Canada Pension Plan Investment Board grew its position in Yahoo! Inc. (NASDAQ:AABA) by 315.5% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 5,926,117 shares of the company’s stock after buying an additional 4,500,000 shares during the period. Yahoo! makes up 0.8% of Canada Pension Plan Investment Board’s portfolio, making the stock its 29th largest position. Canada Pension Plan Investment Board owned approximately 0.62% of Yahoo! worth $392,546,000 at the end of the most recent quarter.
Other hedge funds have also recently made changes to their positions in the company. Disciplined Growth Investors Inc. MN bought a new stake in Yahoo! in the 2nd quarter valued at $128,338,000. Cibc World Markets Corp bought a new stake in Yahoo! in the 2nd quarter valued at $108,960,000. Towerview LLC bought a new stake in Yahoo! in the 2nd quarter valued at $9,534,000. Rhumbline Advisers bought a new stake in Yahoo! in the 2nd quarter valued at $3,364,000. Finally, Atlantic Trust Group LLC bought a new stake in Yahoo! in the 2nd quarter valued at $1,139,000. 79.70% of the stock is owned by institutional investors.
Several equities research analysts recently commented on the stock. UBS AG reaffirmed a “buy” rating on shares of Yahoo! in a research report on Monday, July 17th. Oppenheimer Holdings, Inc. began coverage on shares of Yahoo! in a research report on Thursday, July 6th. They set an “outperform” rating and a $75.00 price target on the stock. Zacks Investment Research raised shares of Yahoo! from a “hold” rating to a “buy” rating and set a $62.00 price target on the stock in a research report on Wednesday, July 12th. Finally, MKM Partners boosted their price target on shares of Yahoo! from $62.00 to $76.00 and gave the stock a “buy” rating in a research report on Sunday, September 3rd. Twelve equities research analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and an average target price of $52.75.
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Yahoo! declared that its board has authorized a share buyback program on Monday, July 31st that authorizes the company to repurchase $5.00 billion in shares. This repurchase authorization authorizes the company to repurchase up to 8.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s leadership believes its stock is undervalued.
Yahoo! Company Profile
Altaba Inc (the Fund), formerly Yahoo! Inc, is a non-diversified, closed-end management investment company. The Fund seeks to track the combined investment return of the Alibaba Shares and the Yahoo Japan Shares it owns. Alibaba Shares represent an approximate 15% equity interest in Alibaba Group Holding Limited (Alibaba), and its Yahoo Japan Corporation ((Yahoo Japa) Shares represent an approximate 36% equity interest in Yahoo Japan.
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