Pitcairn Co. Sells 1,813 Shares of NetEase, Inc. (NASDAQ:NTES)

Pitcairn Co. trimmed its position in NetEase, Inc. (NASDAQ:NTES) by 26.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,944 shares of the technology company’s stock after selling 1,813 shares during the quarter. Pitcairn Co.’s holdings in NetEase were worth $462,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Guinness Asset Management LTD grew its position in shares of NetEase by 16.7% during the 3rd quarter. Guinness Asset Management LTD now owns 86,741 shares of the technology company’s stock worth $8,111,000 after buying an additional 12,410 shares during the period. Assenagon Asset Management S.A. grew its holdings in NetEase by 65.8% during the 2nd quarter. Assenagon Asset Management S.A. now owns 772,242 shares of the technology company’s stock worth $73,811,000 after acquiring an additional 306,500 shares during the period. Legacy Capital Group California Inc. bought a new stake in shares of NetEase during the 2nd quarter valued at $267,000. Assetmark Inc. lifted its stake in shares of NetEase by 27.3% in the 3rd quarter. Assetmark Inc. now owns 38,469 shares of the technology company’s stock valued at $3,597,000 after purchasing an additional 8,248 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in shares of NetEase by 15.5% in the 2nd quarter. Dimensional Fund Advisors LP now owns 569,633 shares of the technology company’s stock valued at $54,502,000 after purchasing an additional 76,446 shares during the period. 11.07% of the stock is owned by institutional investors.

NetEase Price Performance

NTES opened at $86.21 on Wednesday. The company has a market capitalization of $55.36 billion, a price-to-earnings ratio of 14.56, a P/E/G ratio of 3.27 and a beta of 0.57. The business’s 50-day moving average price is $85.10 and its two-hundred day moving average price is $88.34. NetEase, Inc. has a 1 year low of $75.85 and a 1 year high of $115.10.

NetEase Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, December 13th. Shareholders of record on Friday, November 29th will be paid a $0.435 dividend. This represents a $1.74 annualized dividend and a yield of 2.02%. The ex-dividend date of this dividend is Friday, November 29th. NetEase’s payout ratio is 29.22%.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on the company. Barclays cut their target price on NetEase from $104.00 to $82.00 and set an “equal weight” rating on the stock in a research note on Monday, August 26th. 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 research report on Friday, August 23rd. Citigroup lifted their price objective on shares of NetEase from $108.00 to $115.00 and gave the stock a “buy” rating in a research note on Friday, November 15th. Jefferies Financial Group lowered their target price on shares of NetEase from $126.00 to $103.00 and set a “buy” rating for the company in a research note on Thursday, August 22nd. Finally, Benchmark reduced their price target on shares of NetEase from $120.00 to $105.00 and set a “buy” rating on the stock in a research report on Friday, November 15th. Two equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat, NetEase currently has a consensus rating of “Moderate Buy” and a consensus price target of $107.29.

NetEase Company Profile

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.