New York State Common Retirement Fund Buys Shares of 279,489 NetEase, Inc. (NASDAQ:NTES)

New York State Common Retirement Fund purchased a new position in shares of NetEase, Inc. (NASDAQ:NTES) during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 279,489 shares of the technology company’s stock, valued at approximately $28,765,000.

A number of other hedge funds also recently modified their holdings of the business. Brighton Jones LLC raised its position in shares of NetEase by 1.1% during the fourth quarter. Brighton Jones LLC now owns 10,297 shares of the technology company’s stock worth $919,000 after purchasing an additional 117 shares during the period. Concurrent Investment Advisors LLC raised its position in NetEase by 5.4% in the 1st quarter. Concurrent Investment Advisors LLC now owns 2,569 shares of the technology company’s stock valued at $264,000 after buying an additional 132 shares during the last quarter. Fifth Third Bancorp raised its position in NetEase by 2.7% in the 1st quarter. Fifth Third Bancorp now owns 5,264 shares of the technology company’s stock valued at $542,000 after buying an additional 138 shares during the last quarter. Farther Finance Advisors LLC raised its position in NetEase by 81.7% in the 4th quarter. Farther Finance Advisors LLC now owns 338 shares of the technology company’s stock valued at $30,000 after buying an additional 152 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its position in NetEase by 1.6% in the 1st quarter. Bank of New York Mellon Corp now owns 9,884 shares of the technology company’s stock valued at $1,017,000 after buying an additional 153 shares during the last quarter. Institutional investors and hedge funds own 11.07% of the company’s stock.

NetEase Stock Up 1.3%

NTES stock opened at $129.90 on Tuesday. The business has a 50 day moving average price of $125.03 and a two-hundred day moving average price of $108.91. The company has a market cap of $82.30 billion, a price-to-earnings ratio of 18.69, a P/E/G ratio of 4.47 and a beta of 0.69. NetEase, Inc. has a twelve month low of $75.85 and a twelve month high of $135.32.

NetEase Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 13th. Shareholders of record on Friday, May 30th were paid a $0.675 dividend. The ex-dividend date was Friday, May 30th. This represents a $2.70 dividend on an annualized basis and a yield of 2.08%. NetEase’s dividend payout ratio is 38.71%.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on the company. JPMorgan Chase & Co. lifted their target price on NetEase from $120.00 to $135.00 and gave the company an “overweight” rating in a research report on Monday, May 19th. Wall Street Zen raised NetEase from a “buy” rating to a “strong-buy” rating in a research report on Thursday, May 22nd. Deutsche Bank Aktiengesellschaft assumed coverage on NetEase in a research report on Monday, May 12th. They issued a “buy” rating and a $130.00 target price on the stock. Finally, Barclays lifted their target price on NetEase from $104.00 to $118.00 and gave the company an “equal weight” rating in a research report on Friday, May 16th. One analyst has rated the stock with a hold rating, seven have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $119.38.

NetEase 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.