Meritage Portfolio Management Invests $13.08 Million in Baidu, Inc. $BIDU

Key Points

• Meritage Portfolio Management invested approximately $13.08 million in Baidu, acquiring 152,533 shares of the company, which now represents 0.8% of its total holdings.
• Major hedge funds, including Royal Bank of Canada and Greenwood Capital Associates LLC, have either increased their stakes in Baidu or started new positions, indicating growing institutional interest in the stock.
• Analyst ratings for Baidu have improved, with several upgrades and the stock currently holding an average rating of "Moderate Buy" and a consensus price target of $126.54.

Meritage Portfolio Management bought a new position in Baidu, Inc. (NASDAQ:BIDU - Free Report) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 152,533 shares of the information services provider's stock, valued at approximately $13,081,000. Baidu accounts for about 0.8% of Meritage Portfolio Management's holdings, making the stock its 25th biggest position.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Royal Bank of Canada raised its holdings in Baidu by 28.3% during the 1st quarter. Royal Bank of Canada now owns 160,713 shares of the information services provider's stock valued at $14,791,000 after buying an additional 35,479 shares during the last quarter. Capital Advisors Inc. OK bought a new stake in Baidu during the 2nd quarter valued at $1,715,000. Fluent Financial LLC raised its holdings in Baidu by 16.2% during the 2nd quarter. Fluent Financial LLC now owns 23,606 shares of the information services provider's stock valued at $2,024,000 after buying an additional 3,286 shares during the last quarter. Greenwood Capital Associates LLC raised its holdings in Baidu by 36.9% during the 2nd quarter. Greenwood Capital Associates LLC now owns 38,976 shares of the information services provider's stock valued at $3,343,000 after buying an additional 10,501 shares during the last quarter. Finally, Integrity Alliance LLC. bought a new stake in Baidu during the 1st quarter valued at $247,000.

Analyst Ratings Changes

Several research analysts have commented on BIDU shares. Wall Street Zen upgraded shares of Baidu from a "sell" rating to a "hold" rating in a report on Saturday. Jefferies Financial Group upped their price objective on shares of Baidu from $108.00 to $157.00 and gave the stock a "buy" rating in a report on Wednesday, September 17th. Benchmark decreased their price objective on shares of Baidu from $120.00 to $115.00 and set a "buy" rating for the company in a report on Thursday, August 21st. Dbs Bank upgraded shares of Baidu from a "hold" rating to a "buy" rating and upped their price objective for the stock from $85.00 to $177.00 in a report on Thursday, September 25th. Finally, Zacks Research raised shares of Baidu from a "strong sell" rating to a "hold" rating in a research report on Tuesday, September 16th. One research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating, nine have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $126.54.

Baidu Stock Performance

Shares of BIDU stock opened at $121.69 on Friday. Baidu, Inc. has a one year low of $74.71 and a one year high of $149.51. The company's 50-day moving average is $109.86 and its 200 day moving average is $94.85. The company has a market capitalization of $42.04 billion, a price-to-earnings ratio of 11.22 and a beta of 0.42. The company has a debt-to-equity ratio of 0.19, a quick ratio of 1.85 and a current ratio of 1.85.

About Baidu

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.

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