StockNews.com Downgrades Baxter International (NYSE:BAX) to Hold

StockNews.com downgraded shares of Baxter International (NYSE:BAX) from a buy rating to a hold rating in a report published on Monday.

Other equities research analysts also recently issued reports about the stock. Citigroup upped their price target on shares of Baxter International from $38.00 to $40.00 and gave the company a “neutral” rating in a report on Tuesday, October 1st. JPMorgan Chase & Co. reduced their target price on shares of Baxter International from $44.00 to $42.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Morgan Stanley cut Baxter International from an “equal weight” rating to an “underweight” rating and dropped their price target for the company from $39.00 to $30.00 in a report on Monday, July 15th. The Goldman Sachs Group raised their price objective on Baxter International from $36.00 to $40.00 and gave the stock a “neutral” rating in a research note on Thursday, August 8th. Finally, Wells Fargo & Company decreased their target price on Baxter International from $44.00 to $40.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Baxter International has a consensus rating of “Hold” and an average target price of $40.91.

Baxter International Price Performance

NYSE BAX opened at $31.71 on Monday. Baxter International has a 12 month low of $31.61 and a 12 month high of $44.01. The firm has a market capitalization of $16.18 billion, a PE ratio of 161.66, a P/E/G ratio of 11.44 and a beta of 0.60. The company’s 50 day simple moving average is $37.13 and its 200 day simple moving average is $35.94. The company has a debt-to-equity ratio of 1.35, a current ratio of 1.40 and a quick ratio of 0.91.

Baxter International (NYSE:BAX) last issued its quarterly earnings results on Friday, November 8th. The medical instruments supplier reported $0.80 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.78 by $0.02. Baxter International had a return on equity of 18.19% and a net margin of 0.77%. The firm had revenue of $3.85 billion during the quarter, compared to analyst estimates of $3.85 billion. During the same period last year, the company posted $0.68 EPS. The firm’s quarterly revenue was up 3.8% on a year-over-year basis. As a group, equities research analysts forecast that Baxter International will post 2.33 EPS for the current fiscal year.

Baxter International Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Investors of record on Friday, November 29th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.14%. The ex-dividend date of this dividend is Friday, November 29th. Baxter International’s dividend payout ratio is currently 580.03%.

Hedge Funds Weigh In On Baxter International

Institutional investors and hedge funds have recently bought and sold shares of the business. LSV Asset Management acquired a new stake in shares of Baxter International during the second quarter worth approximately $140,296,000. Bank of New York Mellon Corp boosted its stake in shares of Baxter International by 73.2% during the 2nd quarter. Bank of New York Mellon Corp now owns 6,772,533 shares of the medical instruments supplier’s stock valued at $226,541,000 after buying an additional 2,862,626 shares during the period. Thompson Siegel & Walmsley LLC purchased a new position in shares of Baxter International during the 2nd quarter valued at $67,263,000. Coho Partners Ltd. purchased a new position in shares of Baxter International during the 3rd quarter valued at $57,229,000. Finally, Shapiro Capital Management LLC increased its stake in shares of Baxter International by 19.7% in the second quarter. Shapiro Capital Management LLC now owns 3,285,048 shares of the medical instruments supplier’s stock worth $109,885,000 after acquiring an additional 541,575 shares during the last quarter. Hedge funds and other institutional investors own 90.19% of the company’s stock.

About Baxter International

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.