Veritas Asset Management LLP Acquires Shares of 55,069 NetEase, Inc. (NASDAQ:NTES)

Veritas Asset Management LLP bought a new position in NetEase, Inc. (NASDAQ:NTES) in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor bought 55,069 shares of the technology company’s stock, valued at approximately $5,150,000. NetEase makes up approximately 0.0% of Veritas Asset Management LLP’s portfolio, making the stock its 29th largest holding.

A number of other institutional investors and hedge funds also recently made changes to their positions in NTES. Sequoia Financial Advisors LLC grew its holdings in NetEase by 4.3% in the second quarter. Sequoia Financial Advisors LLC now owns 2,575 shares of the technology company’s stock worth $246,000 after purchasing an additional 107 shares during the period. Guinness Atkinson Asset Management Inc grew its stake in shares of NetEase by 0.7% in the 2nd quarter. Guinness Atkinson Asset Management Inc now owns 15,422 shares of the technology company’s stock worth $1,474,000 after buying an additional 110 shares during the last quarter. SYSTM Wealth Solutions LLC increased its position in NetEase by 55.5% during the 2nd quarter. SYSTM Wealth Solutions LLC now owns 328 shares of the technology company’s stock valued at $31,000 after buying an additional 117 shares in the last quarter. Fifth Third Bancorp raised its stake in NetEase by 1.9% during the second quarter. Fifth Third Bancorp now owns 7,658 shares of the technology company’s stock valued at $732,000 after buying an additional 146 shares during the last quarter. Finally, Financial Advocates Investment Management boosted its holdings in NetEase by 5.4% in the third quarter. Financial Advocates Investment Management now owns 4,647 shares of the technology company’s stock worth $435,000 after acquiring an additional 237 shares in the last quarter. Hedge funds and other institutional investors own 11.07% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have recently weighed in on NTES. Barclays reduced their price target on NetEase from $104.00 to $82.00 and set an “equal weight” rating for the company in a report on Monday, August 26th. Jefferies Financial Group decreased their target price on shares of NetEase from $126.00 to $103.00 and set a “buy” rating for the company in a report on Thursday, August 22nd. Bank of America cut their price target on shares of NetEase from $142.00 to $120.00 and set a “buy” rating on the stock in a report on Friday, August 23rd. Finally, StockNews.com lowered shares of NetEase from a “strong-buy” rating to a “buy” rating in a report on Saturday, July 20th. Two equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat.com, NetEase presently has a consensus rating of “Moderate Buy” and a consensus price target of $112.67.

NetEase Trading Down 1.7 %

NASDAQ:NTES traded down $1.39 during trading hours on Friday, reaching $79.12. The company had a trading volume of 933,337 shares, compared to its average volume of 1,596,334. The firm’s 50 day moving average price is $83.79 and its 200-day moving average price is $89.95. The firm has a market cap of $50.81 billion, a price-to-earnings ratio of 12.91, a PEG ratio of 1.78 and a beta of 0.57. NetEase, Inc. has a 52 week low of $75.85 and a 52 week high of $118.89.

NetEase (NASDAQ:NTES) last posted its quarterly earnings data on Thursday, August 22nd. The technology company reported $12.05 EPS for the quarter, beating analysts’ consensus estimates of $1.62 by $10.43. The company had revenue of $25.49 billion during the quarter, compared to analysts’ expectations of $26.01 billion. NetEase had a return on equity of 22.30% and a net margin of 26.98%. NetEase’s revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.75 earnings per share. On average, analysts forecast that NetEase, Inc. will post 6.02 earnings per share for the current fiscal year.

NetEase Cuts Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, September 20th. Shareholders of record on Friday, September 6th were issued a dividend of $0.435 per share. This represents a $1.74 annualized dividend and a yield of 2.20%. The ex-dividend date of this dividend was Friday, September 6th. NetEase’s dividend payout ratio is presently 28.22%.

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.