Wells Fargo & Co Cuts Baxter International (BAX) Price Target to $72.00

Baxter International (NYSE:BAX) had its target price reduced by equities researchers at Wells Fargo & Co from $82.00 to $72.00 in a research report issued to clients and investors on Thursday, The Fly reports. The firm currently has an “outperform” rating on the medical instruments supplier’s stock. Wells Fargo & Co’s price objective would suggest a potential upside of 15.79% from the stock’s current price.

Several other analysts have also recently weighed in on BAX. Zacks Investment Research cut shares of Baxter International from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Royal Bank of Canada reiterated a “hold” rating and issued a $76.00 price target on shares of Baxter International in a report on Friday, July 27th. JPMorgan Chase & Co. lifted their price target on shares of Baxter International from $80.00 to $85.00 and gave the company an “overweight” rating in a report on Friday, July 27th. Piper Jaffray Companies lifted their price target on shares of Baxter International from $77.00 to $83.00 and gave the company an “overweight” rating in a report on Friday, July 27th. Finally, Citigroup lifted their price target on shares of Baxter International from $74.00 to $76.00 and gave the company a “neutral” rating in a report on Tuesday, July 31st. Two research analysts have rated the stock with a sell rating, four have given a hold rating and eleven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus target price of $76.19.

NYSE:BAX opened at $62.18 on Thursday. The firm has a market capitalization of $33.40 billion, a P/E ratio of 21.48, a P/E/G ratio of 1.69 and a beta of 1.02. Baxter International has a twelve month low of $61.05 and a twelve month high of $78.38. The company has a current ratio of 2.62, a quick ratio of 2.00 and a debt-to-equity ratio of 0.39.

Baxter International (NYSE:BAX) last released its quarterly earnings results 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 analysts’ expectations of $2.79 billion. Baxter International had a net margin of 10.90% and a return on equity of 17.72%. The firm’s revenue for the quarter was up 2.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.64 earnings per share. As a group, analysts predict that Baxter International will post 2.99 earnings per share for the current fiscal year.

In other news, Director Carole J. Shapazian sold 5,400 shares of the business’s stock in a transaction on Wednesday, August 8th. The shares were sold at an average price of $72.97, for a total transaction of $394,038.00. Following 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 document filed with the SEC, which is accessible through this link. Also, SVP Giuseppe Accogli sold 17,647 shares of the business’s stock in a transaction on Monday, September 17th. The shares were sold at an average price of $77.27, for a total transaction of $1,363,583.69. Following the sale, the senior vice president now owns 59,452 shares in the company, valued at approximately $4,593,856.04. The disclosure for this sale can be found here. Insiders own 0.05% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Bridgeworth LLC bought a new stake in shares of Baxter International during the 2nd quarter valued at $102,000. Migdal Insurance & Financial Holdings Ltd. boosted its holdings in shares of Baxter International by 3,088.9% during the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,435 shares of the medical instruments supplier’s stock valued at $106,000 after buying an additional 1,390 shares in the last quarter. Baker Ellis Asset Management LLC bought a new stake in shares of Baxter International during the 2nd quarter valued at $111,000. Centaurus Financial Inc. bought a new stake in shares of Baxter International during the 2nd quarter valued at $117,000. Finally, Whittier Trust Co. of Nevada Inc. raised its position in shares of Baxter International by 84.4% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,748 shares of the medical instruments supplier’s stock worth $126,000 after purchasing an additional 800 shares during the last quarter. Hedge funds and other institutional investors own 83.08% of the company’s stock.

About Baxter International

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.

Further Reading: Preferred Stock

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