Canopy Partners LLC Takes Position in Alibaba Group Holding Limited (NYSE:BABA)

Key Points

• Canopy Partners LLC invested approximately $272,000 in Alibaba Group by purchasing 2,059 shares during the first quarter.
• Institutional investors now own 13.47% of Alibaba Group, with some firms significantly increasing their stakes, including Hazlett Burt & Watson Inc. with a 1,960.0% increase.
• Brokerage analysts have revised their price targets for Alibaba Group, with Barclays lowering it to $145.00 and Citigroup to $169.00, though the overall sentiment remains a "Moderate Buy" with an average price target of $153.29.

Canopy Partners LLC purchased a new position in Alibaba Group Holding Limited (NYSE:BABA - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund purchased 2,059 shares of the specialty retailer's stock, valued at approximately $272,000.

Other hedge funds have also recently modified their holdings of the company. Hazlett Burt & Watson Inc. raised its holdings in Alibaba Group by 1,960.0% during the first quarter. Hazlett Burt & Watson Inc. now owns 206 shares of the specialty retailer's stock valued at $27,000 after acquiring an additional 196 shares during the period. Bruce G. Allen Investments LLC bought a new stake in Alibaba Group during the first quarter valued at about $31,000. Inlight Wealth Management LLC bought a new stake in Alibaba Group during the first quarter valued at about $31,000. Valley National Advisers Inc. raised its holdings in Alibaba Group by 151.9% during the first quarter. Valley National Advisers Inc. now owns 267 shares of the specialty retailer's stock valued at $35,000 after acquiring an additional 161 shares during the period. Finally, LFA Lugano Financial Advisors SA bought a new stake in Alibaba Group during the first quarter valued at about $35,000. Hedge funds and other institutional investors own 13.47% of the company's stock.

Alibaba Group Trading Down 3.2%

Shares of NYSE:BABA traded down $3.90 during trading hours on Friday, hitting $116.73. 9,522,503 shares of the company's stock traded hands, compared to its average volume of 22,051,750. Alibaba Group Holding Limited has a 1 year low of $73.87 and a 1 year high of $148.43. The business has a fifty day moving average price of $115.68 and a 200-day moving average price of $117.71. The firm has a market capitalization of $278.43 billion, a P/E ratio of 15.68, a price-to-earnings-growth ratio of 1.73 and a beta of 0.21. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.55 and a quick ratio of 1.55.

Alibaba Group Cuts Dividend

The business also recently declared a -- dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 12th were paid a dividend of $0.95 per share. 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 currently 12.75%.

Analysts Set New Price Targets

A number of equities research analysts have commented on the company. Wall Street Zen cut Alibaba Group from a "buy" rating to a "hold" rating in a report on Friday, June 27th. Benchmark restated a "buy" rating on shares of Alibaba Group in a research report on Monday, July 21st. Morgan Stanley set a $180.00 price objective on Alibaba Group in a research report on Wednesday, May 14th. Barclays cut their price objective on Alibaba Group from $180.00 to $145.00 and set an "overweight" rating for the company in a research report on Tuesday, July 15th. Finally, Bank of America cut their price objective on Alibaba Group from $145.00 to $135.00 and set a "buy" rating for the company in a research report on Friday, July 11th. Three equities research analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus 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.