Dodge & Cox Acquires Shares of 3,382 Baxter International Inc. (BAX)
Dodge & Cox acquired a new stake in shares of Baxter International Inc. (NYSE:BAX) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 3,382 shares of the medical instruments supplier’s stock, valued at approximately $205,000.
Other institutional investors have also recently modified their holdings of the company. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Baxter International during the first quarter valued at about $365,000. Sivik Global Healthcare LLC purchased a new position in shares of Baxter International during the first quarter valued at about $5,705,000. Envestnet Asset Management Inc. grew its position in shares of Baxter International by 1.0% during the first quarter. Envestnet Asset Management Inc. now owns 268,759 shares of the medical instruments supplier’s stock valued at $13,939,000 after purchasing an additional 2,564 shares in the last quarter. Adalta Capital Management LLC purchased a new position in shares of Baxter International during the first quarter valued at about $1,207,000. Finally, Veritas Asset Management LLP grew its position in shares of Baxter International by 2.3% during the second quarter. Veritas Asset Management LLP now owns 10,179,102 shares of the medical instruments supplier’s stock valued at $616,243,000 after purchasing an additional 227,343 shares in the last quarter. Hedge funds and other institutional investors own 83.62% of the company’s stock.
Shares of Baxter International Inc. (NYSE BAX) opened at 63.51 on Friday. Baxter International Inc. has a 1-year low of $43.13 and a 1-year high of $64.75. The stock’s 50 day moving average is $61.71 and its 200 day moving average is $57.98. The company has a market cap of $34.60 billion, a P/E ratio of 38.54 and a beta of 0.66.
Baxter International (NYSE:BAX) last posted its quarterly earnings results on Wednesday, July 26th. The medical instruments supplier reported $0.63 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.06. Baxter International had a net margin of 8.85% and a return on equity of 14.82%. The business had revenue of $2.61 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same quarter in the prior year, the company posted $0.46 EPS. The business’s revenue for the quarter was up .8% on a year-over-year basis. On average, analysts predict that Baxter International Inc. will post $2.39 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 2nd. Stockholders of record on Friday, September 1st will be issued a $0.16 dividend. The ex-dividend date is Wednesday, August 30th. This represents a $0.64 annualized dividend and a dividend yield of 1.01%. Baxter International’s dividend payout ratio is currently 38.79%.
In other news, Director Carole J. Shapazian sold 4,020 shares of the company’s stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $61.61, for a total value of $247,672.20. Following the transaction, the director now directly owns 13,868 shares in the company, valued at approximately $854,407.48. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, SVP Giuseppe Accogli sold 12,670 shares of the company’s stock in a transaction that occurred on Thursday, August 17th. The stock was sold at an average price of $60.96, for a total transaction of $772,363.20. Following the completion of the transaction, the senior vice president now owns 33,286 shares in the company, valued at $2,029,114.56. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 35,050 shares of company stock worth $2,158,587. Company insiders own 0.05% of the company’s stock.
A number of research analysts have recently weighed in on BAX shares. Royal Bank Of Canada restated a “hold” rating and set a $60.00 price objective on shares of Baxter International in a research report on Friday, September 1st. UBS AG increased their price target on shares of Baxter International from $57.00 to $62.00 and gave the company a “neutral” rating in a report on Friday, July 28th. Barclays PLC increased their price target on shares of Baxter International from $64.00 to $70.00 and gave the company an “overweight” rating in a report on Thursday, July 27th. BidaskClub downgraded shares of Baxter International from a “strong-buy” rating to a “buy” rating in a report on Monday, July 31st. Finally, Cowen and Company reaffirmed a “market perform” rating and issued a $66.00 price target (up previously from $57.00) on shares of Baxter International in a report on Monday, July 10th. One research analyst has rated the stock with a sell rating, six have issued a hold rating, six have issued a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $65.31.
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About Baxter International
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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