Meridian Wealth Management LLC bought a new position in Alibaba Group Holding Limited (NYSE:BABA) during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 1,527 shares of the specialty retailer’s stock, valued at approximately $215,000.
Several other institutional investors have also recently made changes to their positions in BABA. Wilbanks Smith & Thomas Asset Management LLC raised its position in shares of Alibaba Group Holding Limited by 0.9% in the first quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 2,563 shares of the specialty retailer’s stock worth $276,000 after buying an additional 23 shares during the period. Cornerstone Advisors Inc. raised its position in shares of Alibaba Group Holding Limited by 1.3% in the second quarter. Cornerstone Advisors Inc. now owns 2,259 shares of the specialty retailer’s stock worth $318,000 after buying an additional 30 shares during the period. Comerica Securities Inc. raised its position in shares of Alibaba Group Holding Limited by 1.9% in the first quarter. Comerica Securities Inc. now owns 2,527 shares of the specialty retailer’s stock worth $272,000 after buying an additional 47 shares during the period. WFG Advisors LP raised its position in shares of Alibaba Group Holding Limited by 5.3% in the first quarter. WFG Advisors LP now owns 1,180 shares of the specialty retailer’s stock worth $127,000 after buying an additional 59 shares during the period. Finally, Bank of The West raised its position in shares of Alibaba Group Holding Limited by 3.1% in the second quarter. Bank of The West now owns 2,463 shares of the specialty retailer’s stock worth $347,000 after buying an additional 73 shares during the period. Institutional investors own 36.75% of the company’s stock.
Alibaba Group Holding Limited (NYSE BABA) traded down 3.0100% during trading on Thursday, reaching $152.7496. The company’s stock had a trading volume of 13,209,583 shares. The firm has a market cap of $386.46 billion, a PE ratio of 60.4470 and a beta of 2.64. Alibaba Group Holding Limited has a one year low of $86.01 and a one year high of $160.39. The company has a 50-day moving average of $149.30 and a 200 day moving average of $121.89.
Alibaba Group Holding Limited (NYSE:BABA) last announced its earnings results on Thursday, May 18th. The specialty retailer reported $0.63 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.64 by $0.01. Alibaba Group Holding Limited had a net margin of 27.51% and a return on equity of 15.40%. The business had revenue of $5.61 billion for the quarter, compared to the consensus estimate of $5.26 billion. During the same period in the prior year, the business posted $0.47 EPS. Analysts expect that Alibaba Group Holding Limited will post $4.60 EPS for the current fiscal year.
Alibaba Group Holding Limited declared that its Board of Directors has authorized a share buyback plan on Thursday, May 18th that allows the company to buyback $6.00 billion in shares. This buyback authorization allows the specialty retailer to buy shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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A number of equities analysts have recently weighed in on the company. Robert W. Baird reiterated an “outperform” rating and set a $135.00 target price (up previously from $116.00) on shares of Alibaba Group Holding Limited in a research note on Friday, May 19th. BidaskClub raised Alibaba Group Holding Limited from a “buy” rating to a “strong-buy” rating in a research report on Thursday. MKM Partners reissued a “buy” rating and set a $130.00 price target on shares of Alibaba Group Holding Limited in a research report on Tuesday, April 18th. Oppenheimer Holdings, Inc. reaffirmed an “outperform” rating and issued a $140.00 target price (up previously from $130.00) on shares of Alibaba Group Holding Limited in a report on Monday, May 22nd. Finally, Sanford C. Bernstein increased their price target on Alibaba Group Holding Limited from $130.00 to $135.00 and gave the company an “outperform” rating in a research note on Wednesday, May 24th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-one have issued a buy rating and three have issued a strong buy rating to the stock. The stock has an average rating of “Buy” and an average target price of $142.21.
About Alibaba Group Holding Limited
Alibaba Group Holding Limited is a holding company. Through its subsidiaries, the Company is engaged in online and mobile commerce through offering of products, services and technology that enable merchants, brands and other businesses to transform the way they market, sell and operate in the People’s Republic of China (China) and internationally.
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