Adalta Capital Management LLC lessened its stake in shares of Baxter International Inc (NYSE:BAX) by 16.7% in the fourth quarter, according to its most recent filing with the SEC. The fund owned 18,225 shares of the medical instruments supplier’s stock after selling 3,650 shares during the period. Adalta Capital Management LLC’s holdings in Baxter International were worth $1,181,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in BAX. Family Capital Trust Co acquired a new stake in shares of Baxter International during the 4th quarter valued at $103,000. Robecosam AG acquired a new stake in shares of Baxter International during the 4th quarter valued at $103,000. Community Bank N.A. lifted its position in shares of Baxter International by 152.7% during the 4th quarter. Community Bank N.A. now owns 1,655 shares of the medical instruments supplier’s stock valued at $107,000 after acquiring an additional 1,000 shares during the last quarter. Trustcore Financial Services LLC acquired a new stake in shares of Baxter International during the 4th quarter valued at $131,000. Finally, Grove Bank & Trust lifted its position in shares of Baxter International by 526.0% during the 3rd quarter. Grove Bank & Trust now owns 2,285 shares of the medical instruments supplier’s stock valued at $143,000 after acquiring an additional 1,920 shares during the last quarter. Institutional investors own 85.56% of the company’s stock.
In other 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 transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Giuseppe Accogli sold 28,641 shares of the company’s stock in a transaction on Tuesday, January 2nd. The stock was sold at an average price of $67.00, for a total transaction of $1,918,947.00. The disclosure for this sale can be found here. Corporate insiders own 0.05% of the company’s stock.
Baxter International (NYSE:BAX) last released its earnings results on Thursday, February 1st. The medical instruments supplier reported $0.64 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.59 by $0.05. The company had revenue of $2.77 billion during the quarter, compared to analyst estimates of $2.77 billion. Baxter International had a return on equity of 15.11% and a net margin of 6.79%. The company’s revenue for the quarter was up 4.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.57 earnings per share. sell-side analysts expect that Baxter International Inc will post 2.78 EPS for the current fiscal year.
Baxter International declared that its board has authorized a share buyback program on Tuesday, February 20th that authorizes the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization authorizes the medical instruments supplier to purchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 2nd will be paid a $0.16 dividend. This represents a $0.64 dividend on an annualized basis and a dividend yield of 0.93%. The ex-dividend date is Thursday, March 1st. Baxter International’s dividend payout ratio (DPR) is presently 26.89%.
A number of equities research analysts have recently commented on the company. Citigroup increased their price objective on Baxter International from $66.00 to $70.00 and gave the company a “neutral” rating in a research report on Tuesday, February 6th. Barclays increased their price objective on Baxter International from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. Deutsche Bank upgraded Baxter International from a “hold” rating to a “buy” rating and set a $80.00 price objective for the company in a research report on Tuesday, February 20th. JPMorgan Chase & Co. upgraded Baxter International from a “neutral” rating to an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Royal Bank of Canada reiterated a “hold” rating and set a $66.00 price objective on shares of Baxter International in a research report on Wednesday, November 22nd. Eight investment analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have issued a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and an average price target of $71.00.
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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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