Pinnacle Associates Ltd. Grows Stake in Alibaba Group Holding Limited (NYSE:BABA)

Pinnacle Associates Ltd. lifted its position in Alibaba Group Holding Limited (NYSE:BABA - Free Report) by 2,185.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 100,133 shares of the specialty retailer's stock after buying an additional 95,751 shares during the quarter. Pinnacle Associates Ltd.'s holdings in Alibaba Group were worth $13,241,000 at the end of the most recent reporting period.

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

Alibaba Group Stock Performance

Shares of BABA stock traded down $1.11 during trading hours on Friday, reaching $120.05. 7,032,735 shares of the company's stock were exchanged, compared to its average volume of 14,650,496. The company has a debt-to-equity ratio of 0.19, a current ratio of 1.55 and a quick ratio of 1.55. The company's 50 day moving average is $115.96 and its two-hundred day moving average is $116.67. The company has a market cap of $286.43 billion, a P/E ratio of 16.11, a price-to-earnings-growth ratio of 1.78 and a beta of 0.21. Alibaba Group Holding Limited has a 1 year low of $73.87 and a 1 year high of $148.43.

Alibaba Group Cuts Dividend

The firm also recently declared a -- dividend, which was paid on Thursday, July 10th. Stockholders of record on Thursday, June 12th were issued a $0.95 dividend. The ex-dividend date was Thursday, June 12th. This represents a dividend yield of 0.8%. Alibaba Group's dividend payout ratio is currently 12.75%.

Wall Street Analyst Weigh In

BABA has been the subject of several analyst reports. Mizuho lowered their price objective on Alibaba Group from $170.00 to $160.00 and set an "outperform" rating for the company in a research report on Friday, May 16th. Citigroup lowered their price objective on Alibaba Group from $170.00 to $169.00 and set a "buy" rating for the company in a research report on Tuesday, April 8th. Benchmark reaffirmed a "buy" rating on shares of Alibaba Group in a research report on Monday. Barclays lowered 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, Arete Research cut Alibaba Group from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, June 24th. Three analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $150.80.

Alibaba Group Company 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.