Cadence Capital Management LLC Acquires New Stake in NetEase, Inc. (NTES)
Cadence Capital Management LLC acquired a new position in NetEase, Inc. (NASDAQ:NTES) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 1,610 shares of the technology company’s stock, valued at approximately $484,000.
Other institutional investors have also recently bought and sold shares of the company. Assetmark Inc. increased its position in NetEase by 51.0% in the first quarter. Assetmark Inc. now owns 367 shares of the technology company’s stock worth $104,000 after buying an additional 124 shares during the period. IFP Advisors Inc increased its position in shares of NetEase by 21.4% in the second quarter. IFP Advisors Inc now owns 391 shares of the technology company’s stock valued at $118,000 after buying an additional 69 shares during the last quarter. Private Advisory Group LLC bought a new position in shares of NetEase during the first quarter valued at $205,000. Huntington National Bank increased its position in shares of NetEase by 84.7% in the second quarter. Huntington National Bank now owns 700 shares of the technology company’s stock valued at $210,000 after buying an additional 321 shares during the last quarter. Finally, Dixon Hubard Feinour & Brown Inc. VA bought a new position in shares of NetEase during the first quarter valued at $227,000. Institutional investors and hedge funds own 50.72% of the company’s stock.
Shares of NetEase, Inc. (NASDAQ:NTES) opened at 275.57 on Thursday. NetEase, Inc. has a 52-week low of $208.02 and a 52-week high of $337.55.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 1st. Investors of record on Friday, August 25th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 1.20%. The ex-dividend date of this dividend is Wednesday, August 23rd. NetEase’s dividend payout ratio (DPR) is presently 30.37%.
Several equities analysts have recently weighed in on NTES shares. Jefferies Group LLC restated a “buy” rating and set a $330.00 price target on shares of NetEase in a report on Monday, May 22nd. Vetr downgraded NetEase from a “strong-buy” rating to a “buy” rating and set a $318.49 price target for the company. in a report on Monday, May 22nd. Instinet restated a “buy” rating and set a $307.00 price target on shares of NetEase in a report on Tuesday, May 9th. BidaskClub downgraded NetEase from a “strong-buy” rating to a “buy” rating in a report on Friday, June 16th. Finally, Deutsche Bank AG restated a “buy” rating and set a $343.00 price target (up from $300.00) on shares of NetEase in a report on Tuesday, July 25th. Four investment analysts have rated the stock with a sell rating, four have assigned a hold rating, ten have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $306.40.
NetEase Company Profile
NetEase, Inc (NetEase) is a technology company. The Company operates an interactive online community in China and is a provider of Chinese language content and services through its online games, Internet media, e-mail, e-commerce and other businesses. The Company operates through three segments: Online Game Services; Advertising Services, and E-mail, E-commerce and Others.
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