CIBC Asset Management Inc Cuts Stock Position in Baidu, Inc. (NASDAQ:BIDU)

CIBC Asset Management Inc trimmed its position in shares of Baidu, Inc. (NASDAQ:BIDU – Get Rating) by 13.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 21,554 shares of the information services provider’s stock after selling 3,336 shares during the quarter. CIBC Asset Management Inc’s holdings in Baidu were worth $2,532,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the company. The Manufacturers Life Insurance Company raised its stake in shares of Baidu by 648.9% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 10,298 shares of the information services provider’s stock worth $1,212,000 after acquiring an additional 8,923 shares in the last quarter. Barclays PLC lifted its holdings in shares of Baidu by 26.3% during the 3rd quarter. Barclays PLC now owns 412,400 shares of the information services provider’s stock valued at $48,453,000 after purchasing an additional 85,819 shares during the last quarter. Daiwa Securities Group Inc. boosted its position in shares of Baidu by 15.7% in the 3rd quarter. Daiwa Securities Group Inc. now owns 244,696 shares of the information services provider’s stock worth $28,749,000 after purchasing an additional 33,292 shares in the last quarter. DekaBank Deutsche Girozentrale grew its stake in Baidu by 9.2% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 273,506 shares of the information services provider’s stock worth $31,867,000 after buying an additional 23,125 shares during the last quarter. Finally, Clear Street Markets LLC purchased a new position in Baidu during the 3rd quarter worth $53,000. 23.06% of the stock is currently owned by institutional investors.

Baidu Trading Down 2.6 %

Shares of NASDAQ:BIDU opened at $132.79 on Wednesday. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.28. Baidu, Inc. has a 12-month low of $73.58 and a 12-month high of $171.87. The business has a 50 day moving average of $116.64 and a two-hundred day moving average of $119.69. The company has a market capitalization of $45.88 billion, a PE ratio of 81.47, a PEG ratio of 0.68 and a beta of 0.63.

Analysts Set New Price Targets

BIDU has been the subject of several recent analyst reports. Jefferies Financial Group lowered their price target on Baidu from $217.00 to $210.00 and set a “buy” rating for the company in a report on Tuesday, January 17th. The Goldman Sachs Group boosted their target price on shares of Baidu from $186.00 to $188.00 and gave the stock a “buy” rating in a research report on Tuesday, January 17th. Benchmark cut their price target on shares of Baidu from $270.00 to $200.00 in a research note on Wednesday, November 23rd. Loop Capital lowered their price objective on shares of Baidu from $185.00 to $167.00 in a research note on Tuesday, December 6th. Finally, Citigroup cut their target price on Baidu from $169.00 to $166.00 and set a “buy” rating on the stock in a research report on Wednesday, November 23rd. Three research analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $177.28.

About Baidu

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Baidu, Inc offers internet search services in China. It operates through Baidu Core and iQIYI segments. 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; and Haokan, a short video app.