Baxter International (BAX) Price Target Lowered to $72.00 at Piper Jaffray Companies

Baxter International (NYSE:BAX) had its target price dropped by investment analysts at Piper Jaffray Companies from $83.00 to $72.00 in a note issued to investors on Thursday, The Fly reports. The brokerage presently has an “overweight” rating on the medical instruments supplier’s stock. Piper Jaffray Companies’ price target indicates a potential upside of 14.78% from the company’s previous close. Piper Jaffray Companies also issued estimates for Baxter International’s FY2018 earnings at $2.99 EPS, Q1 2019 earnings at $0.61 EPS, Q2 2019 earnings at $0.78 EPS, Q3 2019 earnings at $0.75 EPS and FY2019 earnings at $3.01 EPS.

Other analysts have also issued research reports about the company. JPMorgan Chase & Co. increased their price objective on Baxter International from $80.00 to $85.00 and gave the company an “overweight” rating in a research note on Friday, July 27th. ValuEngine lowered Baxter International from a “buy” rating to a “hold” rating in a research note on Thursday. Morgan Stanley increased their price objective on Baxter International from $68.00 to $75.00 and gave the company an “underweight” rating in a research note on Thursday, October 11th. Citigroup increased their price objective on Baxter International from $74.00 to $76.00 and gave the company a “neutral” rating in a research note on Tuesday, July 31st. Finally, Zacks Investment Research lowered Baxter International from a “buy” rating to a “hold” rating in a research note on Tuesday, July 24th. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and ten have assigned a buy rating to the company’s stock. Baxter International presently has a consensus rating of “Hold” and an average price target of $76.60.

Baxter International stock traded up $0.22 during trading hours on Thursday, hitting $62.73. The stock had a trading volume of 446,491 shares, compared to its average volume of 3,332,977. The company has a debt-to-equity ratio of 0.39, a quick ratio of 2.00 and a current ratio of 2.62. The firm has a market capitalization of $36.68 billion, a price-to-earnings ratio of 25.36, a price-to-earnings-growth ratio of 1.86 and a beta of 0.77. Baxter International has a 1-year low of $61.05 and a 1-year high of $78.38.

Baxter International (NYSE:BAX) last posted 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. The company had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.79 billion. Baxter International had a return on equity of 16.63% and a net margin of 8.29%. Baxter International’s revenue was up 2.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.64 earnings per share. As a group, sell-side analysts forecast that Baxter International will post 2.98 EPS for the current fiscal year.

In related news, Director Carole J. Shapazian sold 5,400 shares of the stock in a transaction dated Wednesday, August 8th. The stock was sold at an average price of $72.97, for a total transaction of $394,038.00. Following the transaction, the director now directly owns 15,248 shares in the company, valued at $1,112,646.56. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Giuseppe Accogli sold 17,647 shares of the stock in a transaction dated Monday, September 17th. The stock was sold at an average price of $77.27, for a total value of $1,363,583.69. Following the transaction, the senior vice president now owns 59,452 shares in the company, valued at $4,593,856.04. The disclosure for this sale can be found here. Corporate insiders own 0.05% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bridgeworth LLC purchased a new position in shares of Baxter International in the 2nd quarter worth about $102,000. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Baxter International by 3,088.9% in the 2nd quarter. Migdal Insurance & Financial Holdings Ltd. now owns 1,435 shares of the medical instruments supplier’s stock worth $106,000 after purchasing an additional 1,390 shares during the period. Baker Ellis Asset Management LLC purchased a new position in shares of Baxter International in the 2nd quarter worth about $111,000. Centaurus Financial Inc. purchased a new position in shares of Baxter International in the 2nd quarter worth about $117,000. Finally, Whittier Trust Co. of Nevada Inc. raised its holdings in shares of Baxter International by 84.4% in the 2nd quarter. Whittier Trust Co. of Nevada Inc. now owns 1,748 shares of the medical instruments supplier’s stock worth $126,000 after purchasing an additional 800 shares during the period. Hedge funds and other institutional investors own 83.08% of the company’s stock.

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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