Tech Square Trading LP acquired a new position in Baidu Inc (NASDAQ:BIDU) during the 1st quarter, Holdings Channel reports. The fund acquired 2,885 shares of the information services provider’s stock, valued at approximately $476,000.
Several other institutional investors have also modified their holdings of BIDU. Whittier Trust Co. of Nevada Inc. bought a new stake in Baidu in the 4th quarter worth about $26,000. First Personal Financial Services grew its position in Baidu by 70.7% in the 4th quarter. First Personal Financial Services now owns 169 shares of the information services provider’s stock worth $27,000 after purchasing an additional 70 shares in the last quarter. Rational Advisors LLC grew its position in Baidu by 1,400.0% in the 4th quarter. Rational Advisors LLC now owns 210 shares of the information services provider’s stock worth $33,000 after purchasing an additional 196 shares in the last quarter. Semmax Financial Advisors Inc. bought a new stake in Baidu in the 4th quarter worth about $33,000. Finally, Oakworth Capital Inc. bought a new stake in Baidu in the 4th quarter worth about $39,000. 59.79% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on BIDU shares. Credit Suisse Group set a $221.00 price objective on shares of Baidu and gave the stock a “buy” rating in a research report on Wednesday, April 10th. Daiwa Capital Markets set a $215.00 price objective on shares of Baidu and gave the stock a “buy” rating in a research report on Friday, March 8th. Benchmark reaffirmed a “buy” rating and issued a $245.00 price objective (down from $260.00) on shares of Baidu in a research report on Friday, February 22nd. Mizuho reduced their price objective on shares of Baidu from $215.00 to $205.00 and set a “buy” rating for the company in a research report on Tuesday, May 7th. Finally, KeyCorp set a $179.00 price objective on shares of Baidu and gave the stock a “buy” rating in a research report on Friday, May 17th. Three analysts have rated the stock with a sell rating, nine have given a hold rating and nine have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $196.13.
Baidu declared that its board has authorized a share buyback plan on Thursday, May 16th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the information services provider to repurchase up to 1.9% of its shares through open market purchases. Shares buyback plans are often a sign that the company’s leadership 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 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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