Baidu (NASDAQ:BIDU) Earns Overweight Rating from Analysts at JPMorgan Chase & Co.

JPMorgan Chase & Co. started coverage on shares of Baidu (NASDAQ:BIDU) in a research note published on Wednesday morning, Briefing.com Automated Import reports. The firm issued an overweight rating on the information services provider’s stock.

BIDU has been the topic of a number of other research reports. Zacks Investment Research lowered shares of GenMark Diagnostics from a hold rating to a sell rating in a research note on Wednesday, April 24th. Credit Suisse Group set a $221.00 price objective on shares of Baidu and gave the company a buy rating in a research note on Wednesday, April 10th. Deutsche Bank raised their price objective on shares of Walmart from $118.00 to $120.00 and gave the company a buy rating in a research note on Friday, May 17th. Nomura lowered their price objective on shares of Baidu from $181.00 to $147.00 and set a neutral rating on the stock in a research note on Monday, May 20th. Finally, UBS Group reiterated a hold rating and set a $145.00 price objective on shares of Baidu in a research note on Friday, July 5th. Three analysts have rated the stock with a sell rating, ten have issued a hold rating and ten have given a buy rating to the company. The company has a consensus rating of Hold and an average target price of $178.17.

NASDAQ BIDU opened at $114.90 on Wednesday. Baidu has a 12 month low of $106.80 and a 12 month high of $274.00. The company has a quick ratio of 2.76, a current ratio of 2.76 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $40.09 billion, a price-to-earnings ratio of 14.73, a PEG ratio of 6.19 and a beta of 1.64. The company’s 50 day moving average is $114.22.

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

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in Baidu by 4.3% in the first quarter. BlackRock Inc. now owns 15,784,632 shares of the information services provider’s stock worth $2,602,096,000 after buying an additional 653,684 shares during the last quarter. Norges Bank acquired a new position in Baidu in the 4th quarter worth approximately $526,416,000. Lazard Asset Management LLC boosted its stake in Baidu by 3.5% in the 1st quarter. Lazard Asset Management LLC now owns 3,191,574 shares of the information services provider’s stock worth $526,130,000 after purchasing an additional 107,716 shares during the period. Harris Associates L P boosted its stake in Baidu by 49.6% in the 4th 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 period. Finally, OppenheimerFunds Inc. boosted its stake in Baidu by 1.6% in the 1st quarter. OppenheimerFunds Inc. now owns 3,116,579 shares of the information services provider’s stock worth $513,768,000 after purchasing an additional 47,716 shares during the period. Hedge funds and other institutional investors own 59.51% of the company’s stock.

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.

See Also: Institutional Investors

Analyst Recommendations for Baidu (NASDAQ:BIDU)

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