Dim hypLink As Hyperlink
Dim x As Long
Dim Numrows As Long

' Set numrows = number of rows of data.
Numrows = Range("D2", Range("D2").End(xlDown)).Rows.Count
' Establish "For" loop to loop "numrows" number of times.
For x = 2 To Numrows
If Cells(x,3).Hyperlinks.Count > 0 Then
If Left(Cells(x,3)..Hyperlinks(1).Address, 43) <> "\\us.mycompany.net\dutfolder1\DATA\dut\newfolder" And Left(Cells(x,3)..Hyperlinks(1).Address, 34) = "\\us.mycompany.net\dutfolder1\DATA\dut" Then
Cells(x,3).Hyperlinks(1).Address = Replace(Cells(x,3).Hyperlinks(1).Address, "\\us.mycompany.net\dutfolder1\DATA\dut", "\\us.mycompany.net\dutfolder1\DATA\dut\newfolder")
End If
End If

Next x