NetEase, Inc. $NTES Shares Sold by M&T Bank Corp

M&T Bank Corp lowered its stake in shares of NetEase, Inc. (NASDAQ:NTES) by 59.0% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,246 shares of the technology company’s stock after selling 16,180 shares during the period. M&T Bank Corp’s holdings in NetEase were worth $1,513,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Brighton Jones LLC lifted its stake in shares of NetEase by 1.1% during the fourth quarter. Brighton Jones LLC now owns 10,297 shares of the technology company’s stock worth $919,000 after purchasing an additional 117 shares in the last quarter. Avantax Advisory Services Inc. acquired a new stake in shares of NetEase in the 1st quarter valued at about $207,000. Cetera Investment Advisers grew its stake in NetEase by 21.5% in the first quarter. Cetera Investment Advisers now owns 4,993 shares of the technology company’s stock worth $514,000 after purchasing an additional 885 shares in the last quarter. Neuberger Berman Group LLC increased its holdings in NetEase by 51.0% in the first quarter. Neuberger Berman Group LLC now owns 193,939 shares of the technology company’s stock valued at $19,941,000 after buying an additional 65,514 shares during the last quarter. Finally, Vestmark Advisory Solutions Inc. raised its stake in NetEase by 101.0% during the first quarter. Vestmark Advisory Solutions Inc. now owns 10,647 shares of the technology company’s stock valued at $1,096,000 after buying an additional 5,351 shares in the last quarter. Hedge funds and other institutional investors own 11.07% of the company’s stock.

NetEase Stock Performance

NTES stock opened at $139.78 on Monday. NetEase, Inc. has a 1 year low of $87.67 and a 1 year high of $159.55. The stock has a market capitalization of $88.56 billion, a price-to-earnings ratio of 17.85, a PEG ratio of 1.68 and a beta of 0.68. The stock’s fifty day moving average is $143.83 and its two-hundred day moving average is $137.69.

NetEase Cuts Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 19th. Shareholders of record on Friday, December 5th will be paid a dividend of $0.57 per share. This represents a $2.28 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date of this dividend is Friday, December 5th. NetEase’s payout ratio is presently 28.99%.

Wall Street Analyst Weigh In

A number of research firms have commented on NTES. Weiss Ratings reiterated a “hold (c+)” rating on shares of NetEase in a research report on Monday, December 1st. Arete Research raised shares of NetEase from a “sell” rating to a “buy” rating and set a $150.00 price objective for the company in a report on Wednesday, September 3rd. JPMorgan Chase & Co. upgraded shares of NetEase from a “neutral” rating to an “overweight” rating and boosted their target price for the company from $138.00 to $190.00 in a research note on Friday, October 10th. Morgan Stanley restated an “overweight” rating and issued a $170.00 price target on shares of NetEase in a research report on Wednesday, October 8th. Finally, The Goldman Sachs Group set a $161.00 price objective on shares of NetEase and gave the company a “buy” rating in a research report on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, NetEase presently has an average rating of “Moderate Buy” and a consensus price target of $152.33.

About NetEase

NetEase, Inc engages in online games, music streaming, online intelligent learning services, and internet content services businesses in China and internationally . The company operates through Games and Related Value-Added Services, Youdao, Cloud Music, and Innovative Businesses and Others segments.