JPMorgan Chase & Co. Initiates Coverage on Baidu (NASDAQ:BIDU)

JPMorgan Chase & Co. began coverage on shares of Baidu (NASDAQ:BIDU) in a research report released on Wednesday morning, Briefing.com Automated Import reports. The firm issued an overweight rating on the information services provider’s stock.

Several other research analysts also recently commented on the company. Barclays lifted their price objective on NetEase from $300.00 to $320.00 and gave the stock an overweight rating in a report on Monday, May 20th. Deutsche Bank lifted their price objective on Walmart from $118.00 to $120.00 and gave the stock a buy rating in a report on Friday, May 17th. BidaskClub downgraded Zynga from a buy rating to a hold rating in a report on Tuesday, June 18th. Mizuho lifted their price objective on Bausch Health Companies from $41.00 to $45.00 and gave the stock a buy rating in a report on Tuesday, May 7th. Finally, CLSA set a $138.00 price objective on Baidu and gave the stock a buy rating in a report on Monday. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $179.00.

Shares of BIDU traded up $0.35 during trading hours on Wednesday, hitting $114.75. The company had a trading volume of 1,727,517 shares, compared to its average volume of 3,640,145. The firm has a market cap of $40.09 billion, a price-to-earnings ratio of 14.71, a P/E/G ratio of 6.74 and a beta of 1.64. The company’s 50 day moving average is $114.20. The company has a current ratio of 2.76, a quick ratio of 2.76 and a debt-to-equity ratio of 0.34. Baidu has a 52-week low of $106.80 and a 52-week high of $274.00.



Baidu announced that its board has initiated a stock buyback program on Thursday, May 16th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the information services provider to purchase up to 1.9% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Bank of Montreal Can grew its stake in shares of Baidu by 219.8% in the first quarter. Bank of Montreal Can now owns 792,685 shares of the information services provider’s stock worth $130,674,000 after purchasing an additional 544,799 shares during the last quarter. Strs Ohio bought a new stake in Baidu during the 1st quarter valued at approximately $9,891,000. YorkBridge Wealth Partners LLC boosted its position in Baidu by 8.6% during the 1st quarter. YorkBridge Wealth Partners LLC now owns 2,739 shares of the information services provider’s stock valued at $452,000 after acquiring an additional 218 shares in the last quarter. Jacobs & Co. CA bought a new stake in Baidu during the 1st quarter valued at approximately $2,144,000. Finally, Callahan Advisors LLC boosted its position in Baidu by 121.2% during the 1st quarter. Callahan Advisors LLC now owns 7,232 shares of the information services provider’s stock valued at $1,192,000 after acquiring an additional 3,963 shares in the last quarter. 59.51% of the stock is currently owned by institutional investors.

About Baidu

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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