Bank of New York Mellon Corp increased its stake in Baxter International Inc. (NYSE:BAX) by 0.3% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 4,978,139 shares of the medical instruments supplier’s stock after purchasing an additional 16,523 shares during the quarter. Bank of New York Mellon Corp owned approximately 0.91% of Baxter International worth $312,378,000 at the end of the most recent quarter.
Other large investors also recently bought and sold shares of the company. Bessemer Group Inc. raised its holdings in Baxter International by 42,907.2% during the 2nd quarter. Bessemer Group Inc. now owns 4,652,950 shares of the medical instruments supplier’s stock valued at $281,690,000 after acquiring an additional 4,642,131 shares during the period. Parametric Portfolio Associates LLC raised its holdings in Baxter International by 71.1% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 1,632,846 shares of the medical instruments supplier’s stock valued at $98,852,000 after acquiring an additional 678,429 shares during the period. State Street Corp raised its holdings in Baxter International by 2.6% during the 1st quarter. State Street Corp now owns 25,660,985 shares of the medical instruments supplier’s stock valued at $1,330,814,000 after acquiring an additional 648,581 shares during the period. Point72 Asset Management L.P. bought a new stake in Baxter International during the 1st quarter valued at $32,851,000. Finally, Canada Pension Plan Investment Board raised its holdings in Baxter International by 35.8% during the 3rd quarter. Canada Pension Plan Investment Board now owns 1,413,054 shares of the medical instruments supplier’s stock valued at $88,669,000 after acquiring an additional 372,500 shares during the period. 82.85% of the stock is currently owned by institutional investors.
A number of equities research analysts have issued reports on the stock. Stifel Nicolaus reissued a “hold” rating and set a $65.00 target price on shares of Baxter International in a report on Thursday, October 26th. Morgan Stanley boosted their price target on shares of Baxter International from $59.00 to $62.00 and gave the company an “equal weight” rating in a research report on Thursday, October 26th. Barclays PLC boosted their price target on shares of Baxter International from $70.00 to $73.00 and gave the company an “overweight” rating in a research report on Thursday, October 26th. Zacks Investment Research upgraded shares of Baxter International from a “hold” rating to a “buy” rating and set a $72.00 price target for the company in a research report on Tuesday, October 24th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $60.00 price target on shares of Baxter International in a research report on Tuesday, October 3rd. Six analysts have rated the stock with a hold rating, six have issued a buy rating and two have given a strong buy rating to the company. The company presently has an average rating of “Buy” and an average price target of $67.00.
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Baxter International (NYSE:BAX) last posted its quarterly earnings results on Wednesday, October 25th. The medical instruments supplier reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.05. Baxter International had a net margin of 9.88% and a return on equity of 15.00%. The business had revenue of $2.71 billion during the quarter, compared to analyst estimates of $2.66 billion. During the same period in the prior year, the business posted $0.56 earnings per share. The company’s revenue was up 5.8% on a year-over-year basis. equities analysts expect that Baxter International Inc. will post 2.43 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st will be paid a dividend of $0.16 per share. This represents a $0.64 annualized dividend and a dividend yield of 0.99%. The ex-dividend date of this dividend is Thursday, November 30th. Baxter International’s dividend payout ratio (DPR) is 34.41%.
In other news, Director Carole J. Shapazian sold 4,020 shares of the company’s stock in a transaction dated Thursday, August 24th. The shares were sold at an average price of $61.61, for a total transaction of $247,672.20. Following the completion of the transaction, the director now directly owns 13,868 shares of the company’s stock, valued at $854,407.48. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, Director John D. Forsyth sold 9,440 shares of the company’s stock in a transaction dated Friday, August 25th. The shares were sold at an average price of $61.76, for a total transaction of $583,014.40. Following the transaction, the director now directly owns 32,444 shares of the company’s stock, valued at $2,003,741.44. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 5,022,380 shares of company stock valued at $322,536,224. Insiders own 0.05% of the company’s stock.
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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