Alibaba Group (NYSE:BABA) Trading 3.7% Higher - Here's Why

Alibaba Group Holding Limited (NYSE:BABA - Get Free Report)'s stock price shot up 3.7% during mid-day trading on Wednesday . The stock traded as high as $119.14 and last traded at $119.21. 6,057,850 shares changed hands during trading, a decline of 76% from the average session volume of 25,215,180 shares. The stock had previously closed at $114.97.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on BABA. Sanford C. Bernstein raised Alibaba Group from a "market perform" rating to an "outperform" rating and upped their price objective for the stock from $104.00 to $165.00 in a research report on Tuesday, February 25th. Benchmark decreased their target price on Alibaba Group from $190.00 to $176.00 and set a "buy" rating for the company in a research report on Friday, May 16th. Mizuho decreased their price objective on Alibaba Group from $170.00 to $160.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. JPMorgan Chase & Co. increased their price objective on Alibaba Group from $125.00 to $170.00 and gave the stock an "overweight" rating in a research report on Friday, February 21st. Finally, Arete Research raised Alibaba Group to a "strong-buy" rating in a research report on Friday, February 28th. One research analyst has rated the stock with a hold rating, fourteen have given a buy rating and one has given a strong buy rating to the company's stock. According to data from MarketBeat, Alibaba Group currently has a consensus rating of "Buy" and an average target price of $154.21.

Alibaba Group Trading Up 0.4%

The firm has a market capitalization of $286.26 billion, a PE ratio of 17.34, a P/E/G ratio of 0.61 and a beta of 0.24. The business has a 50 day moving average price of $118.62 and a 200-day moving average price of $109.35. The company has a current ratio of 1.48, a quick ratio of 1.48 and a debt-to-equity ratio of 0.19.

Alibaba Group Cuts Dividend

The firm also recently announced a -- dividend, which will be paid on Thursday, July 10th. Stockholders of record on Thursday, June 12th will be paid a dividend of $0.95 per share. This represents a dividend yield of 0.8%. The ex-dividend date is Thursday, June 12th. Alibaba Group's dividend payout ratio (DPR) is 13.83%.

Hedge Funds Weigh In On Alibaba Group

A number of large investors have recently modified their holdings of BABA. Norges Bank purchased a new position in shares of Alibaba Group during the 4th quarter worth approximately $585,479,000. Mirae Asset Global Investments Co. Ltd. increased its stake in Alibaba Group by 3,214.5% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 4,378,671 shares of the specialty retailer's stock valued at $578,992,000 after purchasing an additional 4,246,564 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its holdings in Alibaba Group by 85.6% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 8,557,495 shares of the specialty retailer's stock worth $1,131,558,000 after purchasing an additional 3,947,460 shares during the last quarter. Goldman Sachs Group Inc. raised its holdings in Alibaba Group by 22.6% during the first quarter. Goldman Sachs Group Inc. now owns 15,648,064 shares of the specialty retailer's stock worth $2,069,144,000 after purchasing an additional 2,885,154 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its holdings in Alibaba Group by 43.0% during the first quarter. Price T Rowe Associates Inc. MD now owns 8,595,269 shares of the specialty retailer's stock worth $1,136,554,000 after purchasing an additional 2,584,480 shares during the last quarter. 13.47% of the stock is owned by hedge funds and other institutional investors.

Alibaba Group Company Profile

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their users and customers in the People's Republic of China and internationally. The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others.