Alpha Cubed Investments LLC Acquires New Position in Alibaba Group Holding Limited (NYSE:BABA)

Alpha Cubed Investments LLC acquired a new stake in Alibaba Group Holding Limited (NYSE:BABA - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 5,271 shares of the specialty retailer's stock, valued at approximately $697,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC lifted its holdings in Alibaba Group by 40.4% during the 4th quarter. Brighton Jones LLC now owns 3,411 shares of the specialty retailer's stock worth $289,000 after buying an additional 981 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Alibaba Group by 96.0% during the 4th quarter. Bank of New York Mellon Corp now owns 172,748 shares of the specialty retailer's stock worth $14,647,000 after acquiring an additional 84,604 shares in the last quarter. Victory Capital Management Inc. purchased a new stake in Alibaba Group during the fourth quarter worth approximately $1,063,000. Assetmark Inc. boosted its holdings in Alibaba Group by 3,405.5% in the fourth quarter. Assetmark Inc. now owns 13,917 shares of the specialty retailer's stock valued at $1,180,000 after purchasing an additional 13,520 shares in the last quarter. Finally, Ashton Thomas Private Wealth LLC purchased a new position in Alibaba Group in the fourth quarter valued at approximately $1,189,000. Hedge funds and other institutional investors own 13.47% of the company's stock.

Alibaba Group Stock Performance

NYSE:BABA traded up $2.67 during midday trading on Thursday, reaching $106.50. The stock had a trading volume of 10,964,773 shares, compared to its average volume of 22,935,980. The stock has a market cap of $254.12 billion, a P/E ratio of 14.29, a P/E/G ratio of 0.47 and a beta of 0.22. The company has a quick ratio of 1.55, a current ratio of 1.55 and a debt-to-equity ratio of 0.19. Alibaba Group Holding Limited has a 12-month low of $73.87 and a 12-month high of $148.43. The firm has a fifty day simple moving average of $118.42 and a two-hundred day simple moving average of $114.09.

Alibaba Group Cuts Dividend

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

Analysts Set New Price Targets

Several analysts have recently weighed in on the stock. Wall Street Zen downgraded shares of Alibaba Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Morgan Stanley set a $180.00 price target on shares of Alibaba Group in a research report on Wednesday, May 14th. Loop Capital set a $176.00 price objective on Alibaba Group in a report on Friday, May 16th. Citigroup cut their target price on Alibaba Group from $170.00 to $169.00 and set a "buy" rating on the stock in a research report on Tuesday, April 8th. Finally, Robert W. Baird decreased their target price on Alibaba Group from $147.00 to $142.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. Three equities research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $154.13.

About Alibaba Group

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.