Primecap Management Co. CA Sells 167,900 Shares of Baidu, Inc. (NASDAQ:BIDU)

Key Points

• Primecap Management Co. CA has reduced its stake in Baidu, Inc. by 1.4%, owning approximately 11.95 million shares valued at around $1.1 billion.
• Several institutional investors have increased their positions in Baidu, with Allianz SE boosting its holdings by 107.5% during the first quarter.
• Analyst ratings for Baidu show a mixed outlook, with a consensus rating of "Hold" and a price target averaging $105.09, despite some price objectives being lowered by various brokerages.

Primecap Management Co. CA reduced its holdings in Baidu, Inc. (NASDAQ:BIDU - Free Report) by 1.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 11,946,336 shares of the information services provider's stock after selling 167,900 shares during the period. Primecap Management Co. CA owned approximately 3.46% of Baidu worth $1,099,421,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Creekmur Asset Management LLC bought a new stake in shares of Baidu during the 1st quarter valued at $29,000. Assetmark Inc. increased its holdings in Baidu by 143.3% in the first quarter. Assetmark Inc. now owns 326 shares of the information services provider's stock valued at $30,000 after purchasing an additional 192 shares during the last quarter. UMB Bank n.a. increased its holdings in Baidu by 80.3% in the first quarter. UMB Bank n.a. now owns 402 shares of the information services provider's stock valued at $37,000 after purchasing an additional 179 shares during the last quarter. CX Institutional acquired a new position in Baidu in the first quarter valued at about $49,000. Finally, GeoWealth Management LLC boosted its holdings in Baidu by 88.5% during the fourth quarter. GeoWealth Management LLC now owns 656 shares of the information services provider's stock worth $55,000 after buying an additional 308 shares during the last quarter.

Baidu Stock Down 0.1%

BIDU traded down $0.11 during trading on Friday, hitting $87.36. The company had a trading volume of 1,976,517 shares, compared to its average volume of 4,523,904. The company has a market capitalization of $30.18 billion, a PE ratio of 8.67 and a beta of 0.34. The company has a quick ratio of 2.29, a current ratio of 2.29 and a debt-to-equity ratio of 0.27. Baidu, Inc. has a one year low of $74.71 and a one year high of $116.25. The firm's 50-day moving average price is $87.21 and its 200 day moving average price is $88.43.

Analyst Upgrades and Downgrades

BIDU has been the subject of a number of recent analyst reports. Jefferies Financial Group lowered their price target on Baidu from $120.00 to $110.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Benchmark decreased their price objective 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. Citigroup upped their target price on shares of Baidu from $138.00 to $140.00 and gave the company a "buy" rating in a research note on Thursday, July 17th. Macquarie reissued a "neutral" rating on shares of Baidu in a research report on Wednesday, May 21st. Finally, Barclays decreased their price target 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. Twelve research analysts have rated the stock with a hold rating and seven have issued a buy rating to the company's stock. Based on data from MarketBeat, the company has an average rating of "Hold" and an average price target of $105.09.

Baidu Company 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.