Baxter International Inc. (NYSE:BAX) had its price target upped by Morgan Stanley from $59.00 to $62.00 in a research note published on Thursday morning. The brokerage currently has an equal weight rating on the medical instruments supplier’s stock.
Other analysts have also recently issued research reports about the stock. Citigroup Inc. assumed coverage on shares of Baxter International in a report on Thursday, August 17th. They issued a neutral rating and a $63.00 price target on the stock. Cowen and Company reiterated a market perform rating and issued a $68.00 price target (up previously from $66.00) on shares of Baxter International in a report on Thursday, July 27th. Cantor Fitzgerald set a $70.00 price target on shares of Baxter International and gave the company a buy rating in a report on Wednesday, July 26th. Leerink Swann reiterated an outperform rating and issued a $75.00 price target (up previously from $67.00) on shares of Baxter International in a report on Thursday, July 27th. Finally, Zacks Investment Research cut shares of Baxter International from a buy rating to a hold rating in a report on Tuesday, August 1st. Six research analysts have rated the stock with a hold rating, six have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of Buy and a consensus target price of $67.00.
Baxter International (NYSE BAX) traded up 1.16% during midday trading on Thursday, hitting $65.68. 2,460,524 shares of the stock were exchanged. Baxter International has a 1-year low of $43.13 and a 1-year high of $65.70. The company’s 50 day moving average is $63.44 and its 200-day moving average is $60.15. The stock has a market cap of $35.79 billion, a PE ratio of 39.85 and a beta of 0.65.
Baxter International (NYSE:BAX) last issued its earnings results on Wednesday, October 25th. The medical instruments supplier reported $0.64 EPS for the quarter, topping the consensus estimate of $0.59 by $0.05. Baxter International had a net margin of 9.88% and a return on equity of 15.32%. The company had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the previous year, the firm earned $0.56 earnings per share. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. On average, analysts expect that Baxter International will post $2.41 earnings per share for the current year.
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In other Baxter International news, SVP Giuseppe Accogli sold 12,670 shares of the business’s stock in a transaction dated Thursday, August 17th. The stock was sold at an average price of $60.96, for a total value of $772,363.20. Following the completion of the transaction, the senior vice president now owns 33,286 shares of the company’s stock, valued at approximately $2,029,114.56. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Thomas T. Stallkamp sold 8,920 shares of the business’s stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $62.28, for a total value of $555,537.60. Following the completion of the transaction, the director now directly owns 16,263 shares of the company’s stock, valued at approximately $1,012,859.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 35,050 shares of company stock worth $2,158,587. 0.05% of the stock is currently owned by company insiders.
A number of large investors have recently modified their holdings of BAX. BlackRock Inc. raised its position in Baxter International by 1,941.1% in the 1st quarter. BlackRock Inc. now owns 46,937,709 shares of the medical instruments supplier’s stock worth $2,434,190,000 after buying an additional 44,638,052 shares during the last quarter. Bessemer Group Inc. raised its position in Baxter International by 42,907.2% in the 2nd quarter. Bessemer Group Inc. now owns 4,652,950 shares of the medical instruments supplier’s stock worth $281,690,000 after buying an additional 4,642,131 shares during the last quarter. Renaissance Technologies LLC raised its position in Baxter International by 2,859.6% in the 1st quarter. Renaissance Technologies LLC now owns 1,897,115 shares of the medical instruments supplier’s stock worth $98,384,000 after buying an additional 1,833,015 shares during the last quarter. FMR LLC raised its position in Baxter International by 83.1% in the 1st quarter. FMR LLC now owns 3,225,482 shares of the medical instruments supplier’s stock worth $167,273,000 after buying an additional 1,463,443 shares during the last quarter. Finally, Marshall Wace North America L.P. purchased a new position in Baxter International in the 1st quarter worth about $65,780,000. 83.67% of the stock is owned by institutional investors and hedge funds.
About Baxter International
Baxter International Inc, through its subsidiaries, provides renal and hospital products. The Company operates through two segments: Hospital Products and Renal. Its Hospital Products business manufactures sterile intravenous (IV) solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, parenteral nutrition therapies, infusion pumps, inhalation anesthetics and biosurgery products.
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