Baxter International Inc. (NYSE:BAX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Thursday. The firm presently has a $53.00 price objective on the stock. Zacks Investment Research’s target price points to a potential upside of 12.81% from the company’s current price.
According to Zacks, “We believe Baxter is gaining prominence with a series of strategic developments that include the recent launch of NUMETA G13E in Europe for vulnerable preterm newborns, the strategic tie-up with Satellite Healthcare and the recognition of its Sigma spectrum infusion system as a highly efficient infusion pump in drug library compliance (analysis by KLAS research firm). We believe the launch of AMIA APD system with the SHARESOURCE Connectivity in Canada will expand the company’s international footprint. However, intense competition in the medical products segment and lackluster hospital spending are major concerns. Meanwhile, a glimpse on the estimate trends reveals that estimates are stable for the current year, before the company’s earnings release of third-quarter of fiscal 2016.”
Several other equities research analysts have also recently weighed in on BAX. Argus reaffirmed a “hold” rating on shares of Baxter International in a research report on Monday, August 15th. JPMorgan Chase & Co. reissued a “hold” rating and issued a $45.00 target price on shares of Baxter International in a report on Friday, July 8th. Wells Fargo & Co. began coverage on shares of Baxter International in a report on Thursday. They issued an “outperform” rating for the company. Royal Bank Of Canada increased their target price on shares of Baxter International from $47.00 to $50.00 and gave the stock a “sector perform” rating in a report on Wednesday, July 27th. Finally, Barclays PLC began coverage on shares of Baxter International in a report on Thursday, September 15th. They issued an “overweight” rating and a $52.00 target price for the company. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have assigned a buy rating to the stock. Baxter International presently has an average rating of “Hold” and a consensus price target of $48.17.
Shares of Baxter International (NYSE:BAX) opened at 46.98 on Thursday. Baxter International has a 12 month low of $32.96 and a 12 month high of $49.49. The company’s 50 day moving average is $47.02 and its 200-day moving average is $45.51. The firm has a market cap of $25.55 billion, a PE ratio of 5.39 and a beta of 0.71.
Baxter International (NYSE:BAX) last announced its earnings results on Tuesday, July 26th. The company reported $0.46 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.40 by $0.06. The company earned $2.60 billion during the quarter, compared to analysts’ expectations of $2.51 billion. Baxter International had a net margin of 47.74% and a return on equity of 10.70%. Baxter International’s quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.00 earnings per share. Equities research analysts predict that Baxter International will post $1.73 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Monday, October 3rd. Shareholders of record on Friday, September 2nd were given a dividend of $0.13 per share. This represents a $0.52 dividend on an annualized basis and a yield of 1.11%. The ex-dividend date was Wednesday, August 31st. Baxter International’s dividend payout ratio is presently 5.99%.
A number of hedge funds have recently added to or reduced their stakes in the stock. Smith Asset Management Group LP acquired a new position in Baxter International during the second quarter worth about $32,281,000. Trust Co. of Toledo NA OH boosted its position in Baxter International by 5.5% in the second quarter. Trust Co. of Toledo NA OH now owns 40,696 shares of the company’s stock worth $1,840,000 after buying an additional 2,107 shares during the last quarter. Riverhead Capital Management LLC boosted its position in Baxter International by 2.1% in the first quarter. Riverhead Capital Management LLC now owns 235,633 shares of the company’s stock worth $9,681,000 after buying an additional 4,856 shares during the last quarter. Zurich Insurance Group Ltd FI acquired a new position in Baxter International during the first quarter worth about $4,393,000. Finally, Simmons Bank acquired a new position in Baxter International during the first quarter worth about $338,000. 84.81% of the stock is owned by institutional investors and hedge funds.
About Baxter International
Baxter International Inc, through its subsidiaries, provides a portfolio of essential renal and hospital products, including home, acute and in-center dialysis; sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition; biosurgery products and anesthetics, and pharmacy automation, software and services.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Baxter International Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Baxter International Inc. and related companies with MarketBeat.com's FREE daily email newsletter.