Commonwealth Equity Services LLC grew its stake in Baidu Inc (NASDAQ:BIDU) by 4.0% during the first quarter, HoldingsChannel reports. The firm owned 37,211 shares of the information services provider’s stock after purchasing an additional 1,421 shares during the period. Commonwealth Equity Services LLC’s holdings in Baidu were worth $6,134,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of BIDU. BlackRock Inc. raised its stake in Baidu by 4.3% during the first quarter. BlackRock Inc. now owns 15,784,632 shares of the information services provider’s stock worth $2,602,096,000 after acquiring an additional 653,684 shares during the period. Vanguard Group Inc raised its stake in Baidu by 1.1% during the third quarter. Vanguard Group Inc now owns 9,668,953 shares of the information services provider’s stock worth $2,211,097,000 after acquiring an additional 104,819 shares during the period. Massachusetts Financial Services Co. MA raised its stake in Baidu by 9.3% during the fourth quarter. Massachusetts Financial Services Co. MA now owns 3,607,166 shares of the information services provider’s stock worth $572,096,000 after acquiring an additional 306,202 shares during the period. Norges Bank acquired a new stake in Baidu during the fourth quarter worth about $526,416,000. Finally, Comgest Global Investors S.A.S. raised its stake in Baidu by 15.4% during the fourth quarter. Comgest Global Investors S.A.S. now owns 3,180,255 shares of the information services provider’s stock worth $504,389,000 after acquiring an additional 425,375 shares during the period. Institutional investors and hedge funds own 59.78% of the company’s stock.
Several research firms recently weighed in on BIDU. BidaskClub upgraded shares of Baidu from a “sell” rating to a “hold” rating in a research note on Wednesday, April 10th. ValuEngine upgraded shares of Baidu from a “sell” rating to a “hold” rating in a research note on Thursday, April 4th. Credit Suisse Group set a $221.00 price target on shares of Baidu and gave the company a “buy” rating in a research note on Wednesday, April 10th. Oppenheimer lowered shares of Baidu from an “outperform” rating to a “market perform” rating in a research note on Wednesday, April 10th. Finally, Benchmark restated a “buy” rating and issued a $245.00 price target (down previously from $260.00) on shares of Baidu in a research note on Friday, February 22nd. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and nine have assigned a buy rating to the company. The stock has an average rating of “Hold” and a consensus target price of $191.69.
Baidu announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 16th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the information services provider to reacquire up to 1.9% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
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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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