Baidu’s (BIDU) Overweight Rating Reiterated at KeyCorp

KeyCorp reissued their overweight rating on shares of Baidu (NASDAQ:BIDU) in a research report report published on Friday morning, BenzingaRatingsTable reports. The firm currently has a $148.00 price objective on the information services provider’s stock, down from their previous price objective of $160.00. The analysts noted that the move was a valuation call.

Several other brokerages have also recently issued reports on BIDU. UBS Group restated a hold rating and issued a $145.00 target price on shares of Baidu in a report on Friday, July 5th. Jefferies Financial Group assumed coverage on shares of Baidu in a report on Monday, August 5th. They issued a buy rating and a $132.00 target price for the company. Nomura lowered their target price on shares of Baidu from $181.00 to $147.00 and set a neutral rating for the company in a report on Monday, May 20th. Macquarie set a $131.00 price target on shares of Baidu and gave the stock a hold rating in a research note on Thursday, July 4th. Finally, Mizuho decreased their price target on shares of Baidu from $215.00 to $205.00 and set a buy rating for the company in a research note on Tuesday, May 7th. One investment analyst has rated the stock with a sell rating, twelve have assigned a hold rating and eleven have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and a consensus price target of $175.11.

Shares of Baidu stock traded down $2.53 during trading hours on Friday, hitting $97.36. The company had a trading volume of 2,904,397 shares, compared to its average volume of 3,291,828. The company’s 50-day moving average price is $112.94. Baidu has a twelve month low of $96.61 and a twelve month high of $234.88. The company has a debt-to-equity ratio of 0.34, a quick ratio of 2.76 and a current ratio of 2.76. The firm has a market cap of $34.65 billion, a P/E ratio of 12.48, a P/E/G ratio of 4.53 and a beta of 1.70.

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

A number of large investors have recently modified their holdings of the stock. Comerica Securities Inc. boosted its position in Baidu by 20.6% during the 4th quarter. Comerica Securities Inc. now owns 2,888 shares of the information services provider’s stock valued at $458,000 after acquiring an additional 493 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Baidu by 2.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 628,173 shares of the information services provider’s stock worth $99,782,000 after purchasing an additional 12,720 shares in the last quarter. Legacy Advisors LLC bought a new stake in shares of Baidu in the 1st quarter worth approximately $591,000. Gateway Investment Advisers LLC boosted its position in shares of Baidu by 36.2% in the 1st quarter. Gateway Investment Advisers LLC now owns 21,248 shares of the information services provider’s stock worth $3,503,000 after purchasing an additional 5,652 shares in the last quarter. Finally, Pacer Advisors Inc. bought a new stake in shares of Baidu in the 1st quarter worth approximately $2,589,000. Hedge funds and other institutional investors own 59.61% of the company’s stock.

Baidu Company Profile

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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