Primecap Management Co. CA Decreases Holdings in Baidu, Inc. $BIDU

Primecap Management Co. CA trimmed its holdings in shares of Baidu, Inc. (NASDAQ:BIDU) by 0.4% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 11,010,100 shares of the information services provider’s stock after selling 46,700 shares during the period. Primecap Management Co. CA’s holdings in Baidu were worth $1,258,344,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Signature Equity Partners LLC bought a new stake in Baidu in the first quarter worth about $25,000. Binnacle Investments Inc bought a new position in shares of Baidu during the 2nd quarter valued at approximately $29,000. Sankala Group LLC bought a new position in shares of Baidu during the 4th quarter valued at approximately $46,000. Brown Brothers Harriman & Co. increased its stake in shares of Baidu by 35.0% during the 4th quarter. Brown Brothers Harriman & Co. now owns 405 shares of the information services provider’s stock worth $53,000 after purchasing an additional 105 shares during the last quarter. Finally, UMB Bank n.a. increased its stake in shares of Baidu by 25.9% during the 4th quarter. UMB Bank n.a. now owns 428 shares of the information services provider’s stock worth $56,000 after purchasing an additional 88 shares during the last quarter.

Baidu Stock Up 1.4%

BIDU opened at $93.43 on Wednesday. The company has a 50 day moving average of $107.87 and a 200 day moving average of $119.71. The company has a market cap of $31.79 billion, a PE ratio of -44.28, a price-to-earnings-growth ratio of 3.28 and a beta of 0.58. Baidu, Inc. has a 12 month low of $88.66 and a 12 month high of $165.30. The company has a current ratio of 2.33, a quick ratio of 2.33 and a debt-to-equity ratio of 0.28.

Analyst Upgrades and Downgrades

Several equities analysts recently commented on the company. Benchmark dropped their price objective on Baidu from $215.00 to $150.00 and set a “buy” rating on the stock in a research note on Wednesday, August 19th. Weiss Ratings reissued a “sell (d)” rating on shares of Baidu in a research report on Thursday, August 13th. Morgan Stanley lowered Baidu from an “equal weight” rating to an “underweight” rating and lowered their target price for the company from $130.00 to $80.00 in a research note on Wednesday, August 19th. Bank of America dropped their price target on Baidu from $180.00 to $165.00 and set a “buy” rating on the stock in a research report on Tuesday, July 14th. Finally, Barclays cut their price target on Baidu from $124.00 to $96.00 and set an “equal weight” rating for the company in a research note on Wednesday, August 19th. One equities research analyst has rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, two have assigned a Hold rating and four have issued a Sell rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $156.83.

Baidu Company Profile

Baidu, Inc, founded in 2000 and headquartered in Beijing, is a Chinese multinational technology company best known for operating one of China’s leading internet search engines. The company built its business around online search and related advertising services, providing search, content aggregation and targeted ad placements to consumers and marketers across China. Baidu went public on the NASDAQ in 2005 and has since diversified beyond search into a broader technology and AI-focused portfolio.

Core products and services include the Baidu search platform and mobile app, Baidu Maps and Baidu Baike (an online encyclopedia), along with digital content initiatives.