Baxter International (NYSE:BAX) Shares Up 3.3% – Here’s What Happened

Baxter International Inc. (NYSE:BAX)’s share price traded up 3.3% on Tuesday . The stock traded as high as $37.39 and last traded at $36.96. 764,488 shares were traded during mid-day trading, a decline of 82% from the average session volume of 4,138,806 shares. The stock had previously closed at $35.77.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the company. Wells Fargo & Company dropped their price target on Baxter International from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research note on Wednesday, August 7th. The Goldman Sachs Group increased their price objective on Baxter International from $36.00 to $40.00 and gave the company a “neutral” rating in a research report on Thursday, August 8th. Citigroup increased their price target on shares of Baxter International from $38.00 to $40.00 and gave the stock a “neutral” rating in a research report on Tuesday, October 1st. StockNews.com lowered Baxter International from a “buy” rating to a “hold” rating in a research report on Tuesday, October 1st. Finally, Evercore ISI reduced their price target on shares of Baxter International from $46.00 to $45.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 2nd. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the stock. According to MarketBeat.com, Baxter International has an average rating of “Hold” and a consensus price target of $42.00.

Baxter International Trading Up 2.8 %

The company has a market cap of $18.74 billion, a P/E ratio of 7.07, a PEG ratio of 1.32 and a beta of 0.59. The company has a current ratio of 1.40, a quick ratio of 0.91 and a debt-to-equity ratio of 1.35. The business has a 50 day moving average price of $37.48 and a 200-day moving average price of $36.94.

Baxter International (NYSE:BAX) last announced its earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.68 earnings per share for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. The company had revenue of $3.81 billion for the quarter, compared to analyst estimates of $3.75 billion. Baxter International had a return on equity of 18.06% and a net margin of 16.51%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter last year, the company earned $0.55 earnings per share. Analysts forecast that Baxter International Inc. will post 2.96 earnings per share for the current fiscal year.

Baxter International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th were given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 3.15%. The ex-dividend date was Friday, August 30th. Baxter International’s payout ratio is presently 22.31%.

Institutional Trading of Baxter International

Large investors have recently added to or reduced their stakes in the stock. LSV Asset Management purchased a new stake in Baxter International during the second quarter valued at about $140,296,000. Bank of New York Mellon Corp lifted its position in shares of Baxter International by 73.2% during the second quarter. Bank of New York Mellon Corp now owns 6,772,533 shares of the medical instruments supplier’s stock worth $226,541,000 after acquiring an additional 2,862,626 shares in the last quarter. Thompson Siegel & Walmsley LLC purchased a new position in shares of Baxter International in the second quarter valued at $67,263,000. Shapiro Capital Management LLC raised its stake in shares of Baxter International by 19.7% during the 2nd quarter. Shapiro Capital Management LLC now owns 3,285,048 shares of the medical instruments supplier’s stock valued at $109,885,000 after purchasing an additional 541,575 shares during the period. Finally, ARGA Investment Management LP purchased a new stake in Baxter International during the 1st quarter worth about $10,951,000. Hedge funds and other institutional investors own 90.19% of the company’s stock.

About Baxter International

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.