Summit Wealth Group LLC Co. Makes New Investment in NetEase, Inc. $NTES

Key Points

• Summit Wealth Group initiated a NetEase position worth approximately $1.69 million by purchasing 13,924 shares during the third quarter. Hedge funds and institutional investors collectively own 11.07% of the company.
• NetEase shares opened at $115.49, near the lower end of their 52-week range, while the company reduced its quarterly dividend to $0.48 from $0.72, resulting in a 1.7% annualized yield.
• Analyst sentiment remains broadly positive, with six Buy, two Hold, and one Sell rating; MarketBeat reports a “Moderate Buy” consensus and an average price target of $159.86.

Summit Wealth Group LLC Co. bought a new position in shares of NetEase, Inc. (NASDAQ:NTES - Free Report) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund bought 13,924 shares of the technology company's stock, valued at approximately $1,687,000.

Several other hedge funds have also modified their holdings of the stock. V Square Quantitative Management LLC purchased a new position in NetEase in the 1st quarter worth about $25,000. Livelsberger Financial Advisory purchased a new stake in NetEase during the third quarter valued at about $43,000. Allworth Financial LP lifted its stake in NetEase by 210.2% during the second quarter. Allworth Financial LP now owns 667 shares of the technology company's stock valued at $85,000 after buying an additional 452 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of NetEase by 16.0% in the first quarter. EverSource Wealth Advisors LLC now owns 777 shares of the technology company's stock worth $87,000 after buying an additional 107 shares during the period. Finally, Integrated Wealth Concepts LLC acquired a new position in shares of NetEase in the second quarter worth about $102,000. 11.07% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at NetEase

In related news, VP Aileen Mo sold 716 shares of the firm's stock in a transaction that occurred on Wednesday, September 2nd. The shares were sold at an average price of $120.64, for a total transaction of $86,378.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 54.70% of the company's stock.

NetEase Trading Up 1.6%

Shares of NASDAQ NTES opened at $115.49 on Tuesday. NetEase, Inc. has a one year low of $106.06 and a one year high of $149.11. The firm has a market capitalization of $73.94 billion, a PE ratio of 15.91, a PEG ratio of 1.32 and a beta of 0.68. The business has a 50-day moving average price of $119.75 and a two-hundred day moving average price of $121.18.

NetEase Cuts Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, September 18th. Stockholders of record on Thursday, September 3rd were given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 1.7%. This is a negative change from NetEase's previous quarterly dividend of $0.72. The ex-dividend date of this dividend was Thursday, September 3rd. NetEase's payout ratio is currently 26.31%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on NTES. BNP Paribas Exane began coverage on shares of NetEase in a report on Tuesday, September 22nd. They set an "outperform" rating and a $180.00 price target on the stock. Wall Street Zen lowered shares of NetEase from a "buy" rating to a "hold" rating in a research note on Sunday, August 2nd. Zacks Research lowered shares of NetEase from a "hold" rating to a "strong sell" rating in a research note on Tuesday, October 20th. Weiss Ratings reiterated a "hold (c)" rating on shares of NetEase in a research report on Monday. Finally, Sanford C. Bernstein reissued an "outperform" rating and set a $160.00 target price on shares of NetEase in a research note on Friday, August 21st. Six investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $159.86.

NetEase Profile

NetEase, Inc is a China-based internet and technology company founded in 1997 by William Ding. The company develops and operates online games for personal computers and mobile devices, serving players in China and international markets.

NetEase Games is the company's primary business and offers original titles such as Fantasy Westward Journey, Justice, and Identity V, along with games developed through partnerships and international studios. NetEase also publishes and distributes games in overseas markets through its global operations.

Beyond gaming, NetEase operates NetEase Cloud Music, an online music streaming and social platform, and Youdao, which provides educational technology, learning tools, and related content and services.

Want to see what other hedge funds are holding NTES? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for NetEase, Inc. (NASDAQ:NTES - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.