Oppenheimer & Co. Inc. Has $3.12 Million Holdings in Baidu Inc (BIDU)
Oppenheimer & Co. Inc. lowered its stake in Baidu Inc (NASDAQ:BIDU) by 13.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 12,844 shares of the information services provider’s stock after selling 2,047 shares during the quarter. Oppenheimer & Co. Inc.’s holdings in Baidu were worth $3,121,000 as of its most recent filing with the Securities & Exchange Commission.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Bartlett & Co. LLC boosted its stake in Baidu by 71.0% in the 2nd quarter. Bartlett & Co. LLC now owns 530 shares of the information services provider’s stock worth $129,000 after purchasing an additional 220 shares during the period. Newman Dignan & Sheerar Inc. bought a new stake in shares of Baidu during the 2nd quarter valued at about $202,000. Cynosure Advisors LLC bought a new stake in shares of Baidu during the 1st quarter valued at about $203,000. Fiduciary Trust Co. bought a new stake in shares of Baidu during the 2nd quarter valued at about $204,000. Finally, Lincoln National Corp bought a new stake in shares of Baidu during the 2nd quarter valued at about $205,000. Institutional investors and hedge funds own 61.59% of the company’s stock.
BIDU has been the subject of a number of research analyst reports. BidaskClub upgraded Baidu from a “hold” rating to a “buy” rating in a research report on Monday, May 14th. BNP Paribas initiated coverage on Baidu in a research report on Thursday, June 14th. They set a “buy” rating for the company. Goldman Sachs Group initiated coverage on Baidu in a research report on Tuesday, May 8th. They set a “buy” rating for the company. Deutsche Bank set a $337.00 price target on Baidu and gave the company a “buy” rating in a research report on Wednesday, August 1st. Finally, KeyCorp set a $297.00 price target on Baidu and gave the company a “buy” rating in a research report on Wednesday, August 1st. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, fifteen have issued a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $293.32.
Baidu declared that its Board of Directors has authorized a share buyback plan on Wednesday, June 27th that permits the company to buyback $1.00 billion in outstanding shares. This buyback authorization permits the information services provider to repurchase up to 1.2% of its shares through open market purchases. Shares buyback plans are often an indication that the company’s management believes its stock is undervalued.
Baidu, Inc provides Internet search services in China and internationally. It operates through two segments, Baidu Core and iQIYI. The Baidu Core segment offers products for uses, including Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services through mobile browsers; Baidu Feed that provides users with personalized timeline to meet their personal interests reflected in their past online behaviors, such as search and browsing, and their demographics; and Bear Paw Account that enables verified brands and businesses to aggregate their content from Websites, wapsites, and open-platform apps.
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