Cornerstone Capital Management Holdings LLC. decreased its position in Baxter International Inc (NYSE:BAX) by 13.1% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 532,020 shares of the medical instruments supplier’s stock after selling 80,508 shares during the quarter. Cornerstone Capital Management Holdings LLC. owned approximately 0.10% of Baxter International worth $34,389,000 as of its most recent SEC filing.
Several other large investors have also recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC raised its position in shares of Baxter International by 16.5% in the fourth quarter. Checchi Capital Advisers LLC now owns 5,464 shares of the medical instruments supplier’s stock valued at $353,000 after purchasing an additional 774 shares during the period. DnB Asset Management AS raised its position in shares of Baxter International by 1.7% in the fourth quarter. DnB Asset Management AS now owns 54,428 shares of the medical instruments supplier’s stock valued at $3,518,000 after purchasing an additional 900 shares during the period. DekaBank Deutsche Girozentrale raised its position in shares of Baxter International by 0.5% in the fourth quarter. DekaBank Deutsche Girozentrale now owns 185,750 shares of the medical instruments supplier’s stock valued at $11,508,000 after purchasing an additional 900 shares during the period. Goelzer Investment Management Inc. raised its position in shares of Baxter International by 13.6% in the fourth quarter. Goelzer Investment Management Inc. now owns 7,677 shares of the medical instruments supplier’s stock valued at $496,000 after purchasing an additional 922 shares during the period. Finally, Baird Financial Group Inc. increased its position in Baxter International by 0.8% during the fourth quarter. Baird Financial Group Inc. now owns 113,681 shares of the medical instruments supplier’s stock worth $7,348,000 after acquiring an additional 952 shares during the period. 85.56% of the stock is currently owned by institutional investors.
In other Baxter International news, SVP Giuseppe Accogli sold 28,641 shares of Baxter International stock in a transaction on Tuesday, January 2nd. The shares were sold at an average price of $67.00, for a total transaction of $1,918,947.00. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Carole J. Shapazian sold 4,990 shares of Baxter International stock in a transaction on Friday, March 2nd. The stock was sold at an average price of $66.05, for a total transaction of $329,589.50. The disclosure for this sale can be found here. 0.05% of the stock is owned by insiders.
Baxter International (NYSE:BAX) last posted its quarterly earnings results on Thursday, February 1st. The medical instruments supplier reported $0.64 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.59 by $0.05. Baxter International had a net margin of 6.79% and a return on equity of 15.11%. The firm had revenue of $2.77 billion for the quarter, compared to the consensus estimate of $2.77 billion. During the same quarter in the previous year, the company earned $0.57 earnings per share. The business’s revenue was up 4.9% compared to the same quarter last year. equities analysts forecast that Baxter International Inc will post 2.78 EPS for the current fiscal year.
Baxter International announced that its Board of Directors has approved a stock buyback plan on Tuesday, February 20th that permits the company to repurchase $1.50 billion in outstanding shares. This repurchase authorization permits the medical instruments supplier to buy shares of its stock through open market purchases. Stock repurchase plans are generally a sign that the company’s board believes its shares are undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Monday, April 2nd. Shareholders of record on Friday, March 2nd will be paid a dividend of $0.16 per share. The ex-dividend date of this dividend is Thursday, March 1st. This represents a $0.64 dividend on an annualized basis and a yield of 0.94%. Baxter International’s dividend payout ratio is currently 49.61%.
A number of equities analysts recently issued reports on BAX shares. Raymond James Financial raised shares of Baxter International from a “market perform” rating to an “outperform” rating and set a $73.00 target price on the stock in a research report on Wednesday, January 3rd. Royal Bank of Canada reaffirmed a “hold” rating and set a $66.00 target price on shares of Baxter International in a research report on Wednesday, November 22nd. Zacks Investment Research lowered shares of Baxter International from a “buy” rating to a “hold” rating in a research report on Tuesday, December 26th. JPMorgan Chase & Co. raised shares of Baxter International from a “neutral” rating to an “overweight” rating in a research report on Tuesday, January 2nd. Finally, Bank of America reaffirmed a “hold” rating on shares of Baxter International in a research report on Wednesday, November 22nd. Eight analysts have rated the stock with a hold rating, nine have issued a buy rating and two have assigned a strong buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $71.00.
TRADEMARK VIOLATION NOTICE: This story was originally posted by American Banking News and is the sole property of of American Banking News. If you are accessing this story on another domain, it was illegally copied and reposted in violation of U.S. and international trademark & copyright law. The correct version of this story can be read at https://www.americanbankingnews.com/2018/03/14/baxter-international-inc-bax-stake-lowered-by-cornerstone-capital-management-holdings-llc.html.
Baxter International 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.
Receive News & Ratings for Baxter International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Baxter International and related companies with MarketBeat.com's FREE daily email newsletter.