Miracle Mile Advisors LLC Purchases Shares of 32,788 Baidu Inc (BIDU)

Miracle Mile Advisors LLC purchased a new position in shares of Baidu Inc (NASDAQ:BIDU) during the first quarter, Holdings Channel reports. The fund purchased 32,788 shares of the information services provider’s stock, valued at approximately $5,405,000.

Several other hedge funds also recently added to or reduced their stakes in the business. Motley Fool Wealth Management LLC raised its position in shares of Baidu by 1.4% during the 1st quarter. Motley Fool Wealth Management LLC now owns 21,878 shares of the information services provider’s stock worth $3,607,000 after buying an additional 296 shares in the last quarter. Global Retirement Partners LLC raised its position in shares of Baidu by 30.5% during the 1st quarter. Global Retirement Partners LLC now owns 1,328 shares of the information services provider’s stock worth $219,000 after buying an additional 310 shares in the last quarter. Independent Advisor Alliance raised its position in shares of Baidu by 5.5% during the 1st quarter. Independent Advisor Alliance now owns 1,735 shares of the information services provider’s stock worth $286,000 after buying an additional 90 shares in the last quarter. AllSquare Wealth Management LLC raised its position in shares of Baidu by 35.9% during the 1st quarter. AllSquare Wealth Management LLC now owns 1,060 shares of the information services provider’s stock worth $175,000 after buying an additional 280 shares in the last quarter. Finally, Foresight Wealth Management LLC bought a new stake in shares of Baidu during the 1st quarter worth about $261,000. Institutional investors own 60.69% of the company’s stock.

Several equities analysts have recently issued reports on BIDU shares. Daiwa Capital Markets set a $215.00 price objective on shares of Baidu and gave the stock a “buy” rating in a research note on Friday, March 8th. Citigroup lowered their price objective on shares of Baidu from $262.00 to $205.00 and set a “buy” rating on the stock in a research note on Tuesday, January 22nd. Benchmark reaffirmed a “buy” rating and issued a $245.00 price objective (down previously from $260.00) on shares of Baidu in a research note on Friday, February 22nd. Credit Suisse Group set a $221.00 price objective on shares of Baidu and gave the stock a “buy” rating in a research note on Wednesday, April 10th. Finally, Mizuho lowered their price objective on shares of Baidu from $215.00 to $205.00 and set a “buy” rating on the stock in a research note on Tuesday, May 7th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and eleven have given a buy rating to the company. Baidu has an average rating of “Hold” and an average target price of $226.00.

Baidu stock opened at $130.30 on Friday. The company has a market capitalization of $53.27 billion, a PE ratio of 16.70, a PEG ratio of 4.35 and a beta of 1.44. The company has a current ratio of 2.73, a quick ratio of 2.73 and a debt-to-equity ratio of 0.31. Baidu Inc has a fifty-two week low of $150.02 and a fifty-two week high of $283.95.

Baidu declared that its Board of Directors has approved a share buyback plan on Thursday, May 16th that authorizes the company to buyback $1.00 billion in outstanding 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 typically a sign that the company’s board believes its stock is undervalued.

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Baidu 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 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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Institutional Ownership by Quarter for Baidu (NASDAQ:BIDU)

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