Baxter International (NYSE:BAX) Releases Q3 Earnings Guidance

Baxter International (NYSE:BAX) issued an update on its third quarter earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.77-0.79 for the period, compared to the consensus earnings per share estimate of $0.75. The company issued revenue guidance of +3-4% yr/yr to $3.82-3.86 billion, compared to the consensus revenue estimate of $3.79 billion. Baxter International also updated its FY 2024 guidance to 2.930-3.010 EPS.

Baxter International Price Performance

Baxter International stock traded down $0.17 during mid-day trading on Wednesday, hitting $36.75. The stock had a trading volume of 2,898,122 shares, compared to its average volume of 4,255,053. The company has a current ratio of 1.48, a quick ratio of 1.01 and a debt-to-equity ratio of 1.35. The firm’s 50 day moving average is $34.32 and its 200 day moving average is $37.92. The firm has a market capitalization of $18.73 billion, a P/E ratio of 7.11, a P/E/G ratio of 1.88 and a beta of 0.57. Baxter International has a one year low of $31.01 and a one year high of $44.01.

Baxter International (NYSE:BAX) last released its earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.68 EPS for the quarter, topping the consensus estimate of $0.66 by $0.02. Baxter International had a net margin of 17.79% and a return on equity of 18.47%. The firm had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.75 billion. During the same quarter in the previous year, the firm earned $0.55 earnings per share. The company’s quarterly revenue was up 2.8% compared to the same quarter last year. On average, sell-side analysts forecast that Baxter International will post 2.91 earnings per share for the current fiscal year.

Baxter International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, August 30th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a yield of 3.16%. The ex-dividend date of this dividend is Friday, August 30th. Baxter International’s payout ratio is 22.31%.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Morgan Stanley downgraded Baxter International from an equal weight rating to an underweight rating and lowered their price target for the stock from $39.00 to $30.00 in a research report on Monday, July 15th. StockNews.com upgraded shares of Baxter International from a hold rating to a buy rating in a research note on Thursday, August 1st. JPMorgan Chase & Co. decreased their price objective on Baxter International from $44.00 to $42.00 and set a neutral rating for the company in a research note on Wednesday. The Goldman Sachs Group assumed coverage on shares of Baxter International in a research note on Thursday, May 30th. They set a neutral rating and a $36.00 price objective for the company. Finally, Wells Fargo & Company dropped their target price on Baxter International from $44.00 to $40.00 and set an equal weight rating on the stock in a research note on Wednesday. One analyst has rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has an average rating of Hold and a consensus price target of $41.36.

Baxter International Company Profile

Baxter International Inc, through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company operates through four segments: Medical Products and Therapies, Healthcare Systems and Technologies, Pharmaceuticals, and Kidney Care. The company offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; generic injectable pharmaceuticals; surgical hemostat and sealant products, advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space, including surgical video technologies, precision positioning devices, and other accessories.