Panagora Asset Management Inc. Sells 221,923 Shares of Baxter International Inc (BAX)

Panagora Asset Management Inc. decreased its position in shares of Baxter International Inc (NYSE:BAX) by 78.1% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 62,070 shares of the medical instruments supplier’s stock after selling 221,923 shares during the period. Panagora Asset Management Inc.’s holdings in Baxter International were worth $4,785,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. FMR LLC increased its position in shares of Baxter International by 25.6% in the second quarter. FMR LLC now owns 28,637,027 shares of the medical instruments supplier’s stock worth $2,114,558,000 after purchasing an additional 5,845,720 shares during the period. Voya Investment Management LLC increased its position in shares of Baxter International by 411.6% in the second quarter. Voya Investment Management LLC now owns 3,411,849 shares of the medical instruments supplier’s stock worth $251,931,000 after purchasing an additional 2,745,012 shares during the period. Schroder Investment Management Group increased its position in shares of Baxter International by 40,097.9% in the third quarter. Schroder Investment Management Group now owns 1,878,850 shares of the medical instruments supplier’s stock worth $144,841,000 after purchasing an additional 1,874,176 shares during the period. Morgan Stanley increased its position in shares of Baxter International by 107.8% in the second quarter. Morgan Stanley now owns 2,873,253 shares of the medical instruments supplier’s stock worth $212,161,000 after purchasing an additional 1,490,287 shares during the period. Finally, Standard Life Aberdeen plc increased its position in shares of Baxter International by 77.2% in the second quarter. Standard Life Aberdeen plc now owns 2,596,870 shares of the medical instruments supplier’s stock worth $191,753,000 after purchasing an additional 1,131,691 shares during the period. Hedge funds and other institutional investors own 83.40% of the company’s stock.

In related news, Director Carole J. Shapazian sold 11,749 shares of the firm’s stock in a transaction dated Monday, December 3rd. The stock was sold at an average price of $68.48, for a total value of $804,571.52. Following the sale, the director now directly owns 15,237 shares of the company’s stock, valued at $1,043,429.76. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Third Point Llc sold 8,000,000 shares of the firm’s stock in a transaction dated Monday, December 3rd. The shares were sold at an average price of $68.62, for a total value of $548,960,000.00. The disclosure for this sale can be found here. Insiders sold 8,029,396 shares of company stock worth $551,128,155 over the last ninety days. 0.05% of the stock is currently owned by insiders.

BAX has been the topic of a number of recent analyst reports. Zacks Investment Research upgraded Baxter International from a “hold” rating to a “buy” rating and set a $87.00 price target on the stock in a research report on Tuesday, September 25th. Argus restated a “hold” rating on shares of Baxter International in a research report on Tuesday, September 4th. Royal Bank of Canada decreased their price target on Baxter International from $76.00 to $70.00 and set a “sector perform” rating on the stock in a research report on Thursday, November 8th. Morgan Stanley decreased their price target on Baxter International from $75.00 to $66.00 and set an “underweight” rating on the stock in a research report on Monday, November 5th. Finally, UBS Group initiated coverage on Baxter International in a research report on Tuesday, November 27th. They issued a “buy” rating and a $80.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and twelve have issued a buy rating to the company. Baxter International currently has a consensus rating of “Buy” and an average price target of $74.41.

NYSE:BAX opened at $65.02 on Friday. The stock has a market capitalization of $35.54 billion, a P/E ratio of 26.22, a price-to-earnings-growth ratio of 1.80 and a beta of 1.04. The company has a current ratio of 2.60, a quick ratio of 1.96 and a debt-to-equity ratio of 0.38. Baxter International Inc has a twelve month low of $61.05 and a twelve month high of $78.38.

Baxter International (NYSE:BAX) last released its quarterly earnings data on Wednesday, October 31st. The medical instruments supplier reported $0.80 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.06. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.79 billion. Baxter International had a return on equity of 17.67% and a net margin of 10.90%. Baxter International’s revenue was up 2.2% compared to the same quarter last year. During the same period last year, the firm posted $0.64 earnings per share. Equities analysts predict that Baxter International Inc will post 3 EPS for the current fiscal year.

Baxter International announced that its Board of Directors has approved a share buyback plan on Tuesday, November 13th that permits the company to buyback $2.00 billion in outstanding shares. This buyback authorization permits the medical instruments supplier to repurchase up to 6.1% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its stock is undervalued.

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Investors of record on Monday, December 3rd will be paid a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.17%. The ex-dividend date is Friday, November 30th. Baxter International’s dividend payout ratio (DPR) is presently 30.65%.

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Baxter International Profile

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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Institutional Ownership by Quarter for Baxter International (NYSE:BAX)

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