Baidu (BIDU) PT Lowered to $265.00 at Citigroup

Baidu (NASDAQ:BIDU) had its price target lowered by Citigroup from $295.00 to $265.00 in a research note released on Friday, The Fly reports. Citigroup currently has an outperform rating on the information services provider’s stock. The analysts noted that the move was a valuation call.

BIDU has been the topic of a number of other research reports. Credit Suisse Group raised shares of Baidu from a neutral rating to an outperform rating and set a $307.00 price target on the stock in a research note on Monday, July 9th. BidaskClub raised shares of Baidu from a hold rating to a buy rating in a research note on Thursday, July 12th. Zacks Investment Research downgraded shares of Baidu from a hold rating to a sell rating in a research note on Wednesday, July 11th. ValuEngine downgraded shares of Baidu from a hold rating to a sell rating in a research note on Thursday, September 6th. Finally, Susquehanna Bancshares began coverage on shares of Baidu in a research note on Friday, September 7th. They set a positive rating and a $325.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $292.95.

NASDAQ:BIDU traded up $6.36 during trading hours on Friday, reaching $204.36. 3,874,279 shares of the company were exchanged, compared to its average volume of 3,308,830. The company has a quick ratio of 2.19, a current ratio of 2.19 and a debt-to-equity ratio of 0.25. The company has a market cap of $79.30 billion, a P/E ratio of 25.35, a P/E/G ratio of 0.97 and a beta of 1.49. Baidu has a 52-week low of $189.00 and a 52-week high of $284.22.

Baidu declared that its Board of Directors has approved a share buyback plan on Wednesday, June 27th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the information services provider to reacquire up to 1.2% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s management believes its stock is undervalued.

Several hedge funds have recently modified their holdings of the company. BlackRock Inc. raised its stake in shares of Baidu by 2.1% in the 2nd quarter. BlackRock Inc. now owns 14,125,549 shares of the information services provider’s stock valued at $3,432,507,000 after acquiring an additional 284,768 shares during the period. Massachusetts Financial Services Co. MA grew its holdings in Baidu by 51.4% during the 2nd quarter. Massachusetts Financial Services Co. MA now owns 2,916,981 shares of the information services provider’s stock valued at $708,826,000 after purchasing an additional 990,424 shares in the last quarter. OppenheimerFunds Inc. grew its holdings in Baidu by 3.3% during the 2nd quarter. OppenheimerFunds Inc. now owns 2,654,224 shares of the information services provider’s stock valued at $644,976,000 after purchasing an additional 85,932 shares in the last quarter. Bank of America Corp DE grew its holdings in Baidu by 14.4% during the 2nd quarter. Bank of America Corp DE now owns 1,560,081 shares of the information services provider’s stock valued at $379,099,000 after purchasing an additional 196,031 shares in the last quarter. Finally, Legal & General Group Plc grew its holdings in Baidu by 3.9% during the 2nd quarter. Legal & General Group Plc now owns 1,361,263 shares of the information services provider’s stock valued at $330,787,000 after purchasing an additional 51,048 shares in the last quarter. 61.32% of the stock is currently owned by institutional investors and hedge funds.

Baidu Company Profile

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 mobile browsers; Baidu Feed that provides users with personalized timeline to meet their personal interests reflected in their past online behaviors, such as search and browsing, and their demographics; and Bear Paw Account that enables verified brands and businesses to aggregate their content from Websites, wapsites, and open-platform apps.

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