Nikko Asset Management Americas Inc. increased its stake in Baidu, Inc. (NASDAQ:BIDU) by 1,293.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,950 shares of the information services provider’s stock after buying an additional 27,800 shares during the period. Nikko Asset Management Americas Inc.’s holdings in Baidu were worth $5,357,000 as of its most recent filing with the SEC.
A number of other hedge funds also recently made changes to their positions in the company. Grove Bank & Trust increased its stake in shares of Baidu by 74.2% in the second quarter. Grove Bank & Trust now owns 594 shares of the information services provider’s stock valued at $106,000 after buying an additional 253 shares during the period. Shine Investment Advisory Services Inc. bought a new stake in shares of Baidu during the second quarter valued at approximately $112,000. Harbour Capital Advisors LLC increased its stake in shares of Baidu by 17,786.3% in the second quarter. Harbour Capital Advisors LLC now owns 20,927 shares of the information services provider’s stock valued at $117,000 after buying an additional 20,810 shares during the period. Barnett & Company Inc. increased its stake in shares of Baidu by 10.3% in the first quarter. Barnett & Company Inc. now owns 800 shares of the information services provider’s stock valued at $138,000 after buying an additional 75 shares during the period. Finally, Highstreet Asset Management Inc. bought a new stake in shares of Baidu during the second quarter valued at approximately $146,000. Hedge funds and other institutional investors own 65.51% of the company’s stock.
Baidu, Inc. (NASDAQ BIDU) opened at 220.69 on Friday. Baidu, Inc. has a 52-week low of $159.54 and a 52-week high of $233.37. The firm’s 50-day moving average is $205.25 and its 200-day moving average is $185.64. The company has a market capitalization of $76.53 billion, a PE ratio of 41.36 and a beta of 1.95.
Several brokerages have commented on BIDU. Macquarie upgraded shares of Baidu from a “neutral” rating to an “outperform” rating and raised their target price for the stock from $189.00 to $252.00 in a report on Friday, July 28th. HSBC Holdings plc restated a “buy” rating and set a $245.00 target price (up from $223.00) on shares of Baidu in a report on Tuesday, August 1st. Jefferies Group LLC lifted their price objective on shares of Baidu from $188.00 to $208.00 and gave the company a “buy” rating in a report on Monday, May 1st. Instinet upgraded shares of Baidu from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $180.00 to $241.00 in a report on Monday, July 31st. Finally, Sanford C. Bernstein reiterated an “underperform” rating and issued a $152.00 price objective (down from $188.00) on shares of Baidu in a report on Friday, July 14th. One equities research analyst has rated the stock with a sell rating, ten have issued a hold rating, thirteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and a consensus price target of $209.80.
About Baidu
Baidu, Inc is a Chinese language Internet search provider. The Company offers a Chinese language search platform on its Baidu.com Website that enables users to find information online, including Webpages, news, images, documents and multimedia files, through links provided on its Website. In addition to serving individual Internet search users, the Company provides a platform for businesses to reach customers.
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