Wedbush Securities Inc. boosted its position in shares of Baidu Inc (NASDAQ:BIDU) by 4.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,973 shares of the information services provider’s stock after acquiring an additional 209 shares during the quarter. Wedbush Securities Inc.’s holdings in Baidu were worth $584,000 at the end of the most recent reporting period.
Other institutional investors have also recently bought and sold shares of the company. Bank of Montreal Can increased its position in Baidu by 219.8% during the first quarter. Bank of Montreal Can now owns 792,685 shares of the information services provider’s stock valued at $130,674,000 after acquiring an additional 544,799 shares during the last quarter. Strs Ohio purchased a new stake in Baidu during the first quarter valued at $9,891,000. YorkBridge Wealth Partners LLC increased its position in Baidu by 8.6% during the first 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 during the last quarter. Jacobs & Co. CA purchased a new stake in Baidu during the first quarter valued at $2,144,000. Finally, Callahan Advisors LLC increased its position in Baidu by 121.2% during the first 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 during the last quarter. Institutional investors own 59.44% of the company’s stock.
BIDU has been the subject of a number of research reports. CLSA set a $138.00 price objective on Baidu and gave the company a “buy” rating in a research report on Monday, July 8th. KeyCorp reiterated an “overweight” rating and set a $148.00 price objective (down previously from $160.00) on shares of Baidu in a research report on Friday, August 9th. They noted that the move was a valuation call. JPMorgan Chase & Co. initiated coverage on Baidu in a research report on Wednesday, July 10th. They set an “overweight” rating for the company. Barclays reduced their price objective on Baidu from $160.00 to $145.00 and set an “equal weight” rating for the company in a research report on Friday, July 12th. Finally, BidaskClub cut Baidu from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 8th. One analyst has rated the stock with a sell rating, twelve have issued a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $175.11.
Baidu declared that its board has authorized a share repurchase program on Thursday, May 16th that allows the company to repurchase $1.00 billion in shares. This repurchase authorization allows the information services provider to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is 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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