CIBC World Markets Inc. increased its position in Baxter International Inc (NYSE:BAX) by 170.3% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 152,117 shares of the medical instruments supplier’s stock after acquiring an additional 95,847 shares during the quarter. CIBC World Markets Inc.’s holdings in Baxter International were worth $11,727,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. First Hawaiian Bank bought a new position in Baxter International in the 3rd quarter worth $1,639,000. Retirement Systems of Alabama raised its holdings in Baxter International by 35.0% in the 3rd quarter. Retirement Systems of Alabama now owns 312,010 shares of the medical instruments supplier’s stock worth $24,053,000 after acquiring an additional 80,919 shares during the period. 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 acquiring an additional 275,452 shares during the period. AMP Capital Investors Ltd raised its holdings in Baxter International by 1.5% in the 2nd quarter. AMP Capital Investors Ltd now owns 267,439 shares of the medical instruments supplier’s stock worth $19,749,000 after acquiring an additional 3,839 shares during the period. Finally, Advisors Asset Management Inc. raised its holdings in Baxter International by 154.2% in the 2nd quarter. Advisors Asset Management Inc. now owns 27,776 shares of the medical instruments supplier’s stock worth $1,163,000 after acquiring an additional 16,850 shares during the period. Hedge funds and other institutional investors own 81.96% of the company’s stock.
NYSE BAX opened at $65.47 on Friday. The company has a current ratio of 2.60, a quick ratio of 1.96 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $34.87 billion, a price-to-earnings ratio of 22.52, a P/E/G ratio of 1.76 and a beta of 1.02. Baxter International Inc has a 52-week low of $61.05 and a 52-week high of $78.38.
Baxter International announced that its Board of Directors has authorized a stock repurchase plan on Tuesday, November 13th that allows the company to buyback $2.00 billion in outstanding shares. This buyback authorization allows the medical instruments supplier to repurchase up to 6.1% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s board believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Monday, December 3rd will be given 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 1.16%. Baxter International’s dividend payout ratio (DPR) is currently 30.65%.
In other news, SVP Giuseppe Accogli sold 17,647 shares of Baxter International stock in a transaction dated Monday, September 17th. The shares were 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 directly owns 59,452 shares in the company, valued at approximately $4,593,856.04. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.05% of the stock is currently owned by insiders.
Several research analysts recently commented on BAX shares. Zacks Investment Research upgraded shares of Baxter International from a “hold” rating to a “buy” rating and set a $87.00 target price on the stock in a report on Tuesday, September 25th. Argus upgraded shares of Baxter International from a “hold” rating to a “buy” rating and set a $70.00 price target on the stock in a research report on Friday, November 2nd. ValuEngine upgraded shares of Baxter International from a “hold” rating to a “buy” rating in a research report on Thursday, November 15th. Royal Bank of Canada restated a “hold” rating and issued a $76.00 price target on shares of Baxter International in a research report on Friday, July 27th. Finally, Citigroup raised their price target on shares of Baxter International from $74.00 to $76.00 and gave the stock a “neutral” rating in a research report on Tuesday, July 31st. Two analysts have rated the stock with a sell rating, four have given a hold rating and eleven have issued a buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $73.81.
Baxter International Company 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.
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