Bank of Nova Scotia Reduces Stock Position in Alibaba Group Holding Limited (NYSE:BABA)

Bank of Nova Scotia cut its stake in shares of Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 89.7% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,273 shares of the specialty retailer's stock after selling 45,923 shares during the period. Bank of Nova Scotia's holdings in Alibaba Group were worth $697,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. WCM Investment Management LLC bought a new position in Alibaba Group in the first quarter valued at about $4,074,000. KMG Fiduciary Partners LLC purchased a new stake in shares of Alibaba Group during the 1st quarter valued at about $1,948,000. Avaii Wealth Management LLC bought a new position in shares of Alibaba Group in the 1st quarter worth approximately $563,000. Fiduciary Alliance LLC boosted its holdings in shares of Alibaba Group by 18.3% in the first quarter. Fiduciary Alliance LLC now owns 117,943 shares of the specialty retailer's stock worth $15,596,000 after buying an additional 18,230 shares during the last quarter. Finally, Summa Corp. grew its position in Alibaba Group by 28.7% during the first quarter. Summa Corp. now owns 71,673 shares of the specialty retailer's stock valued at $9,477,000 after buying an additional 16,000 shares during the period. 13.47% of the stock is owned by institutional investors.

Alibaba Group Price Performance

BABA stock opened at $120.88 on Friday. The company has a market capitalization of $288.35 billion, a PE ratio of 16.23, a price-to-earnings-growth ratio of 1.78 and a beta of 0.17. The company's fifty day moving average price is $115.65 and its 200-day moving average price is $118.93. Alibaba Group Holding Limited has a one year low of $77.74 and a one year high of $148.43. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.55 and a current ratio of 1.55.

Alibaba Group Cuts Dividend

The company also recently announced a -- dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 12th were issued a $0.95 dividend. This represents a dividend yield of 80.0%. The ex-dividend date of this dividend was Thursday, June 12th. Alibaba Group's payout ratio is 12.75%.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on the stock. Arete Research cut shares of Alibaba Group from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, June 24th. Wall Street Zen downgraded Alibaba Group from a "buy" rating to a "hold" rating in a research report on Friday, June 27th. Benchmark restated a "buy" rating on shares of Alibaba Group in a research report on Monday, July 21st. Robert W. Baird decreased their price objective on Alibaba Group from $147.00 to $142.00 and set an "outperform" rating on the stock in a research note on Friday, May 16th. Finally, Mizuho cut their price objective on Alibaba Group from $170.00 to $160.00 and set an "outperform" rating for the company in a research note on Friday, May 16th. Three analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $153.29.

Alibaba Group 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.