Avalon Advisors LLC lifted its stake in shares of Baidu Inc (NASDAQ:BIDU) by 22.3% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 4,342 shares of the information services provider’s stock after acquiring an additional 792 shares during the period. Avalon Advisors LLC’s holdings in Baidu were worth $969,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Cynosure Advisors LLC acquired a new stake in Baidu in the 1st quarter worth about $203,000. Dynamic Technology Lab Private Ltd acquired a new stake in Baidu in the 1st quarter worth about $312,000. Suntrust Banks Inc. boosted its stake in Baidu by 15.2% in the 1st quarter. Suntrust Banks Inc. now owns 12,340 shares of the information services provider’s stock worth $2,753,000 after buying an additional 1,628 shares during the last quarter. Principal Financial Group Inc. boosted its stake in Baidu by 14.0% in the 1st quarter. Principal Financial Group Inc. now owns 4,759 shares of the information services provider’s stock worth $1,062,000 after buying an additional 586 shares during the last quarter. Finally, Navellier & Associates Inc boosted its stake in Baidu by 13.4% in the 1st quarter. Navellier & Associates Inc now owns 7,009 shares of the information services provider’s stock worth $1,564,000 after buying an additional 829 shares during the last quarter. 60.81% of the stock is currently owned by institutional investors and hedge funds.
A number of analysts have issued reports on BIDU shares. Deutsche Bank started coverage on Baidu in a research note on Thursday, March 15th. They issued a “buy” rating and a $319.00 price target on the stock. Citigroup raised Baidu from a “neutral” rating to a “buy” rating and set a $307.00 price target on the stock in a research note on Friday, April 27th. Benchmark reissued a “buy” rating and issued a $300.00 price target (up from $285.00) on shares of Baidu in a research note on Friday, April 27th. Zacks Investment Research raised Baidu from a “hold” rating to a “buy” rating and set a $257.00 price target on the stock in a research note on Tuesday, April 17th. Finally, Goldman Sachs Group began coverage on Baidu in a research note on Tuesday, May 8th. They issued a “buy” rating on the stock. Eight research analysts have rated the stock with a hold rating, sixteen have given a buy rating and three have issued a strong buy rating to the company’s stock. Baidu currently has a consensus rating of “Buy” and an average target price of $281.40.
Shares of NASDAQ:BIDU opened at $243.00 on Friday. The stock has a market cap of $83.99 billion, a P/E ratio of 30.15, a P/E/G ratio of 1.31 and a beta of 1.83. The company has a current ratio of 2.00, a quick ratio of 2.00 and a debt-to-equity ratio of 0.34. Baidu Inc has a one year low of $178.31 and a one year high of $284.22.
Baidu announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 27th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to purchase up to 1.2% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its stock is 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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