Macquarie Group Ltd. lessened its holdings in Baxter International (NYSE:BAX) by 35.8% in the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 14,500 shares of the medical instruments supplier’s stock after selling 8,100 shares during the period. Macquarie Group Ltd.’s holdings in Baxter International were worth $1,055,000 as of its most recent SEC filing.
Other large investors have also recently made changes to their positions in the company. Biltmore Family Office LLC bought a new position in shares of Baxter International in the fourth quarter worth about $382,000. Ladenburg Thalmann Financial Services Inc. increased its stake in shares of Baxter International by 6.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 51,061 shares of the medical instruments supplier’s stock worth $3,310,000 after purchasing an additional 3,003 shares during the period. TIAA CREF Investment Management LLC increased its stake in shares of Baxter International by 0.5% in the fourth quarter. TIAA CREF Investment Management LLC now owns 3,654,214 shares of the medical instruments supplier’s stock worth $236,208,000 after purchasing an additional 19,093 shares during the period. Captrust Financial Advisors bought a new position in shares of Baxter International in the fourth quarter worth about $281,000. Finally, Paloma Partners Management Co increased its stake in shares of Baxter International by 107.5% in the fourth quarter. Paloma Partners Management Co now owns 11,396 shares of the medical instruments supplier’s stock worth $736,000 after purchasing an additional 5,905 shares during the period. Institutional investors and hedge funds own 85.56% of the company’s stock.
A number of equities research analysts recently weighed in on the company. Barclays lifted their target price on Baxter International from $73.00 to $77.00 and gave the stock an “overweight” rating in a research report on Friday, February 2nd. BMO Capital Markets lifted their target price on Baxter International from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Royal Bank of Canada reissued a “hold” rating and set a $72.00 target price on shares of Baxter International in a research report on Friday, February 2nd. Zacks Investment Research raised Baxter International from a “sell” rating to a “hold” rating in a report on Thursday, January 4th. Finally, Raymond James Financial raised Baxter International from a “market perform” rating to an “outperform” rating and set a $73.00 price objective on the stock in a report on Wednesday, January 3rd. Six research analysts have rated the stock with a hold rating, eleven have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $71.13.
Baxter International (NYSE:BAX) last announced its quarterly earnings results on Thursday, February 1st. The medical instruments supplier reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Baxter International had a net margin of 6.79% and a return on equity of 15.11%. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.77 billion. During the same quarter in the previous year, the business earned $0.57 EPS. The firm’s revenue was up 4.9% on a year-over-year basis. sell-side analysts forecast that Baxter International will post 2.78 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, April 2nd. Stockholders of record on Friday, March 2nd were issued a $0.16 dividend. This represents a $0.64 annualized dividend and a dividend yield of 0.97%. The ex-dividend date was Thursday, March 1st. Baxter International’s dividend payout ratio (DPR) is 25.81%.
Baxter International declared that its Board of Directors has authorized a share buyback program on Tuesday, February 20th that authorizes the company to repurchase $1.50 billion in shares. This repurchase authorization authorizes the medical instruments supplier to purchase shares of its stock through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its shares are undervalued.
In related news, Director Carole J. Shapazian sold 4,990 shares of the company’s stock in a transaction on Friday, March 2nd. The shares were sold at an average price of $66.05, for a total value of $329,589.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director James R. Gavin III sold 18,750 shares of the company’s stock in a transaction on Wednesday, March 28th. The stock was sold at an average price of $64.56, for a total transaction of $1,210,500.00. Following the completion of the transaction, the director now directly owns 36,398 shares of the company’s stock, valued at $2,349,854.88. The disclosure for this sale can be found here. Insiders sold a total of 27,500 shares of company stock valued at $1,783,512 in the last three months. 0.05% of the stock is owned by company insiders.
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Baxter International Company Profile
Baxter International Inc provides a portfolio of healthcare products. The company operates through North and South America; Europe, Middle East and Africa; and Asia-Pacific segments. It offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; renal replacement therapies and other organ support therapies focused in the intensive care unit; sterile intravenous (IV) solutions, IV therapies, infusion pumps, administration sets, and drug reconstitution devices; and parenteral nutrition therapies.
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