Newman Dignan & Sheerar Inc. purchased a new position in shares of Baidu Inc (NASDAQ:BIDU) during the 2nd quarter, HoldingsChannel.com reports. The firm purchased 830 shares of the information services provider’s stock, valued at approximately $202,000.
A number of other large investors also recently made changes to their positions in the stock. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp increased its stake in Baidu by 174.8% in the fourth quarter. Her Majesty the Queen in Right of the Province of Alberta as represented by Alberta Investment Management Corp now owns 500,450 shares of the information services provider’s stock valued at $117,210,000 after purchasing an additional 318,310 shares during the period. Legal & General Group Plc increased its stake in Baidu by 23.0% in the first quarter. Legal & General Group Plc now owns 1,310,215 shares of the information services provider’s stock valued at $292,427,000 after purchasing an additional 245,039 shares during the period. Myriad Asset Management Ltd. acquired a new position in Baidu in the first quarter valued at $51,546,000. Broad Peak Investment Management LTD. increased its stake in Baidu by 28.8% in the first quarter. Broad Peak Investment Management LTD. now owns 881,303 shares of the information services provider’s stock valued at $196,698,000 after purchasing an additional 197,060 shares during the period. Finally, Scopia Capital Management LP increased its stake in Baidu by 23.6% in the first quarter. Scopia Capital Management LP now owns 878,740 shares of the information services provider’s stock valued at $196,126,000 after purchasing an additional 167,844 shares during the period. Hedge funds and other institutional investors own 60.81% of the company’s stock.
A number of research analysts have commented on BIDU shares. Zacks Investment Research lowered shares of Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday. BidaskClub lowered shares of Baidu from a “hold” rating to a “sell” rating in a research note on Friday, March 30th. Citigroup upgraded shares of Baidu from a “neutral” rating to a “buy” rating and set a $307.00 price objective on the stock in a research note on Friday, April 27th. KeyCorp started coverage on shares of Baidu in a research note on Thursday, April 5th. They issued a “sector weight” rating on the stock. Finally, Barclays set a $275.00 price objective on shares of Baidu and gave the company a “hold” rating in a research note on Sunday, April 29th. Nine equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and two have given a strong buy rating to the company. The company has a consensus rating of “Buy” and a consensus price target of $281.40.
Shares of NASDAQ:BIDU traded up $7.36 during midday trading on Friday, hitting $251.43. The stock had a trading volume of 113,791 shares, compared to its average volume of 3,358,479. The company has a market cap of $85.45 billion, a price-to-earnings ratio of 30.49, a PEG ratio of 1.57 and a beta of 1.83. The company has a quick ratio of 2.00, a current ratio of 2.00 and a debt-to-equity ratio of 0.34. Baidu Inc has a 1 year low of $179.92 and a 1 year high of $284.22.
Baidu announced that its board has approved a share repurchase program 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 reacquire up to 1.2% of its shares through open market purchases. Shares buyback programs are typically an indication 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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