Baxter International (NYSE:BAX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm presently has a $87.00 target price on the medical instruments supplier’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 13.13% from the stock’s current price.
According to Zacks, “Baxter continues to gain from its core Renal Care segment. The expansion of medication delivery portfolio with two new innovative drug infusion pumps buoys optimism. Regulatory approvals for the company’s Spectrum and IQ Infusion System and oXiris set are worth a mention. The CE mark for Evo IQ Infusion System in the United Kingdom and TGA in Australia is a positive. Acquisitions of RECOTHROM and PREVELEAK have also proven to be accretive. Moreover, expansion in the company’s gross and operating margin is encouraging. A solid outlook for 2018 and 2020 paints a bright picture. On the flip side, the company continues to witness headwinds related to generic competition for cyclophosphamide drug and other pricing pressures. Series of acquisitions may also pose integration risks. The stock is overvalued at the moment. Baxter underperformed the industry in a year’s time.”
A number of other equities analysts have also issued reports on BAX. Citigroup increased their price target on Baxter International from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Tuesday, July 31st. Royal Bank of Canada reaffirmed a “hold” rating and set a $76.00 price target on shares of Baxter International in a research note on Friday, July 27th. Piper Jaffray Companies increased their price target on Baxter International from $77.00 to $83.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. JPMorgan Chase & Co. increased their price target on Baxter International from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. Finally, Argus reaffirmed a “hold” rating on shares of Baxter International in a research note on Tuesday, September 4th. Six equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the company’s stock. Baxter International has an average rating of “Buy” and an average price target of $76.43.
Baxter International (NYSE:BAX) last issued its quarterly earnings results on Thursday, July 26th. The medical instruments supplier reported $0.77 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.71 by $0.06. The firm had revenue of $2.84 billion during the quarter, compared to analyst estimates of $2.83 billion. Baxter International had a return on equity of 16.63% and a net margin of 8.29%. The firm’s quarterly revenue was up 9.1% on a year-over-year basis. During the same period last year, the company posted $0.63 EPS. equities research analysts forecast that Baxter International will post 2.98 earnings per share for the current year.
In other news, Director Carole J. Shapazian sold 5,400 shares of the stock in a transaction on Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total transaction of $394,038.00. Following the completion of the sale, the director now owns 15,248 shares in the company, valued at approximately $1,112,646.56. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Giuseppe Accogli sold 17,647 shares of the stock in a transaction on Monday, September 17th. The shares were sold at an average price of $77.27, for a total value of $1,363,583.69. Following the sale, the senior vice president now owns 59,452 shares of the company’s stock, valued at approximately $4,593,856.04. The disclosure for this sale can be found here. Insiders have sold a total of 33,733 shares of company stock valued at $2,559,072 in the last quarter. Insiders own 0.07% of the company’s stock.
Several large investors have recently made changes to their positions in BAX. FMR LLC lifted its position in shares of Baxter International by 25.6% during the 2nd quarter. FMR LLC now owns 28,637,027 shares of the medical instruments supplier’s stock valued at $2,114,558,000 after acquiring an additional 5,845,720 shares during the last quarter. Voya Investment Management LLC lifted its holdings 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 valued at $251,931,000 after purchasing an additional 2,745,012 shares in the last quarter. Morgan Stanley lifted its holdings 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 valued at $212,161,000 after purchasing an additional 1,490,287 shares in the last quarter. Standard Life Aberdeen plc lifted its holdings 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 valued at $191,753,000 after purchasing an additional 1,131,691 shares in the last quarter. Finally, PNC Financial Services Group Inc. lifted its holdings in shares of Baxter International by 103.8% in the first quarter. PNC Financial Services Group Inc. now owns 1,652,618 shares of the medical instruments supplier’s stock valued at $107,487,000 after purchasing an additional 841,733 shares in the last quarter. Institutional investors own 83.04% of the company’s stock.
Baxter International Company 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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