NorthCoast Asset Management LLC lowered its stake in Baxter International Inc. (NYSE:BAX) by 33.1% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 368,026 shares of the medical instruments supplier’s stock after selling 182,232 shares during the period. Baxter International makes up approximately 2.6% of NorthCoast Asset Management LLC’s portfolio, making the stock its 10th biggest holding. NorthCoast Asset Management LLC owned about 0.07% of Baxter International worth $22,280,000 at the end of the most recent reporting period.
A number of other hedge funds have also made changes to their positions in BAX. BlackRock Inc. boosted its position in Baxter International by 1,941.1% during the first quarter. BlackRock Inc. now owns 46,937,709 shares of the medical instruments supplier’s stock worth $2,434,190,000 after purchasing an additional 44,638,052 shares in the last quarter. Bessemer Group Inc. boosted its position in Baxter International by 42,907.2% during the second quarter. Bessemer Group Inc. now owns 4,652,950 shares of the medical instruments supplier’s stock worth $281,690,000 after purchasing an additional 4,642,131 shares in the last quarter. Renaissance Technologies LLC boosted its position in Baxter International by 2,859.6% during the first quarter. Renaissance Technologies LLC now owns 1,897,115 shares of the medical instruments supplier’s stock worth $98,384,000 after purchasing an additional 1,833,015 shares in the last quarter. Victory Capital Management Inc. boosted its position in Baxter International by 438.8% during the first quarter. Victory Capital Management Inc. now owns 1,968,222 shares of the medical instruments supplier’s stock worth $102,072,000 after purchasing an additional 1,602,894 shares in the last quarter. Finally, CI Global Investments Inc. purchased a new stake in Baxter International during the first quarter worth $76,714,000. 83.71% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Baxter International Inc. (NYSE BAX) traded down 0.56% during trading on Friday, hitting $63.96. The stock had a trading volume of 4,525,594 shares. The stock’s 50 day moving average is $61.50 and its 200 day moving average is $57.69. Baxter International Inc. has a 52 week low of $43.13 and a 52 week high of $64.75. The stock has a market capitalization of $34.85 billion, a price-to-earnings ratio of 38.81 and a beta of 0.66.
Baxter International (NYSE:BAX) last posted its earnings results on Wednesday, July 26th. The medical instruments supplier reported $0.63 EPS for the quarter, topping the consensus estimate of $0.57 by $0.06. Baxter International had a net margin of 8.85% and a return on equity of 14.82%. The company had revenue of $2.61 billion during the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the previous year, the firm posted $0.46 earnings per share. The firm’s revenue for the quarter was up .8% on a year-over-year basis. On average, equities research analysts expect that Baxter International Inc. will post $2.39 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, October 2nd. Investors of record on Friday, September 1st will be issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a yield of 1.00%. The ex-dividend date is Wednesday, August 30th. Baxter International’s dividend payout ratio (DPR) is presently 38.79%.
In related news, Director Carole J. Shapazian sold 4,020 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $61.61, for a total transaction of $247,672.20. Following the sale, the director now directly owns 13,868 shares in the company, valued at approximately $854,407.48. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Thomas T. Stallkamp sold 8,920 shares of the company’s stock in a transaction that occurred on Tuesday, September 5th. The shares were sold at an average price of $62.28, for a total transaction of $555,537.60. Following the sale, the director now owns 16,263 shares in the company, valued at $1,012,859.64. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 35,050 shares of company stock worth $2,158,587. 0.05% of the stock is owned by corporate insiders.
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Several analysts have recently issued reports on the company. Cantor Fitzgerald set a $70.00 price target on Baxter International and gave the stock a “buy” rating in a research note on Wednesday, July 26th. Cowen and Company restated a “market perform” rating and set a $68.00 price target (up from $66.00) on shares of Baxter International in a research note on Thursday, July 27th. Citigroup Inc. initiated coverage on Baxter International in a research note on Thursday, August 17th. They issued a “neutral” rating and a $63.00 target price for the company. Leerink Swann reiterated an “outperform” rating and issued a $75.00 target price (up previously from $67.00) on shares of Baxter International in a research note on Thursday, July 27th. Finally, Zacks Investment Research lowered Baxter International from a “buy” rating to a “hold” rating in a research note on Tuesday, August 1st. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, six have given a buy rating and two have issued a strong buy rating to the company. The company presently has a consensus rating of “Buy” and a consensus target price of $65.31.
Baxter International Profile
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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