Olstein Capital Management L.P. cut its position in Baxter International Inc (NYSE:BAX) by 8.7% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 42,000 shares of the medical instruments supplier’s stock after selling 4,000 shares during the period. Olstein Capital Management L.P.’s holdings in Baxter International were worth $3,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently modified their holdings of the business. Vanguard Group Inc grew its position in Baxter International by 1.3% during the third quarter. Vanguard Group Inc now owns 36,398,931 shares of the medical instruments supplier’s stock worth $2,805,993,000 after buying an additional 470,198 shares in the last quarter. Northern Trust Corp grew its position in Baxter International by 1.6% during the fourth quarter. Northern Trust Corp now owns 8,615,513 shares of the medical instruments supplier’s stock worth $567,073,000 after buying an additional 136,476 shares in the last quarter. Norges Bank purchased a new position in Baxter International during the fourth quarter worth about $549,458,000. Veritas Asset Management LLP grew its position in Baxter International by 1.0% during the first quarter. Veritas Asset Management LLP now owns 7,850,949 shares of the medical instruments supplier’s stock worth $638,361,000 after buying an additional 77,608 shares in the last quarter. Finally, Geode Capital Management LLC grew its position in Baxter International by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 6,444,204 shares of the medical instruments supplier’s stock worth $423,409,000 after buying an additional 297,006 shares in the last quarter. Hedge funds and other institutional investors own 84.39% of the company’s stock.
In other news, insider Third Point Llc sold 5,000,000 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $76.37, for a total value of $381,850,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Giuseppe Accogli sold 38,297 shares of the business’s stock in a transaction dated Monday, March 18th. The shares were sold at an average price of $76.78, for a total value of $2,940,443.66. Following the completion of the sale, the senior vice president now directly owns 70,001 shares of the company’s stock, valued at approximately $5,374,676.78. The disclosure for this sale can be found here. In the last three months, insiders sold 5,057,187 shares of company stock valued at $386,297,619. 0.70% of the stock is currently owned by corporate insiders.
Baxter International (NYSE:BAX) last posted its quarterly earnings data on Thursday, April 25th. The medical instruments supplier reported $0.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.68 by $0.08. Baxter International had a return on equity of 20.04% and a net margin of 14.27%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.61 billion. During the same period in the prior year, the business earned $0.70 EPS. The company’s revenue for the quarter was down 1.7% compared to the same quarter last year. As a group, equities research analysts expect that Baxter International Inc will post 3.32 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, July 1st. Stockholders of record on Friday, June 7th will be paid a $0.22 dividend. This represents a $0.88 dividend on an annualized basis and a dividend yield of 1.16%. The ex-dividend date is Thursday, June 6th. This is a positive change from Baxter International’s previous quarterly dividend of $0.19. Baxter International’s payout ratio is 24.92%.
Several equities analysts recently commented on BAX shares. Zacks Investment Research upgraded Baxter International from a “hold” rating to a “buy” rating and set a $86.00 target price for the company in a research report on Wednesday, April 24th. Barclays upgraded Baxter International from an “underweight” rating to an “equal weight” rating and boosted their target price for the stock from $67.00 to $72.00 in a research report on Friday, February 1st. Cowen set a $75.00 target price on Baxter International and gave the stock a “hold” rating in a research report on Monday, April 22nd. Wells Fargo & Co boosted their target price on Baxter International from $80.00 to $89.00 and gave the stock an “outperform” rating in a research report on Wednesday, April 3rd. Finally, JPMorgan Chase & Co. boosted their target price on Baxter International from $80.00 to $88.00 and gave the stock an “overweight” rating in a research report on Monday, May 13th. Four research analysts have rated the stock with a hold rating and twelve have given a buy rating to the company. The company presently has a consensus rating of “Buy” and an average price target of $78.33.
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Baxter International Company Profile
Baxter International Inc, through its subsidiaries, develops and provides a portfolio of healthcare products. The company operates through North and South America; Europe, Middle East and Africa; and Asia-Pacific segments. The company 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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