Bank of New York Mellon Corp trimmed its stake in Alibaba Group Holding Limited (NYSE:BABA) by 25.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 2,263,117 shares of the specialty retailer’s stock after selling 767,671 shares during the period. Bank of New York Mellon Corp owned 0.08% of Alibaba Group worth $513,229,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in BABA. Kalos Management Inc. increased its position in Alibaba Group by 5.1% during the 2nd quarter. Kalos Management Inc. now owns 6,951 shares of the specialty retailer’s stock valued at $1,358,000 after buying an additional 340 shares in the last quarter. Holowesko Partners Ltd. increased its position in Alibaba Group by 43.4% during the 2nd quarter. Holowesko Partners Ltd. now owns 67,700 shares of the specialty retailer’s stock valued at $15,353,000 after buying an additional 20,500 shares in the last quarter. Quantitative Systematic Strategies LLC acquired a new position in Alibaba Group during the 2nd quarter valued at about $285,000. Equitable Holdings Inc. increased its position in Alibaba Group by 53.7% during the 2nd quarter. Equitable Holdings Inc. now owns 15,765 shares of the specialty retailer’s stock valued at $3,575,000 after buying an additional 5,509 shares in the last quarter. Finally, Bank of The West increased its position in Alibaba Group by 7.9% during the 2nd quarter. Bank of The West now owns 1,250 shares of the specialty retailer’s stock valued at $284,000 after buying an additional 91 shares in the last quarter. 24.48% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently issued reports on the company. Mizuho reduced their target price on Alibaba Group from $285.00 to $280.00 and set a “buy” rating on the stock in a research report on Wednesday, August 4th. Citigroup reduced their target price on Alibaba Group from $306.00 to $300.00 and set a “buy” rating on the stock in a research report on Wednesday, August 4th. Zacks Investment Research lowered Alibaba Group from a “hold” rating to a “strong sell” rating and set a $175.00 price objective on the stock. in a report on Tuesday, July 13th. Erste Group lowered Alibaba Group from a “hold” rating to a “sell” rating in a report on Friday, August 20th. Finally, UBS Group cut their price objective on Alibaba Group from $280.00 to $260.00 and set a “buy” rating on the stock in a report on Wednesday, August 4th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Alibaba Group presently has a consensus rating of “Buy” and an average target price of $297.55.
Alibaba Group (NYSE:BABA) last issued its quarterly earnings results on Monday, August 2nd. The specialty retailer reported $16.60 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.74 by $14.86. The company had revenue of $205.74 billion for the quarter, compared to the consensus estimate of $208.67 billion. Alibaba Group had a return on equity of 12.92% and a net margin of 19.25%. Alibaba Group’s revenue for the quarter was up 33.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $14.82 earnings per share. On average, research analysts predict that Alibaba Group Holding Limited will post 8.3 earnings per share for the current fiscal year.
Alibaba Group Company Profile
Alibaba Group Holding Ltd. engages in providing online and mobile marketplaces in retail and wholesale trade. It operates through the following business segments: Core Commerce; Cloud Computing; Digital Media & Entertainment; and Innovation Initiatives and Others. The Core Commerce segment comprises of platforms operating in retail and wholesale.
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