Bank of America upgraded shares of Baxter International (NYSE:BAX) from a neutral rating to a buy rating in a research note issued to investors on Tuesday, Marketbeat Ratings reports.
Several other research analysts have also recently commented on BAX. JPMorgan Chase & Co. upgraded shares of Baxter International from a neutral rating to an overweight rating in a report on Tuesday. Royal Bank of Canada reiterated a hold rating and issued a $60.00 target price on shares of Baxter International in a report on Tuesday, October 3rd. Cowen set a $68.00 target price on shares of Baxter International and gave the stock a hold rating in a report on Sunday, October 15th. Zacks Investment Research cut shares of Baxter International from a buy rating to a hold rating in a report on Monday, October 16th. Finally, Barclays raised their target price on shares of Baxter International from $70.00 to $73.00 and gave the stock an overweight rating in a report on Thursday, October 26th. Seven equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and two have given a strong buy rating to the stock. The stock currently has an average rating of Buy and an average target price of $68.64.
Baxter International (BAX) traded up $0.16 during trading hours on Tuesday, hitting $68.41. 3,697,900 shares of the stock traded hands, compared to its average volume of 4,509,934. Baxter International has a one year low of $44.56 and a one year high of $68.86. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.22 and a current ratio of 2.80. The company has a market cap of $37,270.00, a price-to-earnings ratio of 36.98, a price-to-earnings-growth ratio of 2.05 and a beta of 0.69.
The business also recently declared a quarterly dividend, which was paid on Tuesday, January 2nd. Investors of record on Friday, December 1st were issued a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.94%. The ex-dividend date of this dividend was Thursday, November 30th. Baxter International’s dividend payout ratio is currently 34.59%.
In related news, SVP Jeanne K. Mason sold 33,350 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $65.25, for a total transaction of $2,176,087.50. Following the completion of the sale, the senior vice president now directly owns 124,609 shares in the company, valued at $8,130,737.25. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Third Point Llc sold 5,000,000 shares of the firm’s stock in a transaction that occurred on Monday, November 6th. The stock was sold at an average price of $64.23, for a total transaction of $321,150,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 5,061,991 shares of company stock valued at $325,245,035. 0.05% of the stock is currently owned by corporate insiders.
A number of institutional investors and hedge funds have recently modified their holdings of BAX. Neuberger Berman Group LLC raised its position in Baxter International by 5.4% during the second quarter. Neuberger Berman Group LLC now owns 53,180 shares of the medical instruments supplier’s stock valued at $3,220,000 after acquiring an additional 2,739 shares in the last quarter. Burney Co. raised its position in Baxter International by 2.9% during the second quarter. Burney Co. now owns 8,117 shares of the medical instruments supplier’s stock valued at $488,000 after acquiring an additional 230 shares in the last quarter. Atlantic Trust Group LLC raised its position in Baxter International by 5.0% during the second quarter. Atlantic Trust Group LLC now owns 26,345 shares of the medical instruments supplier’s stock valued at $1,595,000 after acquiring an additional 1,256 shares in the last quarter. Argent Trust Co bought a new position in Baxter International during the second quarter valued at approximately $228,000. Finally, IFM Investors Pty Ltd bought a new position in Baxter International during the second quarter valued at approximately $831,000. 83.78% of the stock is currently owned by hedge funds and other institutional investors.
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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