People s United Financial Inc. trimmed its holdings in shares of Baxter International Inc (NYSE:BAX) by 7.7% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 22,375 shares of the medical instruments supplier’s stock after selling 1,867 shares during the period. People s United Financial Inc.’s holdings in Baxter International were worth $1,725,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Bridgeworth LLC acquired a new stake in Baxter International during the 2nd quarter valued at $102,000. Migdal Insurance & Financial Holdings Ltd. increased its stake in shares of Baxter International by 3,088.9% in 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 during the period. Baker Ellis Asset Management LLC acquired a new stake in shares of Baxter International in the 2nd quarter valued at $111,000. Centaurus Financial Inc. acquired a new stake in shares of Baxter International in the 2nd quarter valued at $117,000. Finally, Baxter Bros Inc. acquired a new stake in shares of Baxter International in the 3rd quarter valued at $201,000. 83.40% of the stock is owned by hedge funds and other institutional investors.
In other news, insider Third Point Llc sold 8,000,000 shares of the firm’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $68.62, for a total value of $548,960,000.00. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Carole J. Shapazian sold 11,749 shares of the firm’s stock in a transaction on Monday, December 3rd. The stock was sold at an average price of $68.48, for a total value of $804,571.52. Following the completion of the transaction, the director now owns 15,237 shares in the company, valued at $1,043,429.76. The disclosure for this sale can be found here. Insiders sold a total of 8,029,396 shares of company stock worth $551,128,155 over the last 90 days. 0.05% of the stock is owned by corporate insiders.
Baxter International (NYSE:BAX) last posted its quarterly earnings results on Wednesday, October 31st. The medical instruments supplier reported $0.80 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.74 by $0.06. Baxter International had a return on equity of 17.67% and a net margin of 10.90%. The business had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the company earned $0.64 EPS. The firm’s revenue was up 2.2% on a year-over-year basis. Analysts forecast that Baxter International Inc will post 3 EPS for the current fiscal year.
Baxter International declared that its board has initiated a stock buyback program on Tuesday, November 13th that authorizes the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization authorizes the medical instruments supplier to repurchase up to 6.1% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Monday, December 3rd will be given a $0.19 dividend. The ex-dividend date is Friday, November 30th. This represents a $0.76 annualized dividend and a dividend yield of 1.14%. Baxter International’s dividend payout ratio is currently 30.65%.
Several research firms have recently commented on BAX. ValuEngine cut Baxter International from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Morgan Stanley lifted their target price on Baxter International from $68.00 to $75.00 and gave the company an “underweight” rating in a research note on Thursday, October 11th. Zacks Investment Research reissued a “hold” rating and issued a $71.00 target price on shares of Baxter International in a research note on Monday, November 12th. Raymond James lowered their target price on Baxter International from $80.00 to $74.00 and set an “outperform” rating for the company in a research note on Thursday, November 1st. Finally, UBS Group began coverage on Baxter International in a research note on Tuesday, November 27th. They issued a “buy” rating and a $80.00 target price for the company. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and twelve have given a buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $74.41.
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: Institutional Investors
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