Matthews International Capital Management LLC Sells 33,452 Shares of NetEase, Inc. $NTES

Matthews International Capital Management LLC decreased its stake in shares of NetEase, Inc. (NASDAQ:NTES) by 58.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 23,675 shares of the technology company’s stock after selling 33,452 shares during the period. NetEase makes up 0.8% of Matthews International Capital Management LLC’s investment portfolio, making the stock its 25th largest holding. Matthews International Capital Management LLC’s holdings in NetEase were worth $3,598,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently modified their holdings of the company. Man Group plc boosted its position in NetEase by 33.3% during the 2nd quarter. Man Group plc now owns 983,156 shares of the technology company’s stock valued at $132,313,000 after acquiring an additional 245,872 shares in the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of NetEase by 255.0% in the 2nd quarter. Envestnet Asset Management Inc. now owns 264,463 shares of the technology company’s stock valued at $35,591,000 after purchasing an additional 189,963 shares during the period. BI Asset Management Fondsmaeglerselskab A S boosted its position in shares of NetEase by 103.0% during the second quarter. BI Asset Management Fondsmaeglerselskab A S now owns 332,195 shares of the technology company’s stock valued at $44,707,000 after purchasing an additional 168,573 shares in the last quarter. Ninety One North America Inc. boosted its position in shares of NetEase by 52.5% during the second quarter. Ninety One North America Inc. now owns 483,745 shares of the technology company’s stock valued at $65,102,000 after purchasing an additional 166,432 shares in the last quarter. Finally, Ameriprise Financial Inc. grew its stake in NetEase by 351.5% in the second quarter. Ameriprise Financial Inc. now owns 187,415 shares of the technology company’s stock worth $25,221,000 after purchasing an additional 145,906 shares during the period. Hedge funds and other institutional investors own 11.07% of the company’s stock.

NetEase Stock Up 0.7%

Shares of NASDAQ NTES opened at $138.07 on Friday. The firm’s 50-day moving average price is $139.88 and its 200-day moving average price is $138.88. NetEase, Inc. has a 52-week low of $87.67 and a 52-week high of $159.55. The company has a market cap of $87.48 billion, a PE ratio of 17.63, a PEG ratio of 1.65 and a beta of 0.68.

NetEase Cuts Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, December 19th. Shareholders of record on Friday, December 5th were given a $0.57 dividend. This represents a $2.28 dividend on an annualized basis and a yield of 1.7%. The ex-dividend date of this dividend was Friday, December 5th. NetEase’s payout ratio is 28.99%.

Wall Street Analyst Weigh In

Several equities analysts have commented on the company. Benchmark raised their price objective on NetEase from $145.00 to $158.00 and gave the company a “buy” rating in a research report on Friday, November 21st. Sanford C. Bernstein set a $155.00 price target on shares of NetEase in a research report on Friday, November 21st. Wall Street Zen lowered shares of NetEase from a “buy” rating to a “hold” rating in a research note on Sunday, November 23rd. Arete Research raised shares of NetEase from a “sell” rating to a “buy” rating and set a $150.00 target price for the company in a research note on Wednesday, September 3rd. Finally, The Goldman Sachs Group set a $161.00 target price on shares of NetEase and gave the company a “buy” rating in a report on Monday, September 15th. Eight investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $152.33.

NetEase Profile

NetEase, Inc (NASDAQ: NTES) is a Chinese technology company headquartered in Hangzhou that develops and operates Internet services and products. Founded in 1997 by William Ding (Ding Lei), the company has grown from an early web portal and e-mail provider into a diversified online services group. William Ding has served as the company’s founder and long-time leader, guiding its expansion into games, digital content and consumer services.

The company’s primary business is interactive entertainment: NetEase Games designs, develops and publishes PC and mobile games for domestic and international audiences, offering a mix of self-developed franchises and titles published under licensing and strategic partnerships.