Pittenger & Anderson Inc. trimmed its stake in Baidu Inc (NASDAQ:BIDU) by 47.7% during the third quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 5,200 shares of the information services provider’s stock after selling 4,750 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Baidu were worth $1,189,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Schwab Charles Investment Management Inc. grew its holdings in shares of Baidu by 29.4% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 328,537 shares of the information services provider’s stock worth $79,835,000 after acquiring an additional 74,585 shares during the last quarter. Marshall Wace LLP grew its holdings in shares of Baidu by 6,361.9% in the 2nd quarter. Marshall Wace LLP now owns 96,735 shares of the information services provider’s stock worth $23,507,000 after acquiring an additional 95,238 shares during the last quarter. TCW Group Inc. acquired a new position in shares of Baidu in the 2nd quarter worth $29,277,000. Guinness Asset Management Ltd grew its holdings in shares of Baidu by 11.6% in the 2nd quarter. Guinness Asset Management Ltd now owns 26,840 shares of the information services provider’s stock worth $6,523,000 after acquiring an additional 2,800 shares during the last quarter. Finally, Glen Point Capital LLP acquired a new position in shares of Baidu in the 2nd quarter worth $2,017,000. Institutional investors and hedge funds own 61.32% of the company’s stock.
Shares of BIDU stock opened at $204.36 on Friday. Baidu Inc has a 1-year low of $189.00 and a 1-year high of $284.22. The company has a current ratio of 2.19, a quick ratio of 2.19 and a debt-to-equity ratio of 0.25. The firm has a market cap of $79.30 billion, a PE ratio of 25.35, a price-to-earnings-growth ratio of 0.97 and a beta of 1.49.
Baidu declared that its Board of Directors has authorized a share 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 buy up to 1.2% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
BIDU has been the topic of a number of recent research reports. BidaskClub cut Baidu from a “sell” rating to a “strong sell” rating in a report on Saturday, October 6th. Zacks Investment Research downgraded Baidu from a “hold” rating to a “sell” rating in a report on Monday, October 8th. ValuEngine downgraded Baidu from a “hold” rating to a “sell” rating in a report on Thursday, September 6th. UBS Group set a $280.00 price target on Baidu and gave the company a “buy” rating in a report on Tuesday. Finally, Deutsche Bank set a $337.00 price target on Baidu and gave the company a “buy” rating in a report on Wednesday, August 1st. Three equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, fifteen have assigned a buy rating and one has issued a strong buy rating to the company. The company presently has a consensus 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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