ARP Americas LP bought a new position in Baxter International Inc (NYSE:BAX) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund bought 8,978 shares of the medical instruments supplier’s stock, valued at approximately $773,000.
Several other hedge funds and other institutional investors also recently modified their holdings of the stock. BlackRock Inc. grew its holdings in shares of Baxter International by 1.2% in the 1st quarter. BlackRock Inc. now owns 41,287,129 shares of the medical instruments supplier’s stock worth $3,352,103,000 after acquiring an additional 491,703 shares during the last quarter. Morgan Stanley grew its holdings in shares of Baxter International by 7.6% in the 1st quarter. Morgan Stanley now owns 19,410,034 shares of the medical instruments supplier’s stock worth $1,575,901,000 after acquiring an additional 1,375,081 shares during the last quarter. Veritas Asset Management LLP grew its holdings in shares of Baxter International by 23.3% during the first quarter. Veritas Asset Management LLP now owns 8,952,949 shares of the medical instruments supplier’s stock valued at $726,890,000 after buying an additional 1,689,300 shares in the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Baxter International by 11.7% during the first quarter. Nuveen Asset Management LLC now owns 8,011,729 shares of the medical instruments supplier’s stock valued at $650,473,000 after buying an additional 842,305 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Baxter International by 1,291.7% during the first quarter. JPMorgan Chase & Co. now owns 7,935,879 shares of the medical instruments supplier’s stock valued at $644,314,000 after buying an additional 7,365,663 shares in the last quarter. Institutional investors and hedge funds own 83.74% of the company’s stock.
In other Baxter International news, SVP Andrew Frye sold 3,742 shares of the business’s stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $91.00, for a total value of $340,522.00. Following the completion of the sale, the senior vice president now owns 16,216 shares of the company’s stock, valued at $1,475,656. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Giuseppe Accogli sold 72,341 shares of the business’s stock in a transaction dated Friday, June 19th. The stock was sold at an average price of $85.00, for a total value of $6,148,985.00. Following the transaction, the senior vice president now directly owns 76,473 shares of the company’s stock, valued at approximately $6,500,205. The disclosure for this sale can be found here. Insiders sold 77,583 shares of company stock valued at $6,613,932 in the last ninety days. Insiders own 0.13% of the company’s stock.
Baxter International (NYSE:BAX) last announced its quarterly earnings results on Thursday, July 30th. The medical instruments supplier reported $0.64 earnings per share for the quarter, missing analysts’ consensus estimates of $0.71 by ($0.07). Baxter International had a return on equity of 21.02% and a net margin of 8.10%. The company had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.86 billion. During the same period in the prior year, the firm earned $0.89 EPS. Baxter International’s quarterly revenue was down 4.3% on a year-over-year basis. On average, sell-side analysts predict that Baxter International Inc will post 3.05 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be given a $0.245 dividend. The ex-dividend date is Friday, August 28th. This represents a $0.98 dividend on an annualized basis and a dividend yield of 1.13%. Baxter International’s dividend payout ratio is currently 29.61%.
BAX has been the topic of a number of research analyst reports. TheStreet upgraded Baxter International from a “c+” rating to a “b+” rating in a report on Thursday, April 30th. Oppenheimer reiterated a “buy” rating on shares of Baxter International in a report on Thursday. Barclays reiterated a “hold” rating and set a $84.00 price target on shares of Baxter International in a report on Tuesday, April 14th. Piper Sandler lifted their price target on Baxter International from $90.00 to $100.00 and gave the company an “overweight” rating in a report on Thursday, April 30th. Finally, UBS Group lifted their price target on Baxter International from $95.00 to $103.00 and gave the company a “buy” rating in a report on Friday, May 1st. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and fourteen have given a buy rating to the company. The company has an average rating of “Buy” and an average price target of $96.72.
About Baxter International
Baxter International Inc, through its subsidiaries, develops and provides a portfolio of healthcare products. The company operates through North and South America; Europe, Middle East and Africa; and Asia-Pacific segments. The company 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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