Evercore Wealth Management LLC cut its holdings in shares of Baxter International Inc (NYSE:BAX) by 16.3% during the third quarter, HoldingsChannel reports. The firm owned 24,501 shares of the medical instruments supplier’s stock after selling 4,775 shares during the period. Evercore Wealth Management LLC’s holdings in Baxter International were worth $1,889,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Retirement Systems of Alabama boosted its stake in shares of Baxter International by 35.0% during the third quarter. Retirement Systems of Alabama now owns 312,010 shares of the medical instruments supplier’s stock valued at $24,053,000 after purchasing an additional 80,919 shares in the last quarter. First Hawaiian Bank bought a new position in shares of Baxter International during the third quarter valued at approximately $1,639,000. Meiji Yasuda Asset Management Co Ltd. boosted its stake in shares of Baxter International by 18.0% during the third quarter. Meiji Yasuda Asset Management Co Ltd. now owns 43,055 shares of the medical instruments supplier’s stock valued at $3,319,000 after purchasing an additional 6,565 shares in the last quarter. Natixis boosted its stake in shares of Baxter International by 62.5% during the second quarter. Natixis now owns 716,411 shares of the medical instruments supplier’s stock valued at $52,900,000 after purchasing an additional 275,452 shares in the last quarter. Finally, AMP Capital Investors Ltd boosted its stake in shares of Baxter International by 1.5% during the second quarter. AMP Capital Investors Ltd now owns 267,439 shares of the medical instruments supplier’s stock valued at $19,749,000 after purchasing an additional 3,839 shares in the last quarter. Hedge funds and other institutional investors own 83.40% of the company’s stock.
In other news, insider Third Point Llc sold 8,000,000 shares of Baxter International stock in a transaction on Monday, December 3rd. The shares were sold at an average price of $68.62, for a total transaction of $548,960,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Giuseppe Accogli sold 17,647 shares of Baxter International stock in a transaction on Monday, September 17th. The stock was sold at an average price of $77.27, for a total transaction of $1,363,583.69. Following the sale, the senior vice president now owns 59,452 shares of the company’s stock, valued at $4,593,856.04. The disclosure for this sale can be found here. Insiders have sold 8,029,396 shares of company stock valued at $551,128,155 over the last quarter. Insiders own 0.05% of the company’s stock.
Baxter International (NYSE:BAX) last announced its earnings results on Wednesday, October 31st. The medical instruments supplier reported $0.80 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.74 by $0.06. Baxter International had a net margin of 10.90% and a return on equity of 17.67%. The company had revenue of $2.77 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period last year, the firm earned $0.64 earnings per share. Baxter International’s revenue was up 2.2% compared to the same quarter last year. On average, equities analysts predict that Baxter International Inc will post 3 earnings per share for the current fiscal year.
Baxter International announced that its board has approved a stock buyback program on Tuesday, November 13th that authorizes the company to buyback $2.00 billion in shares. This buyback authorization authorizes the medical instruments supplier to purchase up to 6.1% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s management believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Monday, December 3rd will be paid a dividend of $0.19 per share. 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 payout ratio is currently 30.65%.
Several brokerages have weighed in on BAX. Zacks Investment Research upgraded shares of Baxter International from a “hold” rating to a “buy” rating and set a $87.00 target price for the company in a research note on Tuesday, September 25th. Argus restated a “hold” rating on shares of Baxter International in a research note on Tuesday, September 4th. ValuEngine downgraded shares of Baxter International from a “buy” rating to a “hold” rating in a research note on Thursday, November 1st. Royal Bank of Canada lowered their target price on shares of Baxter International from $76.00 to $70.00 and set a “sector perform” rating for the company in a research note on Thursday, November 8th. Finally, Leerink Swann lowered their target price on shares of Baxter International from $90.00 to $77.00 and set an “outperform” rating for the company in a research note on Thursday, November 1st. Two analysts have rated the stock with a sell rating, four have issued a hold rating and twelve have given a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $74.41.
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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.
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