Riverhead Capital Management LLC cut its holdings in shares of Baxter International (NYSE:BAX) by 29.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 23,237 shares of the medical instruments supplier’s stock after selling 9,644 shares during the period. Riverhead Capital Management LLC’s holdings in Baxter International were worth $1,511,000 as of its most recent SEC filing.
A number of other large investors have also modified their holdings of the business. Geode Capital Management LLC lifted its position in Baxter International by 4.4% during the 4th quarter. Geode Capital Management LLC now owns 5,812,690 shares of the medical instruments supplier’s stock worth $375,011,000 after buying an additional 247,337 shares in the last quarter. Two Sigma Advisers LP raised its holdings in shares of Baxter International by 6.8% in the 4th quarter. Two Sigma Advisers LP now owns 3,695,958 shares of the medical instruments supplier’s stock valued at $238,907,000 after purchasing an additional 236,000 shares during the period. TIAA CREF Investment Management LLC raised its holdings in shares of Baxter International by 0.5% in the 4th quarter. TIAA CREF Investment Management LLC now owns 3,654,214 shares of the medical instruments supplier’s stock valued at $236,208,000 after purchasing an additional 19,093 shares during the period. Old Mutual Global Investors UK Ltd. raised its holdings in shares of Baxter International by 18.1% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 3,098,384 shares of the medical instruments supplier’s stock valued at $200,279,000 after purchasing an additional 474,520 shares during the period. Finally, Winslow Capital Management LLC bought a new stake in shares of Baxter International in the 4th quarter valued at about $178,651,000. 83.54% of the stock is currently owned by hedge funds and other institutional investors.
Baxter International stock opened at $70.60 on Monday. The stock has a market capitalization of $37.81 billion, a price-to-earnings ratio of 27.05, a P/E/G ratio of 1.82 and a beta of 0.81. The company has a current ratio of 2.63, a quick ratio of 2.03 and a debt-to-equity ratio of 0.39. Baxter International has a twelve month low of $56.82 and a twelve month high of $72.58.
Baxter International (NYSE:BAX) last released its quarterly earnings results on Thursday, April 26th. The medical instruments supplier reported $0.70 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.62 by $0.08. Baxter International had a net margin of 7.75% and a return on equity of 15.70%. The firm had revenue of $2.68 billion for the quarter, compared to analysts’ expectations of $2.62 billion. During the same period in the prior year, the firm earned $0.58 EPS. The business’s revenue was up 8.2% on a year-over-year basis. equities analysts forecast that Baxter International will post 2.89 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, July 2nd. Shareholders of record on Friday, June 1st will be given a dividend of $0.19 per share. This represents a $0.76 dividend on an annualized basis and a dividend yield of 1.08%. The ex-dividend date of this dividend is Thursday, May 31st. This is a positive change from Baxter International’s previous quarterly dividend of $0.16. Baxter International’s dividend payout ratio is presently 25.81%.
Baxter International announced that its board has initiated a stock buyback program on Tuesday, February 20th that permits the company to buyback $1.50 billion in outstanding shares. This buyback authorization permits the medical instruments supplier to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.
A number of equities research analysts have recently issued reports on the stock. Citigroup upped their target price on shares of Baxter International from $66.00 to $70.00 and gave the company a “neutral” rating in a report on Tuesday, February 6th. Stifel Nicolaus upped their target price on shares of Baxter International from $71.00 to $72.00 and gave the company a “hold” rating in a report on Monday, April 30th. Barclays upped their target price on shares of Baxter International from $73.00 to $77.00 and gave the company an “overweight” rating in a report on Friday, February 2nd. Zacks Investment Research raised shares of Baxter International from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a report on Wednesday, April 11th. Finally, Deutsche Bank raised shares of Baxter International from a “hold” rating to a “buy” rating and set a $80.00 target price on the stock in a report on Tuesday, February 20th. Six analysts have rated the stock with a hold rating, twelve have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus target price of $72.47.
In other Baxter International news, Director Peter S. Hellman sold 3,760 shares of the stock in a transaction that occurred on Monday, April 2nd. The shares were sold at an average price of $64.74, for a total transaction of $243,422.40. Following the transaction, the director now owns 25,522 shares in the company, valued at approximately $1,652,294.28. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director James R. Gavin III sold 18,750 shares of the stock in a transaction that occurred on Wednesday, March 28th. The stock was sold at an average price of $64.56, for a total transaction of $1,210,500.00. Following the sale, the director now owns 36,398 shares in the company, valued at approximately $2,349,854.88. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 47,500 shares of company stock worth $3,194,912. Company insiders own 0.07% of the company’s stock.
About Baxter International
Baxter International Inc provides a portfolio of healthcare products. The company operates through North and South America; Europe, Middle East and Africa; and Asia-Pacific segments. It offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; renal replacement therapies and other organ support therapies focused in the intensive care unit; sterile intravenous (IV) solutions, IV therapies, infusion pumps, administration sets, and drug reconstitution devices; and parenteral nutrition therapies.
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