Veritas Asset Management LLP lowered its stake in shares of Baxter International Inc. (NYSE:BAX) by 0.8% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 10,095,202 shares of the medical instruments supplier’s stock after selling 83,900 shares during the quarter. Baxter International makes up approximately 5.2% of Veritas Asset Management LLP’s portfolio, making the stock its 10th largest holding. Veritas Asset Management LLP owned about 1.85% of Baxter International worth $633,474,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Baker Ellis Asset Management LLC bought a new position in Baxter International during the second quarter valued at about $109,000. Acrospire Investment Management LLC grew its position in Baxter International by 71.3% during the second quarter. Acrospire Investment Management LLC now owns 2,402 shares of the medical instruments supplier’s stock valued at $145,000 after buying an additional 1,000 shares during the period. Harvest Fund Management Co. Ltd grew its position in Baxter International by 8.4% during the second quarter. Harvest Fund Management Co. Ltd now owns 2,928 shares of the medical instruments supplier’s stock valued at $177,000 after buying an additional 226 shares during the period. Captrust Financial Advisors bought a new position in Baxter International during the second quarter valued at about $188,000. Finally, Hutner Capital Management Inc. bought a new position in Baxter International during the third quarter valued at about $203,000. Institutional investors own 83.77% of the company’s stock.
Shares of Baxter International Inc. (NYSE:BAX) traded up $0.01 during trading on Monday, hitting $64.91. 326,923 shares of the stock were exchanged, compared to its average volume of 2,425,256. Baxter International Inc. has a 52-week low of $43.13 and a 52-week high of $65.70. The stock has a market capitalization of $35,359.59, a P/E ratio of 26.82, a price-to-earnings-growth ratio of 2.17 and a beta of 0.68. The company has a debt-to-equity ratio of 0.37, a quick ratio of 2.22 and a current ratio of 2.80.
Baxter International (NYSE:BAX) last announced its quarterly earnings results on Wednesday, October 25th. The medical instruments supplier reported $0.64 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.59 by $0.05. Baxter International had a net margin of 9.88% and a return on equity of 15.00%. The firm had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.66 billion. During the same period in the prior year, the firm posted $0.56 earnings per share. The company’s revenue for the quarter was up 5.8% on a year-over-year basis. equities research analysts expect that Baxter International Inc. will post 2.43 EPS for the current year.
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In other news, Director Thomas T. Stallkamp sold 8,920 shares of the stock in a transaction dated Tuesday, September 5th. The shares were sold at an average price of $62.28, for a total value of $555,537.60. Following the sale, the director now directly owns 16,263 shares of the company’s stock, valued at $1,012,859.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Carole J. Shapazian sold 4,020 shares of the stock in a transaction dated Thursday, August 24th. The stock was sold at an average price of $61.61, for a total transaction of $247,672.20. Following the completion of the sale, the director now directly owns 13,868 shares in the company, valued at $854,407.48. The disclosure for this sale can be found here. Over the last three months, insiders sold 35,050 shares of company stock worth $2,158,587. Insiders own 0.05% of the company’s stock.
Several equities analysts recently weighed in on BAX shares. Cowen and Company restated a “market perform” rating and set a $66.00 price target (up previously from $57.00) on shares of Baxter International in a research report on Monday, July 10th. BMO Capital Markets upgraded shares of Baxter International from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $55.00 to $70.00 in a research report on Tuesday, July 11th. They noted that the move was a valuation call. Morgan Stanley reiterated an “underweight” rating and set a $55.00 target price (up previously from $52.00) on shares of Baxter International in a research report on Tuesday, July 25th. Cantor Fitzgerald set a $70.00 target price on shares of Baxter International and gave the stock a “buy” rating in a research report on Wednesday, July 26th. Finally, Barclays PLC increased their target price on shares of Baxter International from $64.00 to $70.00 and gave the stock an “overweight” rating in a research report on Thursday, July 27th. Six investment analysts have rated the stock with a hold rating, six have given a buy rating and two have issued a strong buy rating to the stock. Baxter International currently has a consensus rating of “Buy” and a consensus target price of $67.00.
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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