Pictet Asset Management SA cut its holdings in JOYY Inc. (NASDAQ:YY – Get Rating) by 35.5% during the second quarter, Holdings Channel reports. The institutional investor owned 112,607 shares of the information services provider’s stock after selling 62,018 shares during the quarter. Pictet Asset Management SA’s holdings in JOYY were worth $3,362,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently modified their holdings of the business. US Bancorp DE raised its holdings in JOYY by 23.2% during the second quarter. US Bancorp DE now owns 2,143 shares of the information services provider’s stock worth $64,000 after purchasing an additional 404 shares during the last quarter. Signaturefd LLC raised its holdings in JOYY by 41.4% during the first quarter. Signaturefd LLC now owns 2,601 shares of the information services provider’s stock worth $96,000 after purchasing an additional 762 shares during the last quarter. Daiwa Securities Group Inc. raised its holdings in JOYY by 240.0% during the first quarter. Daiwa Securities Group Inc. now owns 3,400 shares of the information services provider’s stock worth $125,000 after purchasing an additional 2,400 shares during the last quarter. Victory Capital Management Inc. raised its holdings in JOYY by 9.0% during the second quarter. Victory Capital Management Inc. now owns 7,520 shares of the information services provider’s stock worth $225,000 after purchasing an additional 620 shares during the last quarter. Finally, GSA Capital Partners LLP raised its holdings in JOYY by 12.7% during the first quarter. GSA Capital Partners LLP now owns 6,759 shares of the information services provider’s stock worth $248,000 after purchasing an additional 762 shares during the last quarter. 43.07% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
Separately, StockNews.com cut JOYY from a “buy” rating to a “hold” rating in a report on Friday, October 14th. Three equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $51.00.
JOYY Stock Performance
JOYY (NASDAQ:YY – Get Rating) last released its quarterly earnings results on Monday, August 29th. The information services provider reported $0.54 earnings per share for the quarter, topping analysts’ consensus estimates of $0.05 by $0.49. JOYY had a return on equity of 3.47% and a net margin of 2.75%. The company had revenue of $596.10 million during the quarter, compared to analysts’ expectations of $590.85 million. During the same period in the previous year, the firm posted ($0.01) earnings per share. As a group, analysts predict that JOYY Inc. will post 1.4 earnings per share for the current fiscal year.
JOYY Cuts Dividend
The firm also recently announced a quarterly dividend, which was paid on Thursday, October 6th. Investors of record on Thursday, September 22nd were paid a $0.507 dividend. The ex-dividend date of this dividend was Wednesday, September 21st. This represents a $2.03 annualized dividend and a yield of 7.21%. JOYY’s payout ratio is currently 274.32%.
JOYY Company Profile
JOYY Inc, together with its subsidiaries, operates social media platforms that offer users engaging and experience across various video and audio-based social platforms. The company operates Bigo Live, a live streaming platform that allows users to live stream specific moments, such as showcase talents, socialize, and connect with other users worldwide; Likee, a short-form video social platform that focuses on enabling users to create short-form video; Hago, a casual game-oriented social platform; and imo, a chat and instant messaging application with functions, including video calls and other communication tools, such as group calls, document sharing, etc..
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