ClariVest Asset Management LLC Cuts Holdings in NetEase, Inc. (NTES)
ClariVest Asset Management LLC lowered its holdings in shares of NetEase, Inc. (NASDAQ:NTES) by 19.9% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 41,241 shares of the technology company’s stock after selling 10,235 shares during the period. ClariVest Asset Management LLC’s holdings in NetEase were worth $10,878,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also made changes to their positions in the company. IFP Advisors Inc raised its position in NetEase by 21.4% during the second quarter. IFP Advisors Inc now owns 391 shares of the technology company’s stock worth $118,000 after acquiring an additional 69 shares during the last quarter. PNC Financial Services Group Inc. raised its position in NetEase by 22.4% during the second quarter. PNC Financial Services Group Inc. now owns 536 shares of the technology company’s stock worth $161,000 after acquiring an additional 98 shares during the last quarter. Mariner Wealth Advisors LLC acquired a new position in NetEase during the second quarter worth about $203,000. Huntington National Bank raised its position in NetEase by 84.7% during the second quarter. Huntington National Bank now owns 700 shares of the technology company’s stock worth $210,000 after acquiring an additional 321 shares during the last quarter. Finally, Hikari Power Ltd acquired a new position in NetEase during the second quarter worth about $210,000. Institutional investors own 50.30% of the company’s stock.
A number of brokerages have recently commented on NTES. BidaskClub downgraded shares of NetEase from a “buy” rating to a “hold” rating in a report on Wednesday, August 16th. CLSA downgraded shares of NetEase from an “underperform” rating to a “sell” rating and set a $283.00 price target for the company. in a report on Thursday. Citigroup Inc. reiterated a “buy” rating and set a $351.00 price target on shares of NetEase in a report on Thursday. Benchmark Co. lowered their price target on shares of NetEase from $360.00 to $340.00 and set a “buy” rating for the company in a report on Thursday. Finally, Deutsche Bank AG set a $334.00 price target on shares of NetEase and gave the stock a “buy” rating in a report on Thursday. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and nine have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $317.48.
NetEase announced that its board has initiated a share repurchase plan on Wednesday, November 15th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
The business also recently announced a dividend, which will be paid on Friday, December 8th. Investors of record on Friday, December 1st will be issued a $0.717 dividend. The ex-dividend date is Thursday, November 30th. NetEase’s payout ratio is 24.75%.
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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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