Federated Hermes Inc. Reduces Stock Position in Baidu, Inc. (NASDAQ:BIDU)

Key Points

• Federated Hermes Inc. cut its stake in Baidu, Inc. by 33.8%, owning approximately 1.12 million shares worth about $102.9 million at the end of the first quarter.
• Major hedge funds, including Dodge & Cox and Mirae Asset Global Investments, have increased their holdings in Baidu, with Mirae Asset raising its stake by a staggering 1,377.5%.
• Analysts have mixed views on Baidu with targets ranging from $81.00 to $140.00, resulting in a consensus rating of "Hold" and a target price of $105.09.

Federated Hermes Inc. trimmed its position in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) by 33.8% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,118,425 shares of the information services provider's stock after selling 571,834 shares during the period. Federated Hermes Inc. owned approximately 0.32% of Baidu worth $102,929,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of BIDU. Dodge & Cox raised its position in Baidu by 0.4% in the fourth quarter. Dodge & Cox now owns 5,916,215 shares of the information services provider's stock worth $498,796,000 after purchasing an additional 22,000 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Baidu by 1,377.5% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 5,324,728 shares of the information services provider's stock valued at $490,035,000 after purchasing an additional 4,964,350 shares in the last quarter. Dimensional Fund Advisors LP increased its holdings in shares of Baidu by 0.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,350,315 shares of the information services provider's stock valued at $113,845,000 after purchasing an additional 4,236 shares in the last quarter. CoreView Capital Management Ltd grew its holdings in Baidu by 2.0% during the 4th quarter. CoreView Capital Management Ltd now owns 1,262,003 shares of the information services provider's stock worth $106,399,000 after acquiring an additional 25,220 shares during the period. Finally, Bank of America Corp DE grew its holdings in Baidu by 14.1% during the 4th quarter. Bank of America Corp DE now owns 913,466 shares of the information services provider's stock worth $77,014,000 after acquiring an additional 112,680 shares during the period.

Baidu Price Performance

Baidu stock traded up $1.93 during midday trading on Thursday, reaching $87.87. 4,054,192 shares of the stock were exchanged, compared to its average volume of 4,315,244. The company's fifty day moving average is $86.80 and its 200-day moving average is $88.22. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.29 and a current ratio of 2.29. The firm has a market cap of $30.35 billion, a PE ratio of 8.72 and a beta of 0.33. Baidu, Inc. has a 52 week low of $74.71 and a 52 week high of $116.25.

Analyst Ratings Changes

A number of analysts have commented on BIDU shares. Jefferies Financial Group lowered their target price on shares of Baidu from $120.00 to $110.00 and set a "buy" rating for the company in a report on Wednesday, July 16th. Barclays lowered their target price on shares of Baidu from $84.00 to $81.00 and set an "equal weight" rating for the company in a report on Friday, July 18th. Benchmark decreased their price target on shares of Baidu from $130.00 to $120.00 and set a "buy" rating for the company in a report on Thursday, May 22nd. Macquarie reissued a "neutral" rating on shares of Baidu in a report on Wednesday, May 21st. Finally, Citigroup boosted their price target on shares of Baidu from $138.00 to $140.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Twelve investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $105.09.

Baidu Profile

Baidu, Inc engages in the provision of internet search services in China. It operates through two segments: Baidu Core and iQIYI. The company offers Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Baidu Health that helps users to find the doctor and hospital for healthcare needs; and Haokan, a short video app.