State of New Jersey Common Pension Fund D Has $58.87 Million Position in Baidu Inc (NASDAQ:BIDU)

State of New Jersey Common Pension Fund D boosted its holdings in shares of Baidu Inc (NASDAQ:BIDU) by 10.4% in the 1st quarter, according to its most recent Form 13F filing with the SEC. The firm owned 357,126 shares of the information services provider’s stock after buying an additional 33,570 shares during the period. State of New Jersey Common Pension Fund D owned approximately 0.10% of Baidu worth $58,871,000 as of its most recent SEC filing.

Other large investors have also bought and sold shares of the company. Norges Bank bought a new stake in Baidu during the fourth quarter worth about $526,416,000. Federated Investors Inc. PA lifted its stake in Baidu by 280,999.1% during the third quarter. Federated Investors Inc. PA now owns 1,250,891 shares of the information services provider’s stock worth $286,054,000 after purchasing an additional 1,250,446 shares during the last quarter. Harris Associates L P lifted its stake in Baidu by 49.6% during the fourth quarter. Harris Associates L P now owns 3,155,245 shares of the information services provider’s stock worth $500,422,000 after purchasing an additional 1,046,123 shares during the last quarter. Bank of Montreal Can lifted its stake in Baidu by 219.8% during the first quarter. Bank of Montreal Can now owns 792,685 shares of the information services provider’s stock worth $130,674,000 after purchasing an additional 544,799 shares during the last quarter. Finally, Investec Asset Management LTD lifted its stake in Baidu by 23.4% during the fourth quarter. Investec Asset Management LTD now owns 2,551,426 shares of the information services provider’s stock worth $404,656,000 after purchasing an additional 484,147 shares during the last quarter. 59.79% of the stock is owned by institutional investors.

Several brokerages have issued reports on BIDU. Zacks Investment Research raised Baidu from a “strong sell” rating to a “hold” rating in a research note on Tuesday, February 26th. BidaskClub upgraded Baidu from a “strong sell” rating to a “sell” rating in a report on Thursday, April 4th. ValuEngine downgraded Baidu from a “hold” rating to a “sell” rating in a report on Saturday, May 18th. Nomura decreased their price objective on Baidu from $181.00 to $147.00 and set a “neutral” rating on the stock in a report on Monday, May 20th. Finally, Macquarie downgraded Baidu from an “outperform” rating to a “neutral” rating and set a $140.00 price objective on the stock. in a report on Friday, May 17th. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and nine have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $196.13.

NASDAQ:BIDU traded down $1.19 during mid-day trading on Wednesday, reaching $112.95. 4,768,909 shares of the company’s stock traded hands, compared to its average volume of 3,674,291. Baidu Inc has a 12-month low of $112.08 and a 12-month high of $274.00. The company has a market cap of $39.46 billion, a PE ratio of 14.48, a P/E/G ratio of 6.22 and a beta of 1.44. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.76 and a quick ratio of 2.76.

Baidu declared that its Board of Directors has initiated a share repurchase plan on Thursday, May 16th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the information services provider to reacquire up to 1.9% of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.

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About Baidu

Baidu, Inc provides Internet search services in China and internationally. It operates through two segments, Baidu Core and iQIYI. The Baidu Core segment offers products for uses, including Baidu App to access search, feed, and other services using mobile devices; Baidu Search to access its search and other services through its other properties and Union partners; Baidu Feed that provides users with personalized timeline based on their demographics and interests; Haokan, a short video app; and Quanmin, a flash video app for users to create and share short videos.

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Institutional Ownership by Quarter for Baidu (NASDAQ:BIDU)

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