According to the Priberam definition, the word "Batuta" applied to people denotes someone brave, fearless.
In Brazil we have a famous movie named "Os Batutinhas" ("The Little Rascals" in the original), which leads me to believe that the word can be used as a synonym for "bad children".
Besides, I always see the same word being used to denote a "cool guy" like in:
Obrigado por me devolver o livro, você é um cara batuta.
So, which is the most common meaning of "Batuta"? Are there some differences between regions (maybe between countries)?