Pzena Investment Management LLC cut its holdings in shares of Baxter International Inc. (NYSE:BAX – Free Report) by 4.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 62,425,636 shares of the medical instruments supplier’s stock after selling 2,869,757 shares during the quarter. Baxter International accounts for about 4.4% of Pzena Investment Management LLC’s portfolio, making the stock its largest holding. Pzena Investment Management LLC owned about 12.07% of Baxter International worth $1,498,215,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also bought and sold shares of the company. BlackRock Inc. acquired a new stake in shares of Baxter International in the second quarter worth $1,744,874,000. Equity Investment Corp purchased a new position in shares of Baxter International during the second quarter worth $146,815,000. Bank of America Corp DE acquired a new position in Baxter International during the second quarter valued at $132,993,000. Bank of New York Mellon Corp purchased a new stake in Baxter International in the second quarter valued at $68,036,000. Finally, Edmond DE Rothschild Holding S.A. purchased a new stake in Baxter International in the second quarter valued at $51,958,000. 90.19% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on BAX shares. Citigroup cut their price target on Baxter International from $28.00 to $27.00 and set a “neutral” rating on the stock in a research report on Monday, October 5th. Weiss Ratings raised Baxter International from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, October 30th. TD Cowen boosted their price objective on Baxter International from $20.00 to $24.00 and gave the company a “hold” rating in a report on Monday, July 27th. The Goldman Sachs Group upped their target price on Baxter International from $19.00 to $21.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 15th. Finally, UBS Group raised their target price on Baxter International from $19.00 to $25.00 and gave the stock a “hold” rating in a report on Tuesday, July 28th. One investment analyst has rated the stock with a Buy rating, ten have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Reduce” and an average target price of $23.00.
Read Our Latest Stock Analysis on Baxter International
Baxter International Stock Performance
Shares of NYSE BAX opened at $26.36 on Thursday. The company’s fifty day moving average price is $24.52 and its 200 day moving average price is $21.45. Baxter International Inc. has a 1 year low of $15.73 and a 1 year high of $30.00. The company has a market capitalization of $13.64 billion, a PE ratio of -18.70, a price-to-earnings-growth ratio of 3.75 and a beta of 0.68. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.19 and a current ratio of 1.79.
Baxter International (NYSE:BAX – Get Free Report) last released its quarterly earnings data on Thursday, October 29th. The medical instruments supplier reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.52 by $0.06. Baxter International had a negative net margin of 6.23% and a positive return on equity of 16.23%. The company had revenue of $2.98 billion during the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the previous year, the company earned $0.69 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, research analysts predict that Baxter International Inc. will post 2.10 earnings per share for the current year.
Baxter International Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, January 4th. Stockholders of record on Friday, November 27th will be paid a dividend of $0.01 per share. This represents a $0.04 annualized dividend and a dividend yield of 0.2%. The ex-dividend date of this dividend is Friday, November 27th. Baxter International’s dividend payout ratio is presently -2.84%.
Baxter International Company Profile
Baxter International Inc is a global medical products and healthcare technology company headquartered in Deerfield, Illinois. The company develops, manufactures and distributes products used in hospitals, clinics, ambulatory care centers and other healthcare settings.
Baxter’s portfolio has included intravenous therapies and administration systems, infusion pumps, connected-care technologies, surgical products, patient monitoring equipment and products used in medication preparation and delivery.
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