Scharf Investments LLC Cuts Holdings in Baidu Inc (NASDAQ:BIDU)

Scharf Investments LLC trimmed its holdings in shares of Baidu Inc (NASDAQ:BIDU) by 6.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 301,598 shares of the information services provider’s stock after selling 21,830 shares during the quarter. Baidu makes up approximately 1.4% of Scharf Investments LLC’s investment portfolio, making the stock its 26th biggest holding. Scharf Investments LLC owned about 0.09% of Baidu worth $35,396,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. American Beacon Advisors Inc. grew its holdings in Baidu by 71.2% in the first quarter. American Beacon Advisors Inc. now owns 202 shares of the information services provider’s stock worth $33,000 after purchasing an additional 84 shares during the last quarter. Motco purchased a new position in Baidu in the second quarter worth $28,000. Westside Investment Management Inc. purchased a new position in Baidu in the second quarter worth $33,000. Lindbrook Capital LLC grew its holdings in Baidu by 290.5% in the second quarter. Lindbrook Capital LLC now owns 328 shares of the information services provider’s stock worth $38,000 after purchasing an additional 244 shares during the last quarter. Finally, Semmax Financial Advisors Inc. grew its holdings in Baidu by 137.8% in the first quarter. Semmax Financial Advisors Inc. now owns 497 shares of the information services provider’s stock worth $82,000 after purchasing an additional 288 shares during the last quarter. 57.34% of the stock is currently owned by institutional investors.

BIDU has been the topic of several analyst reports. UBS Group reaffirmed a “hold” rating and issued a $145.00 price target on shares of Baidu in a report on Friday, July 5th. KeyCorp reaffirmed an “overweight” rating and issued a $148.00 price target (down from $160.00) on shares of Baidu in a report on Friday, August 9th. They noted that the move was a valuation call. Morgan Stanley set a $125.00 price target on shares of Baidu and gave the stock a “hold” rating in a report on Tuesday, August 20th. Credit Suisse Group reaffirmed an “outperform” rating on shares of Baidu in a report on Wednesday, July 17th. Finally, JPMorgan Chase & Co. initiated coverage on shares of Baidu in a report on Wednesday, July 10th. They issued an “overweight” rating on the stock. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and ten have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $151.06.

Shares of BIDU traded down $0.89 during trading hours on Friday, reaching $110.61. 201,147 shares of the company traded hands, compared to its average volume of 4,677,793. The stock has a market capitalization of $38.90 billion, a P/E ratio of 14.18, a P/E/G ratio of 14.47 and a beta of 1.73. The company has a quick ratio of 2.61, a current ratio of 2.61 and a debt-to-equity ratio of 0.32. Baidu Inc has a 12-month low of $93.39 and a 12-month high of $234.88. The business has a fifty day moving average price of $104.41 and a 200-day moving average price of $133.77.

Baidu announced that its Board of Directors has authorized a share repurchase plan on Thursday, May 16th that authorizes the company to buyback $1.00 billion in outstanding shares. This buyback authorization authorizes the information services provider to purchase up to 1.9% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

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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Institutional Ownership by Quarter for Baidu (NASDAQ:BIDU)

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