Citigroup Inc. Reduces Position in NetEase, Inc. $NTES

Citigroup Inc. decreased its stake in shares of NetEase, Inc. (NASDAQ:NTES) by 15.6% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 165,457 shares of the technology company’s stock after selling 30,534 shares during the quarter. Citigroup Inc.’s holdings in NetEase were worth $25,148,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also made changes to their positions in NTES. Smartleaf Asset Management LLC grew its holdings in shares of NetEase by 19.3% during the third quarter. Smartleaf Asset Management LLC now owns 457 shares of the technology company’s stock valued at $69,000 after buying an additional 74 shares during the last quarter. Spire Wealth Management grew its stake in NetEase by 29.2% during the 3rd quarter. Spire Wealth Management now owns 332 shares of the technology company’s stock valued at $50,000 after purchasing an additional 75 shares during the last quarter. Hardy Reed LLC increased its holdings in shares of NetEase by 0.9% in the third quarter. Hardy Reed LLC now owns 8,538 shares of the technology company’s stock valued at $1,298,000 after purchasing an additional 79 shares during the period. Bridgewater Advisors Inc. raised its stake in shares of NetEase by 3.3% in the second quarter. Bridgewater Advisors Inc. now owns 2,527 shares of the technology company’s stock worth $332,000 after purchasing an additional 80 shares during the last quarter. Finally, AdvisorNet Financial Inc lifted its holdings in shares of NetEase by 7.2% during the third quarter. AdvisorNet Financial Inc now owns 1,501 shares of the technology company’s stock worth $228,000 after purchasing an additional 101 shares during the period. Hedge funds and other institutional investors own 11.07% of the company’s stock.

NetEase Stock Performance

NASDAQ:NTES opened at $115.62 on Thursday. The stock has a market capitalization of $73.26 billion, a PE ratio of 15.75, a P/E/G ratio of 1.48 and a beta of 0.71. NetEase, Inc. has a fifty-two week low of $88.54 and a fifty-two week high of $159.55. The company has a fifty day moving average of $131.67 and a two-hundred day moving average of $138.44.

NetEase Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 27th. Shareholders of record on Monday, March 16th will be paid a dividend of $1.16 per share. This represents a $4.64 dividend on an annualized basis and a yield of 4.0%. This is an increase from NetEase’s previous quarterly dividend of $0.57. The ex-dividend date of this dividend is Monday, March 16th. NetEase’s dividend payout ratio is presently 30.93%.

Analyst Ratings Changes

Several brokerages recently weighed in on NTES. Wall Street Zen downgraded shares of NetEase from a “buy” rating to a “hold” rating in a report on Sunday, November 23rd. Benchmark reiterated a “buy” rating on shares of NetEase in a research note on Thursday, February 12th. Weiss Ratings restated a “hold (c)” rating on shares of NetEase in a research report on Monday, December 22nd. Sanford C. Bernstein set a $155.00 price target on shares of NetEase in a report on Friday, November 21st. Finally, Nomura reduced their price objective on NetEase from $160.00 to $155.00 and set a “buy” rating for the company in a research note on Friday, February 13th. Eight analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $155.67.

About NetEase

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.