Cortland Associates Inc. MO Trims Stock Position in Baidu Inc (NASDAQ:BIDU)

Cortland Associates Inc. MO lowered its holdings in shares of Baidu Inc (NASDAQ:BIDU) by 2.1% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 120,484 shares of the information services provider’s stock after selling 2,598 shares during the quarter. Baidu makes up approximately 2.2% of Cortland Associates Inc. MO’s holdings, making the stock its 15th biggest position. Cortland Associates Inc. MO’s holdings in Baidu were worth $14,140,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Bank of Montreal Can increased its holdings in Baidu by 219.8% in the 1st quarter. Bank of Montreal Can now owns 792,685 shares of the information services provider’s stock worth $130,674,000 after acquiring an additional 544,799 shares in the last quarter. Strs Ohio purchased a new stake in Baidu in the 1st quarter worth approximately $9,891,000. YorkBridge Wealth Partners LLC increased its holdings in Baidu by 8.6% in the 1st quarter. YorkBridge Wealth Partners LLC now owns 2,739 shares of the information services provider’s stock worth $452,000 after acquiring an additional 218 shares in the last quarter. Jacobs & Co. CA purchased a new stake in Baidu in the 1st quarter worth approximately $2,144,000. Finally, Callahan Advisors LLC increased its holdings in Baidu by 121.2% in the 1st quarter. Callahan Advisors LLC now owns 7,232 shares of the information services provider’s stock worth $1,192,000 after acquiring an additional 3,963 shares in the last quarter. 59.61% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ BIDU traded down $5.76 during midday trading on Monday, reaching $102.00. 99,183 shares of the stock traded hands, compared to its average volume of 2,869,961. 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 company has a market capitalization of $37.64 billion, a PE ratio of 13.07, a PEG ratio of 5.81 and a beta of 1.70. Baidu Inc has a one year low of $106.80 and a one year high of $237.50. The stock has a 50 day moving average of $114.79.

Baidu declared that its board has approved a share repurchase plan on Thursday, May 16th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the information services provider to purchase up to 1.9% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Several research firms recently issued reports on BIDU. Deutsche Bank lowered shares of Baidu from a “buy” rating to a “hold” rating and set a $147.00 target price for the company. in a report on Friday, May 17th. CLSA set a $138.00 target price on shares of Baidu and gave the stock a “buy” rating in a report on Monday, July 8th. China Renaissance Securities reissued a “hold” rating on shares of Baidu in a report on Monday, April 15th. Daiwa Capital Markets lowered shares of Baidu from a “buy” rating to a “neutral” rating in a report on Friday, May 17th. Finally, Mizuho reduced their target price on shares of Baidu from $215.00 to $205.00 and set a “buy” rating for the company in a report on Tuesday, May 7th. One equities research analyst has rated the stock with a sell rating, twelve have given a hold rating and eleven have issued a buy rating to the stock. The stock presently has an average rating of “Hold” and an average price target of $175.74.

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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