Wells Fargo & Co Raises Baxter International (BAX) Price Target to $89.00

Baxter International (NYSE:BAX) had its target price lifted by Wells Fargo & Co from $80.00 to $89.00 in a research note published on Wednesday, April 3rd, The Fly reports. Wells Fargo & Co currently has an outperform rating on the medical instruments supplier’s stock.

Several other equities research analysts have also recently commented on the company. Morgan Stanley boosted their target price on Baxter International from $80.00 to $83.00 and gave the company an overweight rating in a research note on Tuesday, March 5th. Zacks Investment Research cut Baxter International from a buy rating to a hold rating in a research note on Thursday, January 3rd. Credit Suisse Group started coverage on Baxter International in a research note on Monday, December 17th. They issued an outperform rating and a $77.00 target price on the stock. Piper Jaffray Companies restated an overweight rating and issued a $80.00 target price on shares of Baxter International in a research note on Friday, February 1st. Finally, Citigroup upgraded Baxter International from a neutral rating to a buy rating and upped their price objective for the stock from $69.00 to $76.00 in a research note on Wednesday, January 2nd. Four investment analysts have rated the stock with a hold rating and fourteen have assigned a buy rating to the company’s stock. The stock currently has an average rating of Buy and an average target price of $78.12.

Shares of Baxter International stock traded down $0.07 during trading on Wednesday, hitting $76.18. 2,367,880 shares of the company were exchanged, compared to its average volume of 3,149,286. Baxter International has a 1-year low of $61.05 and a 1-year high of $82.25. The company has a current ratio of 2.09, a quick ratio of 1.50 and a debt-to-equity ratio of 0.44. The firm has a market capitalization of $38.91 billion, a P/E ratio of 24.98, a PEG ratio of 1.84 and a beta of 1.02.

Baxter International (NYSE:BAX) last released its quarterly earnings data on Thursday, April 25th. The medical instruments supplier reported $0.76 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.08. Baxter International had a return on equity of 19.10% and a net margin of 14.60%. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.61 billion. During the same quarter in the previous year, the business posted $0.70 EPS. Baxter International’s revenue for the quarter was down 1.7% on a year-over-year basis. Research analysts anticipate that Baxter International will post 3.27 EPS for the current fiscal year.

The business also recently announced a quarterly dividend, which was paid on Monday, April 1st. Stockholders of record on Friday, March 1st were issued a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 1.00%. The ex-dividend date of this dividend was Thursday, February 28th. Baxter International’s dividend payout ratio (DPR) is currently 24.92%.

In other news, Director Peter S. Hellman sold 5,680 shares of the stock in a transaction on Monday, April 1st. The stock was sold at an average price of $81.89, for a total transaction of $465,135.20. Following the sale, the director now directly owns 28,774 shares of the company’s stock, valued at approximately $2,356,302.86. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, SVP Giuseppe Accogli sold 38,297 shares of the stock in a transaction on Monday, March 18th. The stock was sold at an average price of $76.78, for a total value of $2,940,443.66. Following the sale, the senior vice president now directly owns 70,001 shares in the company, valued at $5,374,676.78. The disclosure for this sale can be found here. Over the last three months, insiders have sold 95,099 shares of company stock worth $7,175,949. 0.70% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in BAX. Norges Bank bought a new position in Baxter International in the fourth quarter valued at about $549,458,000. Morgan Stanley raised its position in Baxter International by 267.9% in the third quarter. Morgan Stanley now owns 10,570,520 shares of the medical instruments supplier’s stock valued at $814,880,000 after purchasing an additional 7,697,267 shares during the last quarter. Oregon Public Employees Retirement Fund raised its position in Baxter International by 6,487.4% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,555,596 shares of the medical instruments supplier’s stock valued at $54,000 after purchasing an additional 3,501,620 shares during the last quarter. Standard Life Aberdeen plc raised its position in Baxter International by 121.2% in the third quarter. Standard Life Aberdeen plc now owns 5,743,738 shares of the medical instruments supplier’s stock valued at $442,813,000 after purchasing an additional 3,146,868 shares during the last quarter. Finally, State of Tennessee Treasury Department raised its position in Baxter International by 460.8% in the fourth quarter. State of Tennessee Treasury Department now owns 935,648 shares of the medical instruments supplier’s stock valued at $61,584,000 after purchasing an additional 768,804 shares during the last quarter. Institutional investors and hedge funds own 86.44% of the company’s stock.

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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Analyst Recommendations for Baxter International (NYSE:BAX)

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