Pictet Asset Management Holding SA Purchases New Position in NetEase, Inc. $NTES

Pictet Asset Management Holding SA acquired a new stake in shares of NetEase, Inc. (NASDAQ:NTES) during the third quarter, HoldingsChannel reports. The fund acquired 248,786 shares of the technology company’s stock, valued at approximately $30,143,000.

Other institutional investors also recently bought and sold shares of the company. Carrhae Capital LLP raised its position in shares of NetEase by 343.2% in the 2nd quarter. Carrhae Capital LLP now owns 306,577 shares of the technology company’s stock worth $39,285,000 after acquiring an additional 237,410 shares in the last quarter. XY Capital Ltd bought a new stake in NetEase during the second quarter valued at about $1,312,000. Mirae Asset Global Investments Co. Ltd. purchased a new position in NetEase in the third quarter valued at about $1,996,000. Lazard Asset Management LLC grew its stake in NetEase by 64.2% in the first quarter. Lazard Asset Management LLC now owns 581,720 shares of the technology company’s stock valued at $65,118,000 after purchasing an additional 227,433 shares during the last quarter. Finally, Perpetual Ltd bought a new position in NetEase in the third quarter worth about $24,089,000. 11.07% of the stock is owned by hedge funds and other institutional investors.

NetEase Stock Down 1.2%

Shares of NetEase stock opened at $128.03 on Wednesday. The company has a 50 day moving average price of $119.93 and a 200 day moving average price of $120.86. The firm has a market capitalization of $81.97 billion, a P/E ratio of 17.86, a PEG ratio of 1.54 and a beta of 0.64. NetEase, Inc. has a 52 week low of $106.06 and a 52 week high of $149.11.

NetEase Cuts Dividend

The business also recently declared 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 dividend yield of 1.5%. The ex-dividend date of this dividend was Thursday, September 3rd. NetEase’s dividend payout ratio is 26.31%.

Insider Buying and Selling at NetEase

In other news, VP Aileen Mo sold 716 shares of the business’s stock in a transaction on Wednesday, September 2nd. The shares were sold at an average price of $120.64, for a total transaction of $86,378.24. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 54.70% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several analysts have commented on the stock. Wall Street Zen lowered shares of NetEase from a “buy” rating to a “hold” rating in a research report on Sunday, August 2nd. Weiss Ratings reiterated a “hold (c)” rating on shares of NetEase in a research note on Monday, November 2nd. Sanford C. Bernstein reissued an “outperform” rating and set a $160.00 target price on shares of NetEase in a research report on Friday, August 21st. Nomura raised their target price 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. Finally, Morgan Stanley reiterated an “overweight” rating and set a $163.00 price objective on shares of NetEase in a report on Monday, September 28th. Six equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat.com, NetEase presently has an average rating of “Moderate Buy” and a consensus target price of $159.86.

NetEase 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.