Cibc World Market Inc. Decreases Stake in Baidu, Inc. $BIDU

Cibc World Market Inc. cut its holdings in shares of Baidu, Inc. (NASDAQ:BIDU) by 25.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 83,993 shares of the information services provider’s stock after selling 29,151 shares during the quarter. Cibc World Market Inc.’s holdings in Baidu were worth $9,600,000 at the end of the most recent reporting period.

Several other large investors also recently added to or reduced their stakes in the stock. Signature Equity Partners LLC purchased a new position in shares of Baidu during the 1st quarter worth $25,000. Binnacle Investments Inc purchased a new position in Baidu during the second quarter worth about $29,000. Sankala Group LLC acquired a new position in Baidu in the 4th quarter valued at about $46,000. Brown Brothers Harriman & Co. grew its stake in shares of Baidu by 35.0% in the 4th quarter. Brown Brothers Harriman & Co. now owns 405 shares of the information services provider’s stock valued at $53,000 after buying an additional 105 shares during the period. Finally, UMB Bank n.a. increased its holdings in shares of Baidu by 25.9% during the 4th quarter. UMB Bank n.a. now owns 428 shares of the information services provider’s stock worth $56,000 after buying an additional 88 shares during the last quarter.

Baidu Stock Performance

Shares of Baidu stock opened at $92.18 on Tuesday. The business has a 50-day simple moving average of $108.25 and a 200-day simple moving average of $120.02. The company has a debt-to-equity ratio of 0.28, a quick ratio of 2.33 and a current ratio of 2.33. Baidu, Inc. has a one year low of $88.66 and a one year high of $165.30. The company has a market cap of $31.36 billion, a PE ratio of -43.69, a P/E/G ratio of 3.32 and a beta of 0.58.

Analysts Set New Price Targets

Several brokerages recently weighed in on BIDU. Zacks Research lowered Baidu from a “hold” rating to a “strong sell” rating in a research report on Monday, July 20th. Citigroup reiterated a “buy” rating on shares of Baidu in a report on Tuesday, June 23rd. Nomura boosted their price objective on shares of Baidu from $186.00 to $190.00 and gave the company a “buy” rating in a report on Wednesday, May 20th. Bank of America dropped their price target on shares of Baidu from $180.00 to $165.00 and set a “buy” rating for the company in a research report on Tuesday, July 14th. Finally, Morgan Stanley lowered shares of Baidu from an “equal weight” rating to an “underweight” rating and decreased their price objective for the stock from $130.00 to $80.00 in a report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have given a Hold rating and four have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $156.83.

Baidu Company 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.