Wells Fargo & Company MN Has $39.11 Million Stake in NetEase Inc (NTES)
Wells Fargo & Company MN trimmed its stake in NetEase Inc (NASDAQ:NTES) by 25.1% in the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 148,264 shares of the technology company’s stock after selling 49,686 shares during the period. Wells Fargo & Company MN owned approximately 0.11% of NetEase worth $39,114,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of the stock. Zeke Capital Advisors LLC bought a new stake in shares of NetEase during the 3rd quarter worth approximately $339,000. BKS Advisors LLC increased its holdings in NetEase by 6.7% during the 3rd quarter. BKS Advisors LLC now owns 35,510 shares of the technology company’s stock worth $9,368,000 after purchasing an additional 2,220 shares during the period. Axiom International Investors LLC DE increased its holdings in NetEase by 76.5% during the 3rd quarter. Axiom International Investors LLC DE now owns 6,779 shares of the technology company’s stock worth $1,788,000 after purchasing an additional 2,938 shares during the period. Virginia Retirement Systems ET AL increased its holdings in NetEase by 4.7% during the 3rd quarter. Virginia Retirement Systems ET AL now owns 11,100 shares of the technology company’s stock worth $2,928,000 after purchasing an additional 500 shares during the period. Finally, Legal & General Group Plc increased its holdings in NetEase by 44.3% during the 3rd quarter. Legal & General Group Plc now owns 251,361 shares of the technology company’s stock worth $66,312,000 after purchasing an additional 77,156 shares during the period. 50.54% of the stock is owned by hedge funds and other institutional investors.
NTES has been the topic of several research reports. Deutsche Bank set a $325.00 price objective on NetEase and gave the stock a “buy” rating in a report on Friday, October 6th. ValuEngine upgraded NetEase from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Barclays initiated coverage on NetEase in a report on Wednesday, October 4th. They set an “equal weight” rating and a $260.00 price objective on the stock. Zacks Investment Research upgraded NetEase from a “strong sell” rating to a “hold” rating in a report on Wednesday, October 11th. Finally, Nomura upgraded NetEase from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $297.00 to $428.00 in a report on Friday, November 17th. Four research analysts have rated the stock with a sell rating, seven have given a hold rating and nine have issued a buy rating to the company’s stock. NetEase currently has an average rating of “Hold” and a consensus price target of $327.05.
NetEase declared that its Board of Directors has initiated a share buyback plan on Wednesday, November 15th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the technology company to repurchase shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Friday, December 8th. Stockholders of record on Friday, December 1st were issued a $0.717 dividend. The ex-dividend date of this dividend was Thursday, November 30th. This represents a $2.87 dividend on an annualized basis and a dividend yield of 0.83%. NetEase’s dividend payout ratio is presently 25.09%.
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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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