JPMorgan Chase & Co. began coverage on shares of Baidu (NASDAQ:BIDU) in a research note issued to investors on Wednesday, Briefing.com Automated Import reports. The brokerage issued an overweight rating on the information services provider’s stock.
Several other research analysts also recently commented on BIDU. Daiwa Capital Markets downgraded Baidu from a buy rating to a neutral rating in a report on Friday, May 17th. Deutsche Bank upped 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. Credit Suisse Group set a $221.00 price objective on Baidu and gave the stock a buy rating in a report on Wednesday, April 10th. Nomura reduced their price objective on Baidu from $181.00 to $147.00 and set a neutral rating on the stock in a report on Monday, May 20th. Finally, Barclays upped 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. Three equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and ten have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $178.17.
Shares of BIDU opened at $114.90 on Wednesday. The firm has a market cap of $40.14 billion, a P/E ratio of 14.73, a P/E/G ratio of 6.19 and a beta of 1.64. The company has a quick ratio of 2.76, a current ratio of 2.76 and a debt-to-equity ratio of 0.34. Baidu has a one year low of $106.80 and a one year high of $274.00. The stock has a 50 day simple moving average of $114.22.
Baidu declared that its board has authorized a share buyback plan on Thursday, May 16th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the information services provider to reacquire up to 1.9% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Hedge funds have recently bought and sold shares of the company. American Beacon Advisors Inc. lifted its stake in shares of Baidu by 71.2% in the 1st quarter. American Beacon Advisors Inc. now owns 202 shares of the information services provider’s stock valued at $33,000 after purchasing an additional 84 shares during the period. Semmax Financial Advisors Inc. acquired a new position in shares of Baidu in the 4th quarter valued at $33,000. Cullen Frost Bankers Inc. acquired a new position in shares of Baidu in the 1st quarter valued at $45,000. Executive Wealth Management LLC acquired a new position in shares of Baidu in the 4th quarter valued at $45,000. Finally, Creative Financial Designs Inc. ADV lifted its stake in shares of Baidu by 4,837.5% in the 1st quarter. Creative Financial Designs Inc. ADV now owns 395 shares of the information services provider’s stock valued at $65,000 after purchasing an additional 387 shares during the period. 59.51% of the stock is currently owned by institutional investors.
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 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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