CIBC Asset Management Inc reduced its position in NetEase, Inc. (NASDAQ:NTES – Get Rating) by 22.7% in the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 23,545 shares of the technology company's stock after selling 6,901 shares during the period. CIBC Asset Management Inc's holdings in NetEase were worth $2,112,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in NTES. ICICI Prudential Asset Management Co Ltd bought a new stake in NetEase in the 4th quarter worth approximately $71,000. Fieldpoint Private Securities LLC grew its position in NetEase by 22.0% in the 1st quarter. Fieldpoint Private Securities LLC now owns 858 shares of the technology company's stock worth $77,000 after purchasing an additional 155 shares during the period. Sierra Capital LLC bought a new stake in NetEase in the 1st quarter worth approximately $102,000. Rockefeller Capital Management L.P. grew its position in NetEase by 33.7% in the 4th quarter. Rockefeller Capital Management L.P. now owns 1,845 shares of the technology company's stock worth $187,000 after purchasing an additional 465 shares during the period. Finally, Advisor Partners LLC bought a new stake in NetEase in the 4th quarter worth approximately $202,000. 21.18% of the stock is currently owned by hedge funds and other institutional investors.
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Wall Street Analyst Weigh In
A number of equities research analysts have recently issued reports on NTES shares. The Goldman Sachs Group started coverage on shares of NetEase in a research report on Sunday, April 10th. They set a "buy" rating and a $132.00 price objective for the company. StockNews.com downgraded shares of NetEase from a "strong-buy" rating to a "buy" rating in a research report on Saturday, July 16th. Macquarie started coverage on shares of NetEase in a research report on Tuesday, July 5th. They set an "outperform" rating and a $129.00 price objective for the company. HSBC cut their price objective on shares of NetEase from $126.00 to $122.00 and set a "buy" rating for the company in a research report on Wednesday, May 25th. Finally, JPMorgan Chase & Co. raised shares of NetEase from an "underweight" rating to an "overweight" rating and boosted their price objective for the company from $60.00 to $120.00 in a research report on Monday, May 16th. Nine analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $128.50.
NetEase Trading Down 0.0 %
Shares of NetEase stock opened at $88.98 on Monday. The company has a market capitalization of $58.26 billion, a P/E ratio of 22.64, a P/E/G ratio of 1.53 and a beta of 0.42. The company has a debt-to-equity ratio of 0.03, a quick ratio of 2.28 and a current ratio of 2.30. The company has a fifty day moving average of $95.04 and a 200 day moving average of $94.01. NetEase, Inc. has a fifty-two week low of $68.62 and a fifty-two week high of $118.19.
NetEase (NASDAQ:NTES – Get Rating) last announced its quarterly earnings results on Tuesday, May 24th. The technology company reported $1.05 EPS for the quarter, topping the consensus estimate of $0.98 by $0.07. The business had revenue of $23.56 billion for the quarter, compared to analysts' expectations of $23.12 billion. NetEase had a net margin of 18.56% and a return on equity of 18.02%. The business's quarterly revenue was up 14.8% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.00 EPS. On average, sell-side analysts anticipate that NetEase, Inc. will post 3.95 earnings per share for the current fiscal year.
NetEase Cuts Dividend
The business also recently declared a quarterly dividend, which was paid on Thursday, June 23rd. Shareholders of record on Wednesday, June 8th were paid a $0.322 dividend. This represents a $1.29 annualized dividend and a yield of 1.45%. The ex-dividend date was Tuesday, June 7th. NetEase's payout ratio is currently 32.57%.
NetEase Company Profile
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NetEase, Inc provides online services focusing on diverse content, community, communication, and commerce in the Peoples' Republic of China and internationally. The company operates in three segments: Online Game Services, Youdao, Cloud Music, and Innovative Businesses and Others. It develops and operates PC and mobile games, as well as offers games licensed from other game developers.
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