World Asset Management Inc lowered its stake in Baidu Inc (NASDAQ:BIDU) by 14.7% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,056 shares of the information services provider’s stock after selling 1,215 shares during the period. World Asset Management Inc’s holdings in Baidu were worth $1,614,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors also recently bought and sold shares of the stock. New Silk Road Investment PTE Ltd. grew its stake in shares of Baidu by 82.2% in the 3rd quarter. New Silk Road Investment PTE Ltd. now owns 35,900 shares of the information services provider’s stock worth $8,210,000 after buying an additional 16,200 shares during the last quarter. Iberiabank Corp purchased a new stake in shares of Baidu in the 3rd quarter worth approximately $418,000. Advisors Capital Management LLC grew its stake in shares of Baidu by 1.4% in the 3rd quarter. Advisors Capital Management LLC now owns 28,918 shares of the information services provider’s stock worth $6,613,000 after buying an additional 393 shares during the last quarter. Hexavest Inc. grew its stake in shares of Baidu by 47.7% in the 3rd quarter. Hexavest Inc. now owns 9,428 shares of the information services provider’s stock worth $2,156,000 after buying an additional 3,045 shares during the last quarter. Finally, We Are One Seven LLC purchased a new stake in shares of Baidu in the 3rd quarter worth approximately $352,000. Institutional investors own 61.32% of the company’s stock.
Shares of BIDU opened at $204.36 on Friday. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.25. Baidu Inc has a 12 month low of $189.00 and a 12 month high of $284.22. The firm has a market cap of $79.30 billion, a price-to-earnings ratio of 25.35, a price-to-earnings-growth ratio of 0.97 and a beta of 1.49.
Baidu announced that its Board of Directors has approved a stock repurchase plan on Wednesday, June 27th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the information services provider to repurchase up to 1.2% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.
BIDU has been the topic of several recent research reports. BidaskClub downgraded Baidu from a “buy” rating to a “hold” rating in a research note on Thursday, June 28th. Zacks Investment Research downgraded Baidu from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, July 3rd. Credit Suisse Group upgraded Baidu from a “neutral” rating to an “outperform” rating and set a $307.00 price target on the stock in a research note on Monday, July 9th. Deutsche Bank set a $337.00 price target on Baidu and gave the stock a “buy” rating in a research note on Wednesday, August 1st. Finally, KeyCorp set a $297.00 target price on Baidu and gave the company a “buy” rating in a research note on Wednesday, August 1st. Three analysts have rated the stock with a sell rating, five have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. Baidu presently has an average rating of “Buy” and a consensus target price of $292.95.
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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