Harvest Fund Management Co. Ltd Sells 65,789 Shares of Alibaba Group Holding Limited (NYSE:BABA)

Key Points

• Harvest Fund Management Co. Ltd reduced its stake in Alibaba Group by 47.7% during the 1st quarter, now holding 72,057 shares worth approximately $9.5 million.
• Alibaba Group's stock has a market capitalization of $291.47 billion and recently opened at $122.19, reflecting a 1.8% increase.
• Several analysts have revised their ratings on Alibaba, with a consensus of thirteen buy ratings and a current target price averaging $153.29.

Harvest Fund Management Co. Ltd reduced its position in Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 47.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 72,057 shares of the specialty retailer's stock after selling 65,789 shares during the quarter. Harvest Fund Management Co. Ltd's holdings in Alibaba Group were worth $9,527,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Mirae Asset Global Investments Co. Ltd. grew its stake in Alibaba Group by 3,214.5% during 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. Trivest Advisors Ltd acquired a new position in Alibaba Group in the 1st quarter valued at approximately $295,270,000. Renaissance Technologies LLC boosted its position in Alibaba Group by 208.5% in the 4th quarter. Renaissance Technologies LLC now owns 2,995,640 shares of the specialty retailer's stock valued at $254,000,000 after buying an additional 2,024,640 shares during the last quarter. Janus Henderson Group PLC raised its stake in Alibaba Group by 95.4% during the 4th quarter. Janus Henderson Group PLC now owns 2,112,187 shares of the specialty retailer's stock worth $179,087,000 after buying an additional 1,030,999 shares during the period. Finally, Polunin Capital Partners Ltd raised its stake in shares of Alibaba Group by 218.1% in the 1st quarter. Polunin Capital Partners Ltd now owns 1,325,120 shares of the specialty retailer's stock valued at $175,221,000 after purchasing an additional 908,544 shares during the period. 13.47% of the stock is owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several research firms have commented on BABA. Robert W. Baird decreased their price objective on shares of Alibaba Group from $147.00 to $142.00 and set an "outperform" rating for the company in a research note on Friday, May 16th. Benchmark restated a "buy" rating on shares of Alibaba Group in a report on Monday, July 21st. Barclays decreased their price objective on shares of Alibaba Group from $180.00 to $145.00 and set an "overweight" rating on the stock in a report on Tuesday, July 15th. Bank of America lowered their price objective on shares of Alibaba Group from $145.00 to $135.00 and set a "buy" rating for the company in a research note on Friday, July 11th. Finally, Citigroup dropped their price objective on shares of Alibaba Group from $170.00 to $169.00 and set a "buy" rating on the stock in a research note on Tuesday, April 8th. Three analysts have rated the stock with a hold rating and thirteen have given a buy rating to the company's stock. Based on data from MarketBeat.com, Alibaba Group presently has a consensus rating of "Moderate Buy" and a consensus price target of $153.29.

Alibaba Group Price Performance

BABA stock traded down $2.10 during midday trading on Wednesday, reaching $117.26. 12,736,009 shares of the stock were exchanged, compared to its average volume of 14,641,083. Alibaba Group Holding Limited has a 52 week low of $73.87 and a 52 week high of $148.43. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.55 and a quick ratio of 1.55. The company has a fifty day moving average price of $115.82 and a 200 day moving average price of $117.44. The stock has a market capitalization of $279.71 billion, a PE ratio of 15.74, a P/E/G ratio of 1.76 and a beta of 0.21.

Alibaba Group Cuts Dividend

The company also recently disclosed a -- dividend, which was paid on Thursday, July 10th. Investors of record on Thursday, June 12th were issued a $0.95 dividend. The ex-dividend date was Thursday, June 12th. This represents a yield of 0.8%. Alibaba Group's payout ratio is currently 12.75%.

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.