JOYY (NASDAQ:JOYY) Hits New 12-Month High Following Dividend Announcement

JOYY Inc. Sponsored ADR (NASDAQ:JOYY) reached a new 52-week high during mid-day trading on Wednesday following a dividend announcement from the company. The stock traded as high as $80.90 and last traded at $75.9290, with a volume of 221268 shares traded. The stock had previously closed at $75.00.

The newly announced dividend which will be paid on Friday, October 16th. Shareholders of record on Wednesday, September 30th will be issued a $1.55 dividend. This is a boost from JOYY’s previous quarterly dividend of $1.50. This represents a $6.20 annualized dividend and a yield of 8.3%. The ex-dividend date of this dividend is Wednesday, September 30th. JOYY’s dividend payout ratio is 147.97%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on JOYY shares. Morgan Stanley set a $74.00 price target on JOYY in a research note on Wednesday. Jefferies Financial Group reaffirmed a “buy” rating and issued a $87.00 price objective on shares of JOYY in a research report on Wednesday. Citigroup reissued a “buy” rating on shares of JOYY in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. upgraded shares of JOYY from a “neutral” rating to an “overweight” rating and upped their price target for the company from $35.00 to $98.00 in a research note on Wednesday, August 12th. Finally, Zacks Research raised shares of JOYY from a “strong sell” rating to a “hold” rating in a report on Monday, May 11th. Five analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, JOYY currently has a consensus rating of “Moderate Buy” and a consensus price target of $83.40.

JOYY Trading Up 0.0%

The stock has a 50-day simple moving average of $71.47 and a 200 day simple moving average of $64.81. The company has a market cap of $3.74 billion, a price-to-earnings ratio of 17.86 and a beta of 0.47.

Institutional Investors Weigh In On JOYY

A number of institutional investors and hedge funds have recently modified their holdings of the company. Stonehill Capital Management LLC acquired a new position in JOYY in the 3rd quarter worth approximately $80,885,000. Public Employees Retirement System of Ohio purchased a new position in JOYY during the 3rd quarter worth approximately $9,204,000. New York State Common Retirement Fund lifted its stake in JOYY by 8.8% during the 4th quarter. New York State Common Retirement Fund now owns 138,555 shares of the company’s stock valued at $8,973,000 after acquiring an additional 11,200 shares during the period. SG Americas Securities LLC lifted its stake in JOYY by 49.9% during the 1st quarter. SG Americas Securities LLC now owns 112,466 shares of the company’s stock valued at $6,567,000 after acquiring an additional 37,451 shares during the period. Finally, Handelsbanken Fonder AB lifted its stake in JOYY by 67.5% during the 2nd quarter. Handelsbanken Fonder AB now owns 12,900 shares of the company’s stock valued at $851,000 after acquiring an additional 5,200 shares during the period. Institutional investors and hedge funds own 36.83% of the company’s stock.

About JOYY

JOYY Inc (NASDAQ: JOYY) is a China-based technology company that develops and operates social media and live-streaming platforms. The company’s core business centers on real-time interactive video services and short-form social content, enabling users to create, share and monetize live and recorded audio-visual content. JOYY’s platforms are designed to connect creators and viewers through features such as live chat, virtual gifting and subscription-based interactions.

Products and services provided by JOYY include consumer-facing mobile and web applications that support live entertainment, social networking and short-form video consumption.