Meag Munich Ergo Kapitalanlagegesellschaft MBH Sells 2,300 Shares of Baidu Inc (BIDU)

Meag Munich Ergo Kapitalanlagegesellschaft MBH decreased its position in Baidu Inc (NASDAQ:BIDU) by 13.0% during the second quarter, HoldingsChannel.com reports. The fund owned 15,400 shares of the information services provider’s stock after selling 2,300 shares during the period. Meag Munich Ergo Kapitalanlagegesellschaft MBH’s holdings in Baidu were worth $3,761,000 as of its most recent filing with the SEC.

A number of other hedge funds have also recently bought and sold shares of BIDU. Bank of Montreal Can lifted its holdings in Baidu by 234.0% in the second quarter. Bank of Montreal Can now owns 881,924 shares of the information services provider’s stock valued at $214,306,000 after acquiring an additional 617,862 shares during the period. Overlook Holdings Ltd bought a new position in Baidu in the second quarter valued at about $138,341,000. Legal & General Group Plc lifted its holdings in Baidu by 23.0% in the first quarter. Legal & General Group Plc now owns 1,310,215 shares of the information services provider’s stock valued at $292,427,000 after acquiring an additional 245,039 shares during the period. Myriad Asset Management Ltd. bought a new position in Baidu in the first quarter valued at about $51,546,000. Finally, Broad Peak Investment Management LTD. lifted its holdings in Baidu by 28.8% in the first quarter. Broad Peak Investment Management LTD. now owns 881,303 shares of the information services provider’s stock valued at $196,698,000 after acquiring an additional 197,060 shares during the period. 61.18% of the stock is currently owned by institutional investors.

Shares of BIDU opened at $269.42 on Thursday. The company has a debt-to-equity ratio of 0.34, a current ratio of 2.00 and a quick ratio of 2.00. The stock has a market capitalization of $93.63 billion, a price-to-earnings ratio of 27.58, a P/E/G ratio of 1.42 and a beta of 1.83. Baidu Inc has a 52 week low of $189.56 and a 52 week high of $284.22.

Baidu announced that its board has initiated a stock repurchase program on Wednesday, June 27th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the information services provider to reacquire up to 1.2% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.

BIDU has been the topic of a number of recent research reports. BidaskClub downgraded Baidu from a “hold” rating to a “sell” rating in a report on Friday, March 30th. KeyCorp initiated coverage on Baidu in a research report on Thursday, April 5th. They issued a “sector weight” rating for the company. Barclays upped their price target on Baidu from $250.00 to $260.00 and gave the stock an “equal weight” rating in a research report on Monday, April 16th. Zacks Investment Research upgraded Baidu from a “hold” rating to a “buy” rating and set a $257.00 price target for the company in a research report on Tuesday, April 17th. Finally, Credit Suisse Group initiated coverage on Baidu in a research report on Monday, April 23rd. They issued an “outperform” rating for the company. One investment analyst has rated the stock with a sell rating, six have given a hold rating, eighteen have issued a buy rating and two have given a strong buy rating to the company. Baidu currently has a consensus rating of “Buy” and a consensus target price of $282.75.

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 mobile browsers; Baidu Feed that provides users with personalized timeline to meet their personal interests reflected in their past online behaviors, such as search and browsing, and their demographics; and Bear Paw Account that enables verified brands and businesses to aggregate their content from Websites, wapsites, and open-platform apps.

Further Reading: Book Value Per Share – BVPS

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Institutional Ownership by Quarter for Baidu (NASDAQ:BIDU)

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