JOYY (NASDAQ:YY) Shares Gap Up Following Dividend Announcement

Shares of JOYY Inc. (NASDAQ:YY – Get Rating) gapped up prior to trading on Thursday following a dividend announcement from the company. The stock had previously closed at $27.07, but opened at $27.67. JOYY shares last traded at $26.25, with a volume of 107,635 shares trading hands.

The newly announced dividend which will be paid on Friday, April 28th. Investors of record on Thursday, April 13th will be given a $0.507 dividend. This represents a $2.03 annualized dividend and a yield of 7.03%. The ex-dividend date of this dividend is Wednesday, April 12th. JOYY’s payout ratio is currently 281.94%.

Analysts Set New Price Targets

Several research firms recently issued reports on YY. Citigroup reduced their price target on shares of JOYY from $46.00 to $45.00 and set a “buy” rating for the company in a research report on Monday, February 13th. CLSA cut their price objective on shares of JOYY from $48.00 to $42.00 and set a “buy” rating on the stock in a report on Friday. Benchmark cut their price objective on shares of JOYY from $62.00 to $49.00 in a report on Friday. StockNews.com initiated coverage on shares of JOYY in a report on Thursday. They set a “hold” rating on the stock. Finally, TheStreet raised shares of JOYY from a “d+” rating to a “c” rating in a report on Friday, December 9th. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $44.00.

JOYY Stock Up 3.0 %

The stock’s fifty day simple moving average is $34.17 and its 200-day simple moving average is $30.82. The company has a current ratio of 1.52, a quick ratio of 1.52 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $2.25 billion, a PE ratio of 40.04 and a beta of 0.54.

Hedge Funds Weigh In On JOYY

A number of hedge funds and other institutional investors have recently made changes to their positions in YY. E Fund Management Hong Kong Co. Ltd. boosted its holdings in shares of JOYY by 135.9% in the 1st quarter. E Fund Management Hong Kong Co. Ltd. now owns 32,517 shares of the information services provider’s stock worth $1,264,000 after buying an additional 18,731 shares during the last quarter. American Century Companies Inc. raised its stake in JOYY by 11.4% in the 1st quarter. American Century Companies Inc. now owns 10,078 shares of the information services provider’s stock valued at $370,000 after acquiring an additional 1,031 shares during the period. Cambridge Investment Research Advisors Inc. raised its stake in JOYY by 34.6% in the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 12,302 shares of the information services provider’s stock valued at $452,000 after acquiring an additional 3,164 shares during the period. Great West Life Assurance Co. Can raised its stake in JOYY by 10.3% in the 1st quarter. Great West Life Assurance Co. Can now owns 54,734 shares of the information services provider’s stock valued at $2,087,000 after acquiring an additional 5,100 shares during the period. Finally, Vanguard Group Inc. raised its stake in JOYY by 4.2% in the 1st quarter. Vanguard Group Inc. now owns 2,022,640 shares of the information services provider’s stock valued at $74,292,000 after acquiring an additional 81,581 shares during the period. 42.31% of the stock is owned by hedge funds and other institutional investors.

About JOYY

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JOYY, Inc engages in managing a communication social platform, which enables users to join real-time online group activities through voice, text, and video. Its services include music and entertainment, online games, online dating, live game broadcasting, online education, and advertising. It operates through following segments: Live Streaming, Online Games, Membership and Others.