Myriad Asset Management US LP Reduces Stock Holdings in NetEase, Inc. $NTES

Key Points

• Myriad Asset Management US LP reduced its holdings in NetEase, Inc. by 32.0% in the second quarter, now owning 15,909 shares valued at approximately $2,141,000.
• NetEase recently announced a quarterly dividend of $0.675, paid on September 11th, which represents an annualized yield of 1.7%.
• Various brokerage firms have upgraded their ratings on NetEase, with the consensus rating currently being a "Moderate Buy" and an average price target of $132.00.

Myriad Asset Management US LP lowered its position in NetEase, Inc. (NASDAQ:NTES - Free Report) by 32.0% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 15,909 shares of the technology company's stock after selling 7,477 shares during the period. NetEase makes up approximately 1.4% of Myriad Asset Management US LP's investment portfolio, making the stock its 16th biggest holding. Myriad Asset Management US LP's holdings in NetEase were worth $2,141,000 at the end of the most recent quarter.

Several other hedge funds also recently added to or reduced their stakes in NTES. Mirae Asset Global Investments Co. Ltd. increased its holdings in NetEase by 7,698.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 2,817,021 shares of the technology company's stock valued at $289,928,000 after purchasing an additional 2,780,897 shares during the last quarter. Wellington Management Group LLP grew its holdings in NetEase by 111.7% during the 1st quarter. Wellington Management Group LLP now owns 1,988,541 shares of the technology company's stock valued at $204,661,000 after purchasing an additional 1,049,023 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in NetEase by 54.4% in the first quarter. Price T Rowe Associates Inc. MD now owns 1,977,835 shares of the technology company's stock worth $203,560,000 after purchasing an additional 697,192 shares during the period. New York State Common Retirement Fund purchased a new position in NetEase during the first quarter valued at approximately $28,765,000. Finally, TT International Asset Management LTD bought a new stake in NetEase in the 1st quarter valued at $21,918,000. 11.07% of the stock is owned by hedge funds and other institutional investors.

NetEase Trading Down 0.6%

NTES traded down $0.85 during midday trading on Friday, reaching $152.05. The company's stock had a trading volume of 739,772 shares, compared to its average volume of 695,921. The firm has a market capitalization of $96.34 billion, a price-to-earnings ratio of 20.58, a PEG ratio of 2.03 and a beta of 0.67. The stock's 50-day moving average is $136.66 and its 200-day moving average is $121.61. NetEase, Inc. has a 1 year low of $75.88 and a 1 year high of $159.55.

NetEase Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 11th. Investors of record on Thursday, August 28th were paid a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a dividend yield of 1.8%. The ex-dividend date was Thursday, August 28th. NetEase's payout ratio is 30.72%.

Analyst Ratings Changes

A number of equities analysts have issued reports on NTES shares. JPMorgan Chase & Co. cut shares of NetEase from an "overweight" rating to a "neutral" rating and raised their price objective for the company from $135.00 to $140.00 in a research note on Monday, July 28th. The Goldman Sachs Group set a $161.00 price target on shares of NetEase and gave the stock a "buy" rating in a report on Monday, September 15th. Arete raised shares of NetEase from a "sell" rating to a "buy" rating and set a $150.00 price target for the company in a research report on Wednesday, September 3rd. Zacks Research downgraded shares of NetEase from a "strong-buy" rating to a "hold" rating in a report on Friday, August 15th. Finally, Wall Street Zen cut shares of NetEase from a "strong-buy" rating to a "buy" rating in a report on Saturday. One investment analyst has rated the stock with a Strong Buy rating, seven have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $132.00.

NetEase Profile

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.