Morgan Stanley Cuts Baxter International (NYSE:BAX) Price Target to $28.00

Baxter International (NYSE:BAX) had its target price cut by equities research analysts at Morgan Stanley from $30.00 to $28.00 in a research report issued on Monday,Benzinga reports. The brokerage currently has an “underweight” rating on the medical instruments supplier’s stock. Morgan Stanley’s price target indicates a potential downside of 8.25% from the company’s previous close.

A number of other analysts have also recently weighed in on the stock. Wells Fargo & Company decreased their target price on shares of Baxter International from $36.00 to $33.00 and set an “equal weight” rating on the stock in a research note on Friday. The Goldman Sachs Group initiated coverage on Baxter International in a report on Wednesday, February 26th. They set a “buy” rating and a $42.00 target price on the stock. Argus upgraded Baxter International from a “hold” rating to a “buy” rating in a research note on Monday, February 24th. Barclays boosted their target price on shares of Baxter International from $39.00 to $41.00 and gave the company an “overweight” rating in a report on Monday, March 10th. Finally, JPMorgan Chase & Co. lowered their price target on shares of Baxter International from $38.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, February 21st. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $37.56.

Baxter International Trading Down 0.6 %

BAX traded down $0.19 during mid-day trading on Monday, reaching $30.52. The stock had a trading volume of 290,249 shares, compared to its average volume of 4,545,102. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.09 and a current ratio of 1.43. Baxter International has a 52 week low of $26.25 and a 52 week high of $40.49. The stock has a market capitalization of $15.65 billion, a P/E ratio of -23.89, a P/E/G ratio of 0.93 and a beta of 0.64. The firm’s fifty day simple moving average is $32.06 and its two-hundred day simple moving average is $32.15.

Baxter International (NYSE:BAX) last issued its quarterly earnings data on Thursday, May 1st. The medical instruments supplier reported $0.62 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.48 by $0.14. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.59 billion. Baxter International had a negative net margin of 5.05% and a positive return on equity of 16.67%. The business’s revenue for the quarter was up 5.4% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.65 earnings per share. On average, equities analysts predict that Baxter International will post 2.48 EPS for the current year.

Hedge Funds Weigh In On Baxter International

Hedge funds have recently added to or reduced their stakes in the stock. Dodge & Cox lifted its stake in Baxter International by 13.0% in the fourth quarter. Dodge & Cox now owns 50,377,294 shares of the medical instruments supplier’s stock worth $1,469,002,000 after acquiring an additional 5,779,100 shares during the period. Bank of New York Mellon Corp raised its stake in Baxter International by 22.3% in the fourth quarter. Bank of New York Mellon Corp now owns 15,359,040 shares of the medical instruments supplier’s stock worth $447,870,000 after buying an additional 2,803,920 shares in the last quarter. Sound Shore Management Inc. CT purchased a new stake in Baxter International during the fourth quarter worth $72,450,000. Thompson Siegel & Walmsley LLC increased its holdings in shares of Baxter International by 35.1% in the 4th quarter. Thompson Siegel & Walmsley LLC now owns 2,548,215 shares of the medical instruments supplier’s stock valued at $74,306,000 after acquiring an additional 662,042 shares during the period. Finally, ARGA Investment Management LP raised its position in shares of Baxter International by 148.8% in the 4th quarter. ARGA Investment Management LP now owns 870,601 shares of the medical instruments supplier’s stock worth $25,387,000 after acquiring an additional 520,633 shares in the last quarter. 90.19% of the stock is currently owned by institutional investors.

Baxter International Company Profile

Baxter International Inc, through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company operates through four segments: Medical Products and Therapies, Healthcare Systems and Technologies, Pharmaceuticals, and Kidney Care. The company offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; generic injectable pharmaceuticals; surgical hemostat and sealant products, advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space, including surgical video technologies, precision positioning devices, and other accessories.