Earnest Partners LLC Sells 18,375 Shares of Baidu Inc (NASDAQ:BIDU)
Earnest Partners LLC cut its holdings in shares of Baidu Inc (NASDAQ:BIDU) by 3.2% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 562,910 shares of the information services provider’s stock after selling 18,375 shares during the quarter. Earnest Partners LLC owned approximately 0.16% of Baidu worth $66,063,000 at the end of the most recent reporting period.
A number of other large investors have also modified their holdings of BIDU. RMB Capital Management LLC increased its stake in shares of Baidu by 9.0% during the 2nd quarter. RMB Capital Management LLC now owns 2,532 shares of the information services provider’s stock worth $297,000 after purchasing an additional 209 shares during the last quarter. ETRADE Capital Management LLC increased its stake in shares of Baidu by 17.3% during the 2nd quarter. ETRADE Capital Management LLC now owns 12,990 shares of the information services provider’s stock worth $1,524,000 after purchasing an additional 1,913 shares during the last quarter. United Capital Financial Advisers LLC increased its stake in shares of Baidu by 8.9% during the 2nd quarter. United Capital Financial Advisers LLC now owns 16,730 shares of the information services provider’s stock worth $1,963,000 after purchasing an additional 1,367 shares during the last quarter. Profund Advisors LLC increased its stake in shares of Baidu by 5.9% during the 2nd quarter. Profund Advisors LLC now owns 43,834 shares of the information services provider’s stock worth $5,144,000 after purchasing an additional 2,438 shares during the last quarter. Finally, BTG Pactual Global Asset Management Ltd acquired a new position in shares of Baidu during the 2nd quarter worth about $261,000. 57.34% of the stock is currently owned by hedge funds and other institutional investors.
Several research analysts have recently weighed in on the stock. Nomura lowered their price objective on shares of Baidu from $134.00 to $118.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 21st. Credit Suisse Group restated an “outperform” rating on shares of Baidu in a research note on Wednesday, July 17th. BidaskClub upgraded shares of Baidu from a “strong sell” rating to a “sell” rating in a research note on Thursday. Loop Capital assumed coverage on shares of Baidu in a research note on Monday, June 3rd. They set a “hold” rating and a $125.00 price objective on the stock. Finally, JPMorgan Chase & Co. assumed coverage on shares of Baidu in a research note on Wednesday, July 10th. They set an “overweight” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and ten have issued a buy rating to the stock. Baidu currently has a consensus rating of “Hold” and a consensus price target of $151.06.
Baidu declared that its Board of Directors has initiated a share buyback program on Thursday, May 16th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the information services provider to buy up to 1.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership 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 its other properties and Union partners; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Haokan, a short video app; and Quanmin, a flash video app for users to create and share short videos.
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