Cibc World Market Inc. Reduces Position in Baidu, Inc. $BIDU

Cibc World Market Inc. cut its position in Baidu, Inc. (NASDAQ:BIDU) by 11.5% during the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 88,304 shares of the information services provider’s stock after selling 11,445 shares during the period. Cibc World Market Inc.’s holdings in Baidu were worth $11,538,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of BIDU. Schroder Investment Management Group purchased a new stake in shares of Baidu in the 3rd quarter valued at approximately $165,334,000. RPD Fund Management LLC increased its position in shares of Baidu by 161.6% in the 2nd quarter. RPD Fund Management LLC now owns 1,258,856 shares of the information services provider’s stock valued at $107,959,000 after purchasing an additional 777,570 shares during the last quarter. Contrarius Group Holdings Ltd grew its position in shares of Baidu by 500.3% in the 3rd quarter. Contrarius Group Holdings Ltd now owns 891,749 shares of the information services provider’s stock valued at $117,506,000 after buying an additional 743,205 shares during the last quarter. Bank of America Corp DE grew its position in shares of Baidu by 106.7% in the 3rd quarter. Bank of America Corp DE now owns 1,129,272 shares of the information services provider’s stock valued at $148,804,000 after buying an additional 582,832 shares during the last quarter. Finally, Steadfast Capital Management LP purchased a new position in shares of Baidu in the 3rd quarter valued at $59,966,000.

Analysts Set New Price Targets

A number of research analysts recently commented on the stock. Benchmark reaffirmed a “buy” rating and issued a $215.00 target price on shares of Baidu in a research report on Tuesday, May 19th. BNP Paribas Exane assumed coverage on shares of Baidu in a research report on Wednesday, April 1st. They issued an “outperform” rating and a $161.00 target price on the stock. Zacks Research downgraded shares of Baidu from a “hold” rating to a “strong sell” rating in a research report on Thursday, April 16th. Susquehanna increased their target price on shares of Baidu from $120.00 to $140.00 and gave the company a “neutral” rating in a research report on Wednesday, May 20th. Finally, Zephirin Group increased their target price on shares of Baidu from $88.00 to $89.00 and gave the company a “sell” rating in a research report on Monday, March 2nd. One analyst has rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $162.58.

Baidu Stock Down 9.7%

Shares of NASDAQ:BIDU opened at $121.66 on Friday. The stock has a market cap of $41.39 billion, a P/E ratio of -1,013.75, a P/E/G ratio of 2.08 and a beta of 0.54. The firm has a fifty day moving average price of $125.85 and a 200 day moving average price of $129.70. The company has a debt-to-equity ratio of 0.22, a current ratio of 1.85 and a quick ratio of 1.85. Baidu, Inc. has a 1-year low of $83.30 and a 1-year high of $165.30.

Baidu Profile

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.