Meyer Handelman Co. Cuts Position in Alibaba Group Holding Limited (NYSE:BABA)

Meyer Handelman Co. decreased its position in shares of Alibaba Group Holding Limited (NYSE:BABA) by 29.2% during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,420 shares of the specialty retailer’s stock after selling 1,000 shares during the period. Meyer Handelman Co.’s holdings in Alibaba Group were worth $257,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. AMF Tjanstepension AB lifted its stake in Alibaba Group by 79.5% in the second quarter. AMF Tjanstepension AB now owns 2,610,884 shares of the specialty retailer’s stock worth $188,197,000 after purchasing an additional 1,156,479 shares during the last quarter. Marshall Wace LLP boosted its holdings in Alibaba Group by 384.2% during the 2nd quarter. Marshall Wace LLP now owns 1,424,944 shares of the specialty retailer’s stock valued at $102,596,000 after acquiring an additional 1,130,643 shares during the period. Renaissance Technologies LLC increased its stake in Alibaba Group by 523.8% in the 2nd quarter. Renaissance Technologies LLC now owns 1,335,600 shares of the specialty retailer’s stock worth $96,163,000 after purchasing an additional 1,121,500 shares during the period. Primecap Management Co. CA lifted its position in Alibaba Group by 5.2% in the second quarter. Primecap Management Co. CA now owns 21,870,987 shares of the specialty retailer’s stock valued at $1,574,711,000 after purchasing an additional 1,074,175 shares during the last quarter. Finally, ARGA Investment Management LP boosted its stake in shares of Alibaba Group by 39.2% during the first quarter. ARGA Investment Management LP now owns 3,582,005 shares of the specialty retailer’s stock valued at $259,194,000 after purchasing an additional 1,009,397 shares during the period. 13.47% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

BABA has been the topic of a number of analyst reports. Jefferies Financial Group restated a “buy” rating and issued a $116.00 price objective on shares of Alibaba Group in a research report on Friday, July 26th. Bank of America increased their price objective on Alibaba Group from $106.00 to $124.00 and gave the stock a “buy” rating in a report on Wednesday. Truist Financial reduced their target price on Alibaba Group from $110.00 to $100.00 and set a “buy” rating on the stock in a research note on Friday, August 16th. Sanford C. Bernstein raised their price target on Alibaba Group from $80.00 to $85.00 and gave the stock a “market perform” rating in a research note on Friday, August 16th. Finally, Morgan Stanley restated an “equal weight” rating and issued a $90.00 price objective on shares of Alibaba Group in a report on Friday, August 23rd. Two analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to MarketBeat, Alibaba Group has a consensus rating of “Moderate Buy” and a consensus price target of $110.75.

Alibaba Group Stock Performance

Shares of NYSE BABA opened at $110.14 on Friday. The company has a current ratio of 1.41, a quick ratio of 1.41 and a debt-to-equity ratio of 0.17. Alibaba Group Holding Limited has a 12-month low of $66.63 and a 12-month high of $117.82. The firm has a market capitalization of $279.48 billion, a price-to-earnings ratio of 25.67, a price-to-earnings-growth ratio of 0.55 and a beta of 0.35. The firm has a 50 day moving average of $89.88 and a 200 day moving average of $81.18.

Alibaba Group (NYSE:BABA) last released its earnings results on Thursday, August 15th. The specialty retailer reported $16.44 earnings per share for the quarter, beating the consensus estimate of $1.87 by $14.57. Alibaba Group had a return on equity of 12.08% and a net margin of 7.31%. The company had revenue of $243.24 billion for the quarter, compared to the consensus estimate of $248.32 billion. During the same period in the previous year, the business earned $2.47 earnings per share. Alibaba Group’s quarterly revenue was up 3.9% compared to the same quarter last year. On average, research analysts anticipate that Alibaba Group Holding Limited will post 7.93 earnings per share for the current year.

Alibaba Group Profile

Alibaba Group Holding Limited, through its subsidiaries, provides technology infrastructure and marketing reach to help merchants, brands, retailers, and other businesses to engage with their 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.