Morgan Stanley Buys 1,490,287 Shares of Baxter International Inc (BAX)
Morgan Stanley lifted its stake in Baxter International Inc (NYSE:BAX) by 107.8% during the second quarter, Holdings Channel reports. The institutional investor owned 2,873,253 shares of the medical instruments supplier’s stock after acquiring an additional 1,490,287 shares during the quarter. Morgan Stanley’s holdings in Baxter International were worth $212,161,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds also recently modified their holdings of the company. Natixis raised its holdings in Baxter International by 62.5% in the 2nd quarter. Natixis now owns 716,411 shares of the medical instruments supplier’s stock worth $52,900,000 after purchasing an additional 275,452 shares during the period. Voya Investment Management LLC raised its holdings in Baxter International by 411.6% in the 2nd quarter. Voya Investment Management LLC now owns 3,411,849 shares of the medical instruments supplier’s stock worth $251,931,000 after purchasing an additional 2,745,012 shares during the period. Lido Advisors LLC raised its holdings in Baxter International by 17.5% in the 2nd quarter. Lido Advisors LLC now owns 7,487 shares of the medical instruments supplier’s stock worth $552,000 after purchasing an additional 1,114 shares during the period. Baker Ellis Asset Management LLC acquired a new position in Baxter International in the 2nd quarter worth about $111,000. Finally, First Republic Investment Management Inc. raised its holdings in Baxter International by 6.1% in the 2nd quarter. First Republic Investment Management Inc. now owns 74,205 shares of the medical instruments supplier’s stock worth $5,480,000 after purchasing an additional 4,292 shares during the period. Hedge funds and other institutional investors own 83.08% of the company’s stock.
Shares of Baxter International stock opened at $77.69 on Friday. Baxter International Inc has a 12 month low of $60.78 and a 12 month high of $77.85. The company has a market cap of $40.65 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 2.06 and a beta of 0.74. The company has a quick ratio of 2.00, a current ratio of 2.62 and a debt-to-equity ratio of 0.39.
The company also recently announced a quarterly dividend, which will be paid on Monday, October 1st. Shareholders of record on Friday, August 31st will be issued a dividend of $0.19 per share. The ex-dividend date is Thursday, August 30th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 0.98%. Baxter International’s payout ratio is currently 30.65%.
A number of research firms recently weighed in on BAX. Zacks Investment Research cut Baxter International from a “buy” rating to a “hold” rating in a report on Tuesday, July 24th. Argus reaffirmed a “hold” rating on shares of Baxter International in a report on Tuesday, September 4th. JPMorgan Chase & Co. upped their price target on Baxter International from $80.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Royal Bank of Canada reaffirmed a “hold” rating and issued a $76.00 price target on shares of Baxter International in a report on Friday, July 27th. Finally, Piper Jaffray Companies upped their price target on Baxter International from $77.00 to $83.00 and gave the stock an “overweight” rating in a report on Friday, July 27th. Seven equities research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company presently has an average rating of “Buy” and a consensus price target of $76.00.
In other Baxter International news, Director Carole J. Shapazian sold 5,400 shares of the stock in a transaction that occurred 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 transaction, the director now owns 15,248 shares of the company’s stock, valued at $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 Scott Pleau sold 10,686 shares of the stock in a transaction that occurred on Tuesday, July 10th. The shares were sold at an average price of $75.00, for a total value of $801,450.00. Following the transaction, the senior vice president now directly owns 26,349 shares of the company’s stock, valued at approximately $1,976,175. The disclosure for this sale can be found here. Insiders have sold 43,283 shares of company stock valued at $3,196,371 in the last three months. Insiders own 0.05% of the company’s stock.
Baxter International 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.
Further Reading: Leveraged Buyout (LBO)
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