JPMorgan Chase & Co. Cuts Baxter International (NYSE:BAX) Price Target to $42.00

Baxter International (NYSE:BAX) had its price target dropped by JPMorgan Chase & Co. from $44.00 to $42.00 in a research note issued on Wednesday, Benzinga reports. The firm presently has a “neutral” rating on the medical instruments supplier’s stock. JPMorgan Chase & Co.‘s price objective would indicate a potential upside of 13.76% from the stock’s previous close.

A number of other brokerages have also recently issued reports on BAX. Evercore ISI decreased their target price on Baxter International from $46.00 to $45.00 and set an “outperform” rating for the company in a report on Tuesday, July 2nd. Morgan Stanley downgraded shares of Baxter International from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $39.00 to $30.00 in a research note on Monday, July 15th. Wells Fargo & Company dropped their target price on Baxter International from $44.00 to $40.00 and set an “equal weight” rating on the stock in a research report on Wednesday. StockNews.com upgraded Baxter International from a “hold” rating to a “buy” rating in a research note on Thursday, August 1st. Finally, The Goldman Sachs Group assumed coverage on shares of Baxter International in a research report on Thursday, May 30th. They issued a “neutral” rating and a $36.00 target price for the company. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $41.36.

Baxter International Stock Performance

Baxter International stock remained flat at $36.92 during midday trading on Wednesday. The company’s stock had a trading volume of 2,520,425 shares, compared to its average volume of 4,252,552. The company has a market capitalization of $18.81 billion, a price-to-earnings ratio of 7.11, a PEG ratio of 1.88 and a beta of 0.57. The company has a quick ratio of 1.01, a current ratio of 1.48 and a debt-to-equity ratio of 1.35. Baxter International has a 12 month low of $31.01 and a 12 month high of $44.01. The company’s fifty day simple moving average is $34.32 and its 200 day simple moving average is $37.92.

Baxter International (NYSE:BAX) last issued its quarterly earnings data on Tuesday, August 6th. The medical instruments supplier reported $0.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.66 by $0.02. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.75 billion. Baxter International had a return on equity of 18.47% and a net margin of 17.79%. The business’s revenue was up 2.8% on a year-over-year basis. During the same period in the prior year, the business earned $0.55 earnings per share. Equities analysts predict that Baxter International will post 2.91 earnings per share for the current year.

Institutional Investors Weigh In On Baxter International

Several hedge funds and other institutional investors have recently made changes to their positions in the business. LSV Asset Management bought a new stake in Baxter International during the 2nd quarter valued at approximately $140,296,000. Cullen Frost Bankers Inc. boosted its position in shares of Baxter International by 1.7% in the second quarter. Cullen Frost Bankers Inc. now owns 116,578 shares of the medical instruments supplier’s stock valued at $3,900,000 after acquiring an additional 1,990 shares during the period. Archer Investment Corp grew its stake in shares of Baxter International by 20.8% in the second quarter. Archer Investment Corp now owns 2,235 shares of the medical instruments supplier’s stock worth $75,000 after acquiring an additional 385 shares during the last quarter. Oregon Public Employees Retirement Fund grew its stake in shares of Baxter International by 0.7% in the second quarter. Oregon Public Employees Retirement Fund now owns 43,751 shares of the medical instruments supplier’s stock worth $1,463,000 after acquiring an additional 310 shares during the last quarter. Finally, TIAA Trust National Association increased its position in Baxter International by 6.8% during the second quarter. TIAA Trust National Association now owns 13,781 shares of the medical instruments supplier’s stock worth $461,000 after acquiring an additional 880 shares during the period. 90.19% of the stock is owned by institutional investors and hedge funds.

About Baxter International

Baxter International Inc, through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company operates through four segments: Medical Products and Therapies, Healthcare Systems and Technologies, Pharmaceuticals, and Kidney Care. The company offers sterile intravenous (IV) solutions; infusion systems and devices; parenteral nutrition therapies; generic injectable pharmaceuticals; surgical hemostat and sealant products, advanced surgical equipment; smart bed systems; patient monitoring and diagnostic technologies; and respiratory health devices, as well as advanced equipment for the surgical space, including surgical video technologies, precision positioning devices, and other accessories.