Baidu (NASDAQ:BIDU) was downgraded by equities researchers at Macquarie from an “outperform” rating to a “neutral” rating in a note issued to investors on Friday, Briefing.com Automated Import reports.
Other equities analysts also recently issued reports about the stock. Daiwa Capital Markets set a $215.00 price target on shares of Baidu and gave the stock a “buy” rating in a research note on Friday, March 8th. Citigroup dropped their price target on shares of Baidu from $262.00 to $205.00 and set a “buy” rating on the stock in a research note on Tuesday, January 22nd. Benchmark reaffirmed a “buy” rating and issued a $245.00 price target (down from $260.00) on shares of Baidu in a research note on Friday, February 22nd. Credit Suisse Group set a $221.00 price target on shares of Baidu and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, Mizuho lowered their target price on shares of Baidu from $215.00 to $205.00 and set a “buy” rating on the stock in a research report on Tuesday, May 7th. Three research analysts have rated the stock with a sell rating, nine have given a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $200.14.
Shares of NASDAQ BIDU traded down $9.34 during mid-day trading on Friday, reaching $118.97. The company had a trading volume of 531,315 shares, compared to its average volume of 3,083,209. Baidu has a twelve month low of $126.91 and a twelve month high of $274.00. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.31. The company has a market capitalization of $44.82 billion, a PE ratio of 15.23, a price-to-earnings-growth ratio of 3.66 and a beta of 1.44.
Baidu announced that its board has initiated a share buyback plan on Thursday, May 16th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the information services provider to purchase up to 1.9% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB lifted its stake in shares of Baidu by 6.9% in the first quarter. Nordea Investment Management AB now owns 233,492 shares of the information services provider’s stock valued at $38,492,000 after buying an additional 15,075 shares during the period. FMR LLC lifted its stake in shares of Baidu by 149.7% in the first quarter. FMR LLC now owns 82,956 shares of the information services provider’s stock valued at $13,674,000 after buying an additional 49,735 shares during the period. IHT Wealth Management LLC lifted its stake in shares of Baidu by 14.6% in the first quarter. IHT Wealth Management LLC now owns 3,877 shares of the information services provider’s stock valued at $639,000 after buying an additional 495 shares during the period. Covenant Partners LLC bought a new stake in shares of Baidu in the first quarter valued at about $661,000. Finally, Wunderlich Capital Managemnt lifted its stake in shares of Baidu by 3.8% in the first quarter. Wunderlich Capital Managemnt now owns 7,428 shares of the information services provider’s stock valued at $1,224,000 after buying an additional 269 shares during the period. Institutional investors own 60.69% of the company’s stock.
Baidu Company Profile
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 its other properties and Union partners; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Haokan, a short video app; and Quanmin, a flash video app for users to create and share short videos.
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