Majedie Asset Management Ltd decreased its stake in Baidu Inc (NASDAQ:BIDU) by 70.1% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 7,079 shares of the information services provider’s stock after selling 16,598 shares during the quarter. Majedie Asset Management Ltd’s holdings in Baidu were worth $1,168,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Foresight Wealth Management LLC purchased a new position in Baidu during the first quarter worth approximately $261,000. Tradition Capital Management LLC increased its holdings in shares of Baidu by 35.3% in the first quarter. Tradition Capital Management LLC now owns 4,527 shares of the information services provider’s stock valued at $746,000 after purchasing an additional 1,182 shares during the last quarter. Raymond James & Associates increased its holdings in shares of Baidu by 8.1% in the first quarter. Raymond James & Associates now owns 112,627 shares of the information services provider’s stock valued at $18,567,000 after purchasing an additional 8,480 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its holdings in shares of Baidu by 65.1% in the first quarter. Raymond James Financial Services Advisors Inc. now owns 29,111 shares of the information services provider’s stock valued at $4,799,000 after purchasing an additional 11,480 shares during the last quarter. Finally, Krane Funds Advisors LLC increased its holdings in shares of Baidu by 3.4% in the first quarter. Krane Funds Advisors LLC now owns 828,543 shares of the information services provider’s stock valued at $136,585,000 after purchasing an additional 26,955 shares during the last quarter. Hedge funds and other institutional investors own 60.69% of the company’s stock.
Several research analysts recently weighed in on the company. BidaskClub lowered Baidu from a “sell” rating to a “strong sell” rating in a research report on Friday, May 10th. Mizuho lowered their price target on Baidu from $215.00 to $205.00 and set a “buy” rating for the company in a research report on Tuesday, May 7th. Zacks Investment Research lowered Baidu from a “hold” rating to a “strong sell” rating in a research report on Wednesday, April 24th. KeyCorp set a $220.00 price target on Baidu and gave the stock an “overweight” rating in a research report on Tuesday, April 23rd. They noted that the move was a valuation call. Finally, China Renaissance Securities restated a “hold” rating on shares of Baidu in a research report on Monday, April 15th. Two analysts have rated the stock with a sell rating, six have assigned a hold rating and twelve have issued a buy rating to the company’s stock. Baidu presently has a consensus rating of “Buy” and an average price target of $230.64.
NASDAQ:BIDU traded up $1.49 during midday trading on Thursday, reaching $153.88. The company had a trading volume of 773,426 shares, compared to its average volume of 3,078,196. The firm has a market cap of $52.94 billion, a PE ratio of 19.73, a price-to-earnings-growth ratio of 4.58 and a beta of 1.44. Baidu Inc has a 12-month low of $150.02 and a 12-month high of $284.22. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.31.
TRADEMARK VIOLATION WARNING: This piece was first published by Zolmax and is the property of of Zolmax. If you are viewing this piece on another website, it was stolen and reposted in violation of US and international trademark and copyright legislation. The legal version of this piece can be accessed at https://zolmax.com/investing/majedie-asset-management-ltd-sells-16598-shares-of-baidu-inc-bidu/3085813.html.
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.
Read More: What is a Stop Order?
Want to see what other hedge funds are holding BIDU? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Baidu Inc (NASDAQ:BIDU).
Receive News & Ratings for Baidu Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Baidu and related companies with MarketBeat.com's FREE daily email newsletter.