grew its stake in shares of NetEase by 50.7% in the first quarter. Temasek Holdings Private Ltd now owns 708,114 shares of the technology company's stock valued at $79,266,000 after buying an additional 238,386 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its position in NetEase by 64.2% during the 1st quarter. Lazard Asset Management LLC now owns 581,720 shares of the technology company's stock worth $65,118,000 after acquiring an additional 227,433 shares in the last quarter. Institutional investors and hedge funds own 11.07% of the company's stock.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Morgan Stanley reaffirmed an "overweight" rating and issued a $163.00 price objective on shares of NetEase in a research report on Monday, September 28th. Nomura increased their price objective on shares of NetEase from $155.00 to $157.00 and gave the company a "buy" rating in a research note on Tuesday, August 25th. Weiss Ratings reiterated a "hold (c)" rating on shares of NetEase in a research report on Monday, November 2nd. Wall Street Zen downgraded NetEase from a "buy" rating to a "hold" rating in a report on Sunday, August 2nd. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $160.00 price target on shares of NetEase in a research report on Friday, August 21st. Six investment analysts have rated the stock with a Buy rating, two have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, NetEase presently has a consensus rating of "Moderate Buy" and an average target price of $159.86.

Insider Buying and Selling

In other NetEase news, VP Aileen Mo sold 716 shares of NetEase stock in a transaction that occurred on Wednesday, September 2nd. The stock was sold at an average price of $120.64, for a total value of $86,378.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 54.70% of the stock is currently owned by insiders.

NetEase Stock Performance

NASDAQ NTES opened at $129.45 on Friday. NetEase, Inc. has a one year low of $106.06 and a one year high of $149.11. The company has a 50-day simple moving average of $119.67 and a 200-day simple moving average of $120.89. The firm has a market capitalization of $82.88 billion, a PE ratio of 17.83, a price-to-earnings-growth ratio of 1.53 and a beta of 0.64.

NetEase Cuts Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 18th. Shareholders of record on Thursday, September 3rd were issued a $0.48 dividend. This is a decrease from NetEase's previous quarterly dividend of $0.72. This represents a $1.92 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Thursday, September 3rd. NetEase's dividend payout ratio is 26.31%.

NetEase Company Profile

NetEase, Inc is a China-based internet technology company best known for developing and publishing online games. Its portfolio includes titles such as Fantasy Westward Journey and Identity V, as well as games for mobile and other platforms. The company serves players in China and international markets.

NetEase also operates NetEase Cloud Music, a music streaming and social platform, and Youdao, which provides digital learning services and education technology products. Its businesses span game development and publishing, music, and online learning.

Founded in 1997 by William Ding, NetEase is headquartered in Hangzhou, China.

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