Orbis Allan Gray Ltd Lowers Stock Position in Baidu, Inc. $BIDU

Key Points

• Orbis Allan Gray Ltd has reduced its stake in Baidu, Inc. by 20.3%, now holding approximately 3.2 million shares valued at about $297.8 million.
• The stock has received mixed ratings from analysts, with target prices ranging from $81 to $140, and a recent consensus rating of "Hold".
• Baidu's current share price is around $95.30, with a market cap of $32.92 billion and a P/E ratio of 8.78.

Orbis Allan Gray Ltd lowered its stake in shares of Baidu, Inc. (NASDAQ:BIDU - Free Report) by 20.3% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 3,236,111 shares of the information services provider's stock after selling 824,708 shares during the period. Baidu makes up 1.7% of Orbis Allan Gray Ltd's investment portfolio, making the stock its 24th biggest holding. Orbis Allan Gray Ltd owned about 0.94% of Baidu worth $297,819,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also recently made changes to their positions in the business. GMT Capital Corp grew its holdings in shares of Baidu by 43.2% during the first quarter. GMT Capital Corp now owns 591,427 shares of the information services provider's stock valued at $54,429,000 after buying an additional 178,300 shares during the last quarter. Driehaus Capital Management LLC purchased a new stake in shares of Baidu in the first quarter valued at about $1,819,000. Earnest Partners LLC raised its holdings in shares of Baidu by 2.5% in the first quarter. Earnest Partners LLC now owns 672,741 shares of the information services provider's stock valued at $61,912,000 after purchasing an additional 16,159 shares during the last quarter. Connective Capital Management LLC purchased a new stake in shares of Baidu in the first quarter valued at about $2,141,000. Finally, Oliver Luxxe Assets LLC purchased a new stake in shares of Baidu in the first quarter valued at about $5,116,000.

Baidu Stock Up 1.0%

Shares of Baidu stock traded up $0.99 during trading on Tuesday, hitting $96.29. 7,124,721 shares of the stock traded hands, compared to its average volume of 4,451,104. The firm has a market cap of $33.26 billion, a P/E ratio of 8.87 and a beta of 0.34. The company has a current ratio of 1.85, a quick ratio of 1.85 and a debt-to-equity ratio of 0.19. Baidu, Inc. has a 52-week low of $74.71 and a 52-week high of $116.25. The stock's fifty day simple moving average is $88.83 and its 200 day simple moving average is $88.44.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Macquarie reissued a "neutral" rating on shares of Baidu in a report on Wednesday, May 21st. Susquehanna increased their price objective on Baidu from $85.00 to $95.00 and gave the stock a "neutral" rating in a report on Tuesday. Jefferies Financial Group reduced their target price on Baidu from $120.00 to $110.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Wall Street Zen cut shares of Baidu from a "hold" rating to a "sell" rating in a research report on Friday, August 22nd. Finally, Citigroup raised their price target on Baidu from $138.00 to $140.00 and gave the company a "buy" rating in a report on Thursday, July 17th. Five equities research analysts have rated the stock with a Buy rating and eleven have assigned a Hold rating to the stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $104.00.

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.