Baxter International Inc. (BAX) Downgraded by Zacks Investment Research to “Hold”
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). However, intense competition in the medical products segment and unimpressive hospital spending environment are major concerns. Moreover, lower cyclophosphamide sales poise threats to the Integrated Pharmacy Solutions franchise business of Baxter, as sales in this segment is expected to drop by low-single digits for the full-year 2016.”
Other analysts also recently issued reports about the company. RBC Capital Markets reiterated a hold rating and set a $50.00 target price (up from $47.00) on shares of Baxter International in a research report on Wednesday, July 27th. Royal Bank Of Canada boosted their target price on Baxter International from $47.00 to $50.00 and gave the stock a sector perform rating in a research report on Wednesday, July 27th. Argus reiterated a hold rating on shares of Baxter International in a research report on Monday, August 15th. JPMorgan Chase & Co. boosted their target price on Baxter International from $45.00 to $48.00 and gave the stock a neutral rating in a research report on Wednesday, July 27th. Finally, Goldman Sachs Group Inc. reiterated a buy rating on shares of Baxter International in a research report on Wednesday, July 6th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $48.17.
Shares of Baxter International (NYSE:BAX) traded up 0.51% during mid-day trading on Monday, hitting $47.61. The company’s stock had a trading volume of 445,190 shares. The company has a market cap of $25.89 billion, a PE ratio of 5.47 and a beta of 0.70. The stock has a 50-day moving average of $47.06 and a 200-day moving average of $45.68. Baxter International has a 12-month low of $33.88 and a 12-month high of $49.49.
Baxter International (NYSE:BAX) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.46 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.40 by $0.06. Baxter International had a return on equity of 10.70% and a net margin of 47.74%. The firm had revenue of $2.60 billion for the quarter, compared to analyst estimates of $2.51 billion. During the same quarter in the prior year, the company posted $1.00 earnings per share. Baxter International’s quarterly revenue was up 4.4% on a year-over-year basis. On average, equities research analysts forecast that Baxter International will post $1.73 EPS for the current year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Smith Asset Management Group LP purchased a new position in Baxter International during the second quarter worth approximately $32,281,000. Trust Co. of Toledo NA OH increased 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 in the last quarter. Riverhead Capital Management LLC increased 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 in the last quarter. Arizona State Retirement System increased its position in Baxter International by 1.9% in the first quarter. Arizona State Retirement System now owns 217,912 shares of the company’s stock worth $8,952,000 after buying an additional 4,000 shares in the last quarter. Finally, Zurich Insurance Group Ltd FI purchased a new position in Baxter International during the first quarter worth approximately $4,393,000. 84.38% of the stock is currently owned by institutional investors.
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.
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