Baxter International Inc. (BAX) Lifted to “Buy” at Zacks Investment Research
Baxter International Inc. (NYSE:BAX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $72.00 price objective on the medical instruments supplier’s stock. Zacks Investment Research‘s price target points to a potential upside of 12.29% from the company’s current price.
According to Zacks, “Over the past year, Baxter has outperformed the broader industry in terms of price performance. The company rides on the recent launch of DeviceVue, a comprehensive asset tracking solution available exclusively to hospitals. However, lower cyclophosphamide sales in the coming quarters might mar the Baxter’s bottom line. Of the major positives, a favorable product mix, stringent cost control and expanding operating margin are notable. Baxter reported impressive results in the last quarter, driven by favorable tidings on the regulatory front, strategic partnerships and product launches. The company completed the acquisition of Claris Injectables in the recent past. Solid U.S. sales of IV therapies, IV access sets, select anesthesia and critical care products are key catalysts at the moment. On the flipside, a strong U.S. dollar, intensifying competition and lackluster sales growth are key concerns at the moment.”
A number of other equities research analysts have also recently commented on the stock. Cowen and Company set a $68.00 price objective on shares of Baxter International and gave the company a “hold” rating in a research note on Sunday, October 15th. BMO Capital Markets reissued a “buy” rating and issued a $70.00 price objective on shares of Baxter International in a research note on Friday, October 13th. Royal Bank Of Canada reissued a “hold” rating and issued a $60.00 price objective on shares of Baxter International in a research note on Tuesday, October 3rd. Citigroup Inc. assumed coverage on shares of Baxter International in a research note on Thursday, August 17th. They issued a “neutral” rating and a $63.00 price objective on the stock. Finally, BidaskClub raised shares of Baxter International from a “buy” rating to a “strong-buy” rating in a research note on Monday, August 14th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, six have issued a buy rating and two have assigned a strong buy rating to the company. The stock has a consensus rating of “Buy” and an average price target of $65.92.
Baxter International (NYSE BAX) traded up 0.02% during trading on Tuesday, hitting $64.13. 1,584,896 shares of the stock traded hands. The stock has a market cap of $34.94 billion, a P/E ratio of 38.91 and a beta of 0.65. The company’s 50 day moving average price is $63.20 and its 200-day moving average price is $59.91. Baxter International has a 52-week low of $43.13 and a 52-week high of $64.75.
Baxter International (NYSE:BAX) last issued its quarterly earnings data on Wednesday, July 26th. The medical instruments supplier reported $0.63 EPS for the quarter, beating the Zacks’ consensus estimate of $0.57 by $0.06. The firm had revenue of $2.61 billion for the quarter, compared to analysts’ expectations of $2.59 billion. Baxter International had a net margin of 8.85% and a return on equity of 14.82%. The firm’s revenue was up .8% on a year-over-year basis. During the same period in the prior year, the company earned $0.46 EPS. Equities research analysts forecast that Baxter International will post $2.39 earnings per share for the current fiscal year.
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In other news, Director Carole J. Shapazian sold 4,020 shares of the stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $61.61, for a total transaction of $247,672.20. Following the transaction, the director now directly owns 13,868 shares in the company, valued at approximately $854,407.48. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Thomas T. Stallkamp sold 8,920 shares of the stock in a transaction dated Tuesday, September 5th. The stock was sold at an average price of $62.28, for a total transaction of $555,537.60. Following the transaction, the director now owns 16,263 shares in the company, valued at $1,012,859.64. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 35,050 shares of company stock worth $2,158,587. Insiders own 0.05% of the company’s stock.
Several hedge funds have recently made changes to their positions in BAX. BlackRock Inc. lifted its holdings in shares of Baxter International by 1,941.1% during the 1st quarter. BlackRock Inc. now owns 46,937,709 shares of the medical instruments supplier’s stock worth $2,434,190,000 after acquiring an additional 44,638,052 shares during the period. Bessemer Group Inc. lifted its holdings in shares of Baxter International by 42,907.2% during the 2nd quarter. Bessemer Group Inc. now owns 4,652,950 shares of the medical instruments supplier’s stock worth $281,690,000 after acquiring an additional 4,642,131 shares during the period. Renaissance Technologies LLC lifted its holdings in shares of Baxter International by 2,859.6% during the 1st quarter. Renaissance Technologies LLC now owns 1,897,115 shares of the medical instruments supplier’s stock worth $98,384,000 after acquiring an additional 1,833,015 shares during the period. FMR LLC lifted its holdings in shares of Baxter International by 83.1% during the 1st quarter. FMR LLC now owns 3,225,482 shares of the medical instruments supplier’s stock worth $167,273,000 after acquiring an additional 1,463,443 shares during the period. Finally, Marshall Wace North America L.P. purchased a new position in shares of Baxter International during the 1st quarter worth about $65,780,000. Institutional investors and hedge funds own 83.67% of the company’s stock.
About Baxter International
Baxter International Inc, through its subsidiaries, provides renal and hospital products. The Company operates through two segments: Hospital Products and Renal. Its Hospital Products business manufactures sterile intravenous (IV) solutions and administration sets, premixed drugs and drug-reconstitution systems, pre-filled vials and syringes for injectable drugs, IV nutrition products, parenteral nutrition therapies, infusion pumps, inhalation anesthetics and biosurgery products.
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