Baxter International (BAX) PT Lowered to $72.00 at Wells Fargo & Co

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Baxter International (NYSE:BAX) had its price objective cut by Wells Fargo & Co from $82.00 to $72.00 in a research report released on Thursday morning, The Fly reports. They currently have an outperform rating on the medical instruments supplier’s stock.

BAX has been the subject of several other reports. Zacks Investment Research downgraded shares of Baxter International from a buy rating to a hold rating in a research report on Tuesday, July 24th. Barclays started coverage on shares of Baxter International in a report on Monday, October 15th. They set an underweight rating and a $73.00 price target for the company. Morgan Stanley upped their price target on shares of Baxter International from $68.00 to $75.00 and gave the stock an underweight rating in a report on Thursday, October 11th. Royal Bank of Canada reiterated a hold rating and set a $76.00 price target on shares of Baxter International in a report on Friday, July 27th. Finally, ValuEngine downgraded shares of Baxter International from a buy rating to a hold rating in a report on Thursday. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company. The company presently has an average rating of Buy and a consensus target price of $76.19.

Shares of BAX opened at $62.18 on Thursday. Baxter International has a one year low of $61.05 and a one year high of $78.38. The company has a market cap of $33.22 billion, a price-to-earnings ratio of 25.07, a PEG ratio of 1.67 and a beta of 1.02. The company has a debt-to-equity ratio of 0.39, a current ratio of 2.62 and a quick ratio of 2.00.

Baxter International (NYSE:BAX) last announced its quarterly earnings data on Wednesday, October 31st. The medical instruments supplier reported $0.80 EPS for the quarter, beating the consensus estimate of $0.74 by $0.06. Baxter International had a net margin of 10.90% and a return on equity of 17.72%. The business had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the previous year, the business earned $0.64 earnings per share. The company’s revenue was up 2.2% on a year-over-year basis. On average, sell-side analysts anticipate that Baxter International will post 2.99 earnings per share for the current fiscal year.

In related news, Director Carole J. Shapazian sold 5,400 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total value of $394,038.00. Following the sale, the director now owns 15,248 shares of the company’s stock, valued at $1,112,646.56. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Giuseppe Accogli sold 17,647 shares of the business’s stock in a transaction on Monday, September 17th. The stock was sold at an average price of $77.27, for a total transaction of $1,363,583.69. Following the completion of the sale, the senior vice president now directly owns 59,452 shares in the company, valued at approximately $4,593,856.04. The disclosure for this sale can be found here. Insiders own 0.07% of the company’s stock.

Several institutional investors have recently modified their holdings of BAX. FMR LLC boosted its position in Baxter International by 25.6% during the second quarter. FMR LLC now owns 28,637,027 shares of the medical instruments supplier’s stock valued at $2,114,558,000 after acquiring an additional 5,845,720 shares during the last quarter. Voya Investment Management LLC boosted its position in Baxter International by 411.6% during the second quarter. Voya Investment Management LLC now owns 3,411,849 shares of the medical instruments supplier’s stock valued at $251,931,000 after acquiring an additional 2,745,012 shares during the last quarter. Morgan Stanley boosted its position in Baxter International by 107.8% during the second quarter. Morgan Stanley now owns 2,873,253 shares of the medical instruments supplier’s stock valued at $212,161,000 after acquiring an additional 1,490,287 shares during the last quarter. Standard Life Aberdeen plc boosted its position in Baxter International by 77.2% during the second quarter. Standard Life Aberdeen plc now owns 2,596,870 shares of the medical instruments supplier’s stock valued at $191,753,000 after acquiring an additional 1,131,691 shares during the last quarter. Finally, Swiss National Bank boosted its position in Baxter International by 6.1% during the second quarter. Swiss National Bank now owns 2,191,439 shares of the medical instruments supplier’s stock valued at $161,816,000 after acquiring an additional 125,700 shares during the last quarter. 82.28% of the stock is currently owned by institutional investors.

About Baxter International

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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