JOYY (NASDAQ:JOYY) Shares Gap Up Following Dividend Announcement

Shares of JOYY Inc. Sponsored ADR (NASDAQ:JOYY) gapped up prior to trading on Tuesday following a dividend announcement from the company. The stock had previously closed at $54.42, but opened at $60.87. JOYY shares last traded at $61.56, with a volume of 162,905 shares changing hands.

The newly announced dividend which will be paid on Tuesday, July 14th. Stockholders of record on Monday, June 29th will be paid a $1.50 dividend. This is a positive change from JOYY’s previous quarterly dividend of $1.38. The ex-dividend date of this dividend is Monday, June 29th. This represents a $6.00 annualized dividend and a dividend yield of 9.1%. JOYY’s dividend payout ratio is currently 139.21%.

Analysts Set New Price Targets

Several analysts have recently weighed in on JOYY shares. UBS Group initiated coverage on shares of JOYY in a report on Wednesday, March 11th. They issued a “buy” rating and a $80.00 price objective on the stock. Zacks Research upgraded shares of JOYY from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Two research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $74.67.

JOYY Trading Up 0.7%

The company has a market capitalization of $3.30 billion, a price-to-earnings ratio of 15.30 and a beta of 0.42. The stock’s fifty day simple moving average is $59.09 and its 200-day simple moving average is $62.09.

JOYY (NASDAQ:JOYY) last released its earnings results on Saturday, February 14th. The company reported $1.34 earnings per share (EPS) for the quarter. JOYY had a net margin of 10.42% and a return on equity of 3.66%. The company had revenue of $581.92 million for the quarter. On average, analysts anticipate that JOYY Inc. Sponsored ADR will post 4.79 EPS for the current fiscal year.

Institutional Investors Weigh In On JOYY

Hedge funds and other institutional investors have recently modified their holdings of the company. SBI Securities Co. Ltd. acquired a new stake in shares of JOYY in the 3rd quarter valued at $27,000. Sittner & Nelson LLC acquired a new stake in shares of JOYY in the 3rd quarter valued at $29,000. EverSource Wealth Advisors LLC raised its holdings in shares of JOYY by 167.7% in the 1st quarter. EverSource Wealth Advisors LLC now owns 613 shares of the company’s stock valued at $36,000 after purchasing an additional 384 shares in the last quarter. BI Asset Management Fondsmaeglerselskab A S acquired a new stake in shares of JOYY in the 3rd quarter valued at $142,000. Finally, DGS Capital Management LLC grew its position in shares of JOYY by 5.9% in the 1st quarter. DGS Capital Management LLC now owns 3,792 shares of the company’s stock valued at $221,000 after buying an additional 211 shares during the last quarter. 36.83% of the stock is currently owned by institutional investors and hedge funds.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.