Baxter International Inc. (NYSE:BAX) Stake Raised by Summit Global Investments
Summit Global Investments boosted its stake in shares of Baxter International Inc. (NYSE:BAX) by 9.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 37,799 shares of the medical instruments supplier’s stock after buying an additional 3,257 shares during the period. Summit Global Investments’ holdings in Baxter International were worth $1,960,000 as of its most recent filing with the SEC.
Several other hedge funds have also recently modified their holdings of BAX. BlackRock Inc. increased its stake in shares of Baxter International by 1,941.1% in the first quarter. BlackRock Inc. now owns 46,937,709 shares of the medical instruments supplier’s stock valued at $2,434,190,000 after buying an additional 44,638,052 shares in the last quarter. Renaissance Technologies LLC increased its stake in shares of Baxter International by 2,859.6% in the first quarter. Renaissance Technologies LLC now owns 1,897,115 shares of the medical instruments supplier’s stock valued at $98,384,000 after buying an additional 1,833,015 shares in the last quarter. Victory Capital Management Inc. boosted its position in shares of Baxter International by 438.8% in the first quarter. Victory Capital Management Inc. now owns 1,968,222 shares of the medical instruments supplier’s stock valued at $102,072,000 after buying an additional 1,602,894 shares during the last quarter. CI Global Investments Inc. acquired a new position in shares of Baxter International during the first quarter valued at $76,714,000. Finally, FMR LLC boosted its position in shares of Baxter International by 83.1% in the first quarter. FMR LLC now owns 3,225,482 shares of the medical instruments supplier’s stock valued at $167,273,000 after buying an additional 1,463,443 shares during the last quarter. Institutional investors own 84.29% of the company’s stock.
Baxter International Inc. (NYSE:BAX) traded up 0.08% on Friday, reaching $60.87. 2,308,236 shares of the company were exchanged. Baxter International Inc. has a 12-month low of $43.13 and a 12-month high of $63.14. The firm has a 50-day moving average of $60.89 and a 200 day moving average of $55.87. The firm has a market capitalization of $33.17 billion, a P/E ratio of 36.94 and a beta of 0.66.
Baxter International (NYSE:BAX) last issued its earnings results on Wednesday, July 26th. The medical instruments supplier reported $0.63 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to the consensus estimate of $2.59 billion. During the same period in the previous year, the firm earned $0.46 earnings per share. Baxter International’s quarterly revenue was up .8% compared to the same quarter last year. On average, equities analysts predict that Baxter International Inc. will post $2.39 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 2nd. Shareholders of record on Friday, September 1st will be paid a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 1.05%. The ex-dividend date is Wednesday, August 30th. Baxter International’s dividend payout ratio (DPR) is presently 38.79%.
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Several equities analysts recently weighed in on BAX shares. BMO Capital Markets reaffirmed a “hold” rating and issued a $55.00 price target on shares of Baxter International in a research report on Thursday, April 27th. Royal Bank Of Canada raised their price target on shares of Baxter International from $55.00 to $58.00 and gave the company a “sector perform” rating in a research report on Thursday, April 27th. Morgan Stanley raised their price target on shares of Baxter International from $48.00 to $52.00 and gave the company an “underweight” rating in a research report on Friday, April 28th. Evercore ISI reissued an “outperform” rating and set a $60.00 target price (up previously from $57.00) on shares of Baxter International in a research report on Saturday, April 29th. Finally, Cowen and Company lifted their target price on shares of Baxter International from $48.00 to $57.00 and gave the stock a “market perform” rating in a research report on Monday, May 1st. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating, six have given a buy rating and two have assigned a strong buy rating to the company’s stock. Baxter International presently has an average rating of “Buy” and an average price target of $65.15.
In other Baxter International news, SVP Giuseppe Accogli sold 12,670 shares of Baxter International stock in a transaction dated Thursday, August 17th. The shares were sold at an average price of $60.96, for a total transaction of $772,363.20. Following the completion of the sale, the senior vice president now directly owns 33,286 shares in the company, valued at $2,029,114.56. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Carole J. Shapazian sold 2,618 shares of Baxter International stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $57.92, for a total transaction of $151,634.56. Following the sale, the director now owns 9,848 shares of the company’s stock, valued at $570,396.16. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.
Baxter International Company 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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