Concert Wealth Management Inc. reduced its position in shares of Baidu Inc. (NASDAQ:BIDU) by 21.1% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,373 shares of the company’s stock after selling 368 shares during the period. Concert Wealth Management Inc.’s holdings in Baidu were worth $224,000 at the end of the most recent quarter.
Several other institutional investors also recently added to or reduced their stakes in BIDU. Ruane Cunniff & Goldfarb Inc. bought a new position in Baidu during the second quarter worth $430,280,000. Orbis Allan Gray Ltd bought a new position in Baidu during the first quarter worth $248,487,000. Prudential PLC raised its position in Baidu by 65.0% in the first quarter. Prudential PLC now owns 1,678,828 shares of the company’s stock worth $320,455,000 after buying an additional 661,317 shares during the period. BNP Paribas Arbitrage SA raised its position in Baidu by 87.2% in the second quarter. BNP Paribas Arbitrage SA now owns 783,765 shares of the company’s stock worth $129,439,000 after buying an additional 365,194 shares during the period. Finally, Comgest Global Investors S.A.S. raised its position in Baidu by 30.1% in the second quarter. Comgest Global Investors S.A.S. now owns 1,565,437 shares of the company’s stock worth $258,532,000 after buying an additional 362,600 shares during the period. Institutional investors and hedge funds own 63.41% of the company’s stock.
Shares of Baidu Inc. (NASDAQ:BIDU) traded up 0.52% during mid-day trading on Friday, reaching $175.51. The company had a trading volume of 1,800,006 shares. The firm’s 50 day moving average is $182.82 and its 200-day moving average is $175.05. The stock has a market capitalization of $60.83 billion, a P/E ratio of 12.93 and a beta of 2.17. Baidu Inc. has a 12-month low of $139.61 and a 12-month high of $217.97.
A number of brokerages have commented on BIDU. Citigroup Inc. decreased their price objective on Baidu from $180.00 to $179.00 and set a “neutral” rating for the company in a research report on Monday, July 25th. Oppenheimer Holdings Inc. restated an “outperform” rating and set a $188.00 price objective (down from $196.00) on shares of Baidu in a research report on Tuesday, August 2nd. Deutsche Bank AG restated a “buy” rating and set a $182.00 price objective (down from $199.00) on shares of Baidu in a research report on Monday, August 1st. T.H. Capital lowered Baidu from a “buy” rating to a “hold” rating in a research report on Friday, July 29th. Finally, Nomura decreased their price objective on Baidu from $187.00 to $160.00 and set a “neutral” rating for the company in a research report on Thursday, July 7th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating and fourteen have assigned a buy rating to the company. Baidu currently has a consensus rating of “Buy” and a consensus target price of $195.46.
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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