Sumitomo Mitsui Asset Management Company LTD Sells 200,067 Shares of Alibaba Group Holding Ltd (BABA)

Sumitomo Mitsui Asset Management Company LTD reduced its position in shares of Alibaba Group Holding Ltd (NYSE:BABA) by 35.5% in the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 363,813 shares of the specialty retailer’s stock after selling 200,067 shares during the quarter. Alibaba Group accounts for about 1.1% of Sumitomo Mitsui Asset Management Company LTD’s investment portfolio, making the stock its 17th biggest holding. Sumitomo Mitsui Asset Management Company LTD’s holdings in Alibaba Group were worth $66,377,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently bought and sold shares of the company. BlackRock Inc. boosted its stake in Alibaba Group by 7.4% during the 4th quarter. BlackRock Inc. now owns 67,733,482 shares of the specialty retailer’s stock valued at $9,284,230,000 after purchasing an additional 4,674,615 shares during the last quarter. Baillie Gifford & Co. boosted its holdings in Alibaba Group by 3.6% in the first quarter. Baillie Gifford & Co. now owns 49,028,056 shares of the specialty retailer’s stock worth $8,945,169,000 after purchasing an additional 1,716,763 shares during the last quarter. Vanguard Group Inc boosted its stake in shares of Alibaba Group by 2.3% during the 3rd quarter. Vanguard Group Inc now owns 37,571,661 shares of the specialty retailer’s stock worth $6,190,307,000 after acquiring an additional 849,659 shares during the last quarter. Norges Bank purchased a new position in shares of Alibaba Group during the 4th quarter worth $1,734,020,000. Finally, Bank of America Corp DE boosted its stake in shares of Alibaba Group by 5.4% during the 4th quarter. Bank of America Corp DE now owns 11,750,523 shares of the specialty retailer’s stock worth $1,610,644,000 after acquiring an additional 600,059 shares during the last quarter. 40.49% of the stock is owned by institutional investors.

NYSE BABA traded up $3.42 on Tuesday, reaching $164.07. The company had a trading volume of 651,171 shares, compared to its average volume of 14,382,086. The company has a debt-to-equity ratio of 0.18, a quick ratio of 1.25 and a current ratio of 1.30. The company has a market cap of $434.29 billion, a P/E ratio of 45.66, a P/E/G ratio of 1.40 and a beta of 2.27. Alibaba Group Holding Ltd has a 12 month low of $129.77 and a 12 month high of $211.70.

Alibaba Group (NYSE:BABA) last announced its quarterly earnings results on Wednesday, May 15th. The specialty retailer reported $8.57 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.75 by $7.82. The company had revenue of $93.50 billion for the quarter, compared to the consensus estimate of $91.68 billion. Alibaba Group had a net margin of 23.17% and a return on equity of 12.72%. Alibaba Group’s revenue for the quarter was up 51.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.73 EPS. As a group, analysts forecast that Alibaba Group Holding Ltd will post 4.88 EPS for the current fiscal year.

BABA has been the topic of several recent analyst reports. Benchmark restated a “buy” rating and set a $220.00 price objective (up from $205.00) on shares of Alibaba Group in a research report on Thursday, May 16th. Zacks Investment Research upgraded shares of Alibaba Group from a “sell” rating to a “hold” rating in a research report on Wednesday, January 23rd. Mizuho raised their price objective on shares of Alibaba Group from $215.00 to $225.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Stifel Nicolaus raised their price objective on shares of Alibaba Group from $200.00 to $220.00 and gave the company a “buy” rating in a research report on Thursday, May 16th. Finally, SunTrust Banks restated a “buy” rating and set a $200.00 price objective on shares of Alibaba Group in a research report on Wednesday, May 15th. One investment analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and one has assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and a consensus target price of $216.85.

WARNING: “Sumitomo Mitsui Asset Management Company LTD Sells 200,067 Shares of Alibaba Group Holding Ltd (BABA)” was originally reported by Markets Daily and is the property of of Markets Daily. If you are reading this news story on another domain, it was illegally stolen and republished in violation of United States & international copyright and trademark legislation. The original version of this news story can be viewed at https://www.themarketsdaily.com/2019/05/21/sumitomo-mitsui-asset-management-company-ltd-sells-200067-shares-of-alibaba-group-holding-ltd-baba.html.

Alibaba Group Profile

Alibaba Group Holding Limited, through its subsidiaries, operates as an online and mobile commerce company in the People's Republic of China and internationally. The company operates in four segments: Core Commerce, Cloud Computing, Digital Media and Entertainment, and Innovation Initiatives and Others.

Featured Story: What is a short straddle?

Want to see what other hedge funds are holding BABA? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Alibaba Group Holding Ltd (NYSE:BABA).

Institutional Ownership by Quarter for Alibaba Group (NYSE:BABA)

Receive News & Ratings for Alibaba Group Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Alibaba Group and related companies with MarketBeat.com's FREE daily email newsletter.