TIAA CREF Investment Management LLC lifted its stake in Baxter International Inc (NYSE:BAX) by 0.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 3,654,214 shares of the medical instruments supplier’s stock after purchasing an additional 19,093 shares during the quarter. TIAA CREF Investment Management LLC owned 0.67% of Baxter International worth $236,208,000 as of its most recent filing with the Securities & Exchange Commission.
Several other large investors also recently added to or reduced their stakes in BAX. Winslow Capital Management LLC acquired a new position in shares of Baxter International in the 4th quarter valued at $178,651,000. HealthCor Management L.P. acquired a new position in shares of Baxter International in the 4th quarter valued at $111,504,000. Amundi Pioneer Asset Management Inc. acquired a new position in shares of Baxter International in the 4th quarter valued at $74,517,000. Renaissance Technologies LLC boosted its position in shares of Baxter International by 217.6% in the 4th quarter. Renaissance Technologies LLC now owns 1,486,913 shares of the medical instruments supplier’s stock valued at $96,114,000 after purchasing an additional 1,018,800 shares during the period. Finally, Old Mutual Global Investors UK Ltd. boosted its position in shares of Baxter International by 18.1% in the 4th quarter. Old Mutual Global Investors UK Ltd. now owns 3,098,384 shares of the medical instruments supplier’s stock valued at $200,279,000 after purchasing an additional 474,520 shares during the period. Institutional investors and hedge funds own 85.56% of the company’s stock.
Shares of Baxter International Inc (NYSE BAX) opened at $68.09 on Wednesday. The stock has a market capitalization of $36,999.51, a PE ratio of 52.78, a PEG ratio of 1.97 and a beta of 0.82. The company has a debt-to-equity ratio of 0.38, a quick ratio of 2.05 and a current ratio of 2.57. Baxter International Inc has a 1-year low of $51.03 and a 1-year high of $72.58.
Baxter International announced that its Board of Directors has initiated a stock buyback plan on Tuesday, February 20th that permits the company to buyback $1.50 billion in shares. This buyback authorization permits the medical instruments supplier to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s board of directors believes its shares are undervalued.
The company also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Stockholders of record on Friday, March 2nd will be issued a dividend of $0.16 per share. The ex-dividend date is Thursday, March 1st. This represents a $0.64 annualized dividend and a dividend yield of 0.94%. Baxter International’s dividend payout ratio is 49.61%.
In other news, Director Carole J. Shapazian sold 4,990 shares of Baxter International stock in a transaction dated Friday, March 2nd. The stock was sold at an average price of $66.05, for a total transaction of $329,589.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, SVP Giuseppe Accogli sold 28,641 shares of Baxter International stock in a transaction dated Tuesday, January 2nd. The shares were sold at an average price of $67.00, for a total value of $1,918,947.00. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.
A number of research firms recently weighed in on BAX. Barclays increased their price target on Baxter International from $73.00 to $77.00 and gave the company an “overweight” rating in a research report on Friday, February 2nd. BMO Capital Markets raised their price objective on Baxter International from $74.00 to $77.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. Royal Bank of Canada restated a “hold” rating and set a $72.00 price objective on shares of Baxter International in a research report on Friday, February 2nd. Zacks Investment Research upgraded Baxter International from a “sell” rating to a “hold” rating in a research report on Thursday, January 4th. Finally, Raymond James Financial upgraded Baxter International from a “market perform” rating to an “outperform” rating and set a $73.00 price objective for the company in a research report on Wednesday, January 3rd. Eight equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and two have assigned a strong buy rating to the company. Baxter International presently has an average rating of “Buy” and an average target price of $71.00.
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Baxter International Company Profile
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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