Bp Plc reduced its position in Baidu Inc (NASDAQ:BIDU) by 15.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,660 shares of the information services provider’s stock after selling 7,900 shares during the period. Bp Plc’s holdings in Baidu were worth $10,610,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Massachusetts Financial Services Co. MA increased its position in Baidu by 51.4% during the second quarter. Massachusetts Financial Services Co. MA now owns 2,916,981 shares of the information services provider’s stock worth $708,826,000 after buying an additional 990,424 shares in the last quarter. Lyell Wealth Management LP increased its position in Baidu by 19.8% during the second quarter. Lyell Wealth Management LP now owns 6,235 shares of the information services provider’s stock worth $1,515,000 after buying an additional 1,030 shares in the last quarter. Cypress Asset Management Inc. TX increased its position in Baidu by 52.3% during the second quarter. Cypress Asset Management Inc. TX now owns 3,595 shares of the information services provider’s stock worth $874,000 after buying an additional 1,235 shares in the last quarter. Eqis Capital Management Inc. increased its position in Baidu by 74.1% during the second quarter. Eqis Capital Management Inc. now owns 1,717 shares of the information services provider’s stock worth $417,000 after buying an additional 731 shares in the last quarter. Finally, Wealthstreet Investment Advisors LLC purchased a new position in Baidu during the second quarter worth $207,000. 61.46% of the stock is owned by hedge funds and other institutional investors.
BIDU has been the subject of several recent research reports. BidaskClub downgraded Baidu from a “buy” rating to a “hold” rating in a research report on Tuesday, May 22nd. Credit Suisse Group assumed coverage on Baidu in a report on Monday, April 23rd. They set an “outperform” rating on the stock. Zacks Investment Research cut Baidu from a “buy” rating to a “hold” rating in a report on Tuesday, April 24th. Barclays raised their price objective on Baidu from $250.00 to $260.00 and gave the stock an “equal weight” rating in a report on Monday, April 16th. Finally, Citigroup upgraded Baidu from a “neutral” rating to a “buy” rating and set a $307.00 price objective on the stock in a report on Friday, April 27th. Eight analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $285.89.
Shares of BIDU stock traded down $3.80 during mid-day trading on Monday, hitting $251.29. 135,730 shares of the company’s stock were exchanged, compared to its average volume of 2,457,068. Baidu Inc has a fifty-two week low of $207.74 and a fifty-two week high of $284.22. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.34. The stock has a market capitalization of $88.46 billion, a price-to-earnings ratio of 31.09, a price-to-earnings-growth ratio of 1.34 and a beta of 1.83.
Baidu declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 27th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 1.2% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
Baidu, Inc provides Internet search services in China and internationally. It operates through two segments, Baidu Core and iQIYI. The Baidu Core segment offers products for uses, including Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services through mobile browsers; Baidu Feed that provides users with personalized timeline to meet their personal interests reflected in their past online behaviors, such as search and browsing, and their demographics; and Bear Paw Account that enables verified brands and businesses to aggregate their content from Websites, wapsites, and open-platform apps.
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