Platinum Investment Management Ltd. has trimmed its stake in Alibaba Group Holding Limited by 8.3% during the third quarter, according to the latest filing with the Securities and Exchange Commission. The company now holds 791,620 shares of Alibaba, having sold 71,987 shares in the quarter. Alibaba makes up approximately 2.7% of Platinum Investment Management Ltd.'s portfolio, ranking as its 12th largest holding. At the close of the quarter, the value of Platinum Investment Management Ltd.'s holdings in Alibaba Group amounted to $68,665,000.
Other hedge funds and institutional investors have also made adjustments to their positions in Alibaba Group. Princeton Global Asset Management LLC acquired a new stake in Alibaba Group in the third quarter, valued at $26,000. Brown Shipley & Co Ltd increased its stake in Alibaba Group by 3.2% in the second quarter, owning 6,565 shares valued at $27,000 after purchasing an additional 202 shares. Householder Group Estate & Retirement Specialist LLC acquired a new stake valued at $27,000 in the third quarter. GPS Wealth Strategies Group LLC increased its stake by 116.7% in the third quarter, owning 325 shares valued at $28,000 after acquiring an additional 175 shares. Lastly, WealthPlan Investment Management LLC increased its stake by 69.1% in the second quarter, owning 959 shares valued at $31,000 after acquiring an additional 392 shares.
As of now, institutional investors own 14.22% of Alibaba Group's stock.
In terms of analyst opinions on BABA shares, several analysts have recently released reports. Citigroup reduced their price target on Alibaba Group from $151.00 to $147.00 in a research note on Monday, October 9th. Benchmark dropped their price objective from $150.00 to $128.00 and maintained a "buy" rating for the company in a report on Tuesday, January 9th. JPMorgan Chase & Co. lowered their price target on Alibaba Group from $125.00 to $110.00, upholding an "overweight" rating for the company in a report on Tuesday, January 9th. Bank of America lowered their price target on Alibaba Group from $142.00 to $136.00 in a report on Tuesday, October 10th. Finally, Robert W. Baird lowered their price target on Alibaba Group from $95.00 to $90.00, maintaining an "outperform" rating for the company in a report on Friday. According to MarketBeat.com data, the stock currently holds a consensus rating of "Moderate Buy" and a consensus price target of $119.80.
Alibaba Group stock opened at $69.42 on Friday. With a market capitalization of $176.15 billion, a P/E ratio of 9.61, and a beta of 0.56, Alibaba Group Holding Limited has a 52-week low of $66.92 and a 52-week high of $121.30. The company maintains a debt-to-equity ratio of 0.14, a quick ratio of 1.94, and a current ratio of 1.94. The stock has a fifty-day moving average of $74.90 and a 200-day moving average of $84.17.
In its latest quarterly earnings report on November 16th, Alibaba Group reported earnings per share of $15.63, surpassing analysts' consensus estimates of $15.28 by $0.35. The company reported revenue of $224.79 billion for the quarter, beating analyst estimates of $224.48 billion. Alibaba Group posted a return on equity of 12.83% and a net margin of 14.49%. For the current fiscal year, analysts anticipate that Alibaba Group Holding Limited will post 7.94 earnings per share.
The company recently declared a dividend, which was paid on Thursday, January 18th. Shareholders of record on Thursday, December 21st were entitled to a dividend of $1.00 per share. The ex-dividend date for this dividend was Wednesday, December 20th. Alibaba Group's dividend payout ratio currently stands at 13.57%.
About Alibaba Group: Alibaba Group Holding Limited, through its subsidiaries, offers technology infrastructure and marketing reach to support merchants, brands, retailers, and other businesses in engaging with users and customers in the People's Republic of China and internationally. The company operates through seven segments: China Commerce, International Commerce, Local Consumer Services, Cainiao, Cloud, Digital Media and Entertainment, and Innovation Initiatives and Others.
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