Wells Fargo & Company Cuts Baxter International (NYSE:BAX) Price Target to $40.00

Baxter International (NYSE:BAX) had its target price decreased by Wells Fargo & Company from $44.00 to $40.00 in a research report report published on Wednesday morning, Benzinga reports. Wells Fargo & Company currently has an equal weight rating on the medical instruments supplier’s stock.

Other analysts have also issued research reports about the stock. Citigroup lowered their price objective on shares of Baxter International from $38.00 to $37.00 and set a neutral rating on the stock in a research report on Wednesday, July 10th. TD Cowen downgraded Baxter International from a buy rating to a hold rating and set a $40.00 price objective on the stock. in a research note on Friday, May 10th. Evercore ISI reduced their price objective on Baxter International from $46.00 to $45.00 and set an outperform rating for the company in a report on Tuesday, July 2nd. The Goldman Sachs Group assumed coverage on Baxter International in a research note on Thursday, May 30th. They issued a neutral rating and a $36.00 target price on the stock. Finally, StockNews.com upgraded Baxter International from a hold rating to a buy rating in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of Hold and an average price target of $41.73.

Baxter International Price Performance

NYSE BAX traded down $0.27 during trading on Wednesday, hitting $37.15. 3,892,882 shares of the company’s stock were exchanged, compared to its average volume of 4,264,026. The stock’s 50 day moving average price is $34.53 and its two-hundred day moving average price is $37.90. Baxter International has a fifty-two week low of $31.01 and a fifty-two week high of $44.01. The company has a current ratio of 1.48, a quick ratio of 1.01 and a debt-to-equity ratio of 1.35. The company has a market cap of $18.93 billion, a PE ratio of 7.14, a P/E/G ratio of 1.88 and a beta of 0.57.

Baxter International (NYSE:BAX) last issued its earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. The business had revenue of $3.81 billion during the quarter, compared to analysts’ expectations 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 for the quarter was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.55 EPS. Research analysts expect that Baxter International will post 2.91 EPS for the current year.

Baxter International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Stockholders of record on Friday, August 30th will be issued a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.12%. The ex-dividend date is Friday, August 30th. Baxter International’s dividend payout ratio (DPR) is presently 22.31%.

Institutional Investors Weigh In On Baxter International

A number of institutional investors have recently modified their holdings of the stock. Massmutual Trust Co. FSB ADV lifted its position in Baxter International by 15.1% during the first quarter. Massmutual Trust Co. FSB ADV now owns 2,069 shares of the medical instruments supplier’s stock valued at $88,000 after purchasing an additional 272 shares during the period. Oregon Public Employees Retirement Fund boosted its stake in shares of Baxter International by 0.7% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 43,751 shares of the medical instruments supplier’s stock worth $1,463,000 after buying an additional 310 shares during the last quarter. Kingswood Wealth Advisors LLC grew its holdings in shares of Baxter International by 4.6% in the second quarter. Kingswood Wealth Advisors LLC now owns 7,759 shares of the medical instruments supplier’s stock worth $260,000 after acquiring an additional 343 shares during the period. Lindbrook Capital LLC increased its position in Baxter International by 8.8% during the fourth quarter. Lindbrook Capital LLC now owns 4,586 shares of the medical instruments supplier’s stock valued at $177,000 after acquiring an additional 372 shares during the last quarter. Finally, Archer Investment Corp lifted its holdings in Baxter International by 20.8% in the second quarter. Archer Investment Corp now owns 2,235 shares of the medical instruments supplier’s stock valued at $75,000 after acquiring an additional 385 shares during the period. 90.19% of the stock is owned by hedge funds and other institutional investors.

Baxter International Company Profile

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.