Baxter International (BAX) Downgraded to Hold at ValuEngine
ValuEngine lowered shares of Baxter International (NYSE:BAX) from a buy rating to a hold rating in a research report sent to investors on Wednesday morning.
Several other equities analysts have also recently commented on the stock. Raymond James Financial upgraded shares of Baxter International from a market perform rating to an outperform rating and set a $73.00 target price for the company in a research report on Wednesday, January 3rd. Royal Bank of Canada reiterated a hold rating and set a $66.00 price objective on shares of Baxter International in a research report on Wednesday, November 22nd. Zacks Investment Research cut shares of Baxter International from a buy rating to a hold rating in a research report on Tuesday, December 26th. JPMorgan Chase & Co. upgraded shares of Baxter International from a neutral rating to an overweight rating in a research report on Tuesday, January 2nd. Finally, Bank of America reiterated a hold rating on shares of Baxter International in a research report on Wednesday, November 22nd. Eight investment analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus target price of $71.00.
Baxter International (NYSE:BAX) opened at $68.89 on Wednesday. The company has a market cap of $37,210.17, a P/E ratio of 27.67, a PEG ratio of 1.99 and a beta of 0.82. The company has a quick ratio of 2.05, a current ratio of 2.57 and a debt-to-equity ratio of 0.38. Baxter International has a 12-month low of $51.03 and a 12-month high of $72.58.
Baxter International announced that its board has authorized a share buyback program on Tuesday, February 20th that allows the company to buyback $1.50 billion in outstanding shares. This buyback authorization allows the medical instruments supplier to purchase shares of its stock through open market purchases. Shares buyback programs are generally a sign that the company’s board of directors believes its stock is undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 2nd will be issued a dividend of $0.16 per share. This represents a $0.64 dividend on an annualized basis and a yield of 0.93%. The ex-dividend date of this dividend is Thursday, March 1st. Baxter International’s payout ratio is 49.61%.
In other Baxter International news, SVP Giuseppe Accogli sold 28,641 shares of the business’s stock in a transaction that occurred on Tuesday, January 2nd. The shares were sold at an average price of $67.00, for a total transaction of $1,918,947.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Carole J. Shapazian sold 4,990 shares of the business’s stock in a transaction that occurred on Friday, March 2nd. The stock was sold at an average price of $66.05, for a total transaction of $329,589.50. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.
Institutional investors and hedge funds have recently bought and sold shares of the business. Family Capital Trust Co bought a new stake in Baxter International during the 4th quarter worth approximately $103,000. Robecosam AG bought a new stake in Baxter International during the 4th quarter worth approximately $103,000. Community Bank N.A. grew its holdings in Baxter International by 152.7% during the 4th quarter. Community Bank N.A. now owns 1,655 shares of the medical instruments supplier’s stock worth $107,000 after acquiring an additional 1,000 shares during the last quarter. Trustcore Financial Services LLC bought a new stake in Baxter International during the 4th quarter worth approximately $131,000. Finally, Grove Bank & Trust grew its holdings in Baxter International by 526.0% during the 3rd quarter. Grove Bank & Trust now owns 2,285 shares of the medical instruments supplier’s stock worth $143,000 after acquiring an additional 1,920 shares during the last quarter. 84.14% of the stock is currently owned by hedge funds and other institutional investors.
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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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