Morgan Stanley Cuts Baxter International (NYSE:BAX) Price Target to $27.00

Baxter International (NYSE:BAX) had its price objective trimmed by Morgan Stanley from $28.00 to $27.00 in a research report sent to investors on Tuesday morning,Benzinga reports. The firm currently has an underweight rating on the medical instruments supplier’s stock.

A number of other research firms also recently commented on BAX. Citigroup decreased their target price on Baxter International from $34.00 to $32.00 and set a “neutral” rating on the stock in a research report on Wednesday, July 9th. Wells Fargo & Company lowered their target price on shares of Baxter International from $36.00 to $33.00 and set an “equal weight” rating for the company in a research note on Friday, May 2nd. Wall Street Zen raised Baxter International from a “hold” rating to a “buy” rating in a research note on Sunday, June 22nd. Finally, Evercore ISI cut their target price on shares of Baxter International from $44.00 to $42.00 and set an “outperform” rating on the stock in a research report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $36.38.

Baxter International Stock Performance

Shares of BAX opened at $27.89 on Tuesday. The business has a fifty day moving average of $30.37 and a 200 day moving average of $31.21. The firm has a market capitalization of $14.31 billion, a P/E ratio of -25.35, a PEG ratio of 0.83 and a beta of 0.61. Baxter International has a one year low of $26.25 and a one year high of $40.49. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.02 and a quick ratio of 1.40.

Baxter International (NYSE:BAX) last announced its quarterly earnings data on Thursday, May 1st. The medical instruments supplier reported $0.62 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.48 by $0.14. Baxter International had a negative net margin of 4.71% and a positive return on equity of 17.24%. The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.59 billion. During the same period in the prior year, the company posted $0.65 earnings per share. The company’s revenue for the quarter was up 5.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Baxter International will post 2.48 EPS for the current year.

Baxter International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, August 29th will be paid a dividend of $0.17 per share. The ex-dividend date of this dividend is Friday, August 29th. This represents a $0.68 annualized dividend and a yield of 2.44%. Baxter International’s dividend payout ratio (DPR) is -61.82%.

Hedge Funds Weigh In On Baxter International

Several hedge funds and other institutional investors have recently modified their holdings of BAX. CoreFirst Bank & Trust acquired a new position in shares of Baxter International in the fourth quarter valued at about $26,000. Zions Bancorporation National Association UT acquired a new position in Baxter International during the first quarter worth $27,000. Rossby Financial LCC acquired a new position in shares of Baxter International during the 1st quarter worth about $29,000. MassMutual Private Wealth & Trust FSB lifted its position in shares of Baxter International by 48.1% in the first quarter. MassMutual Private Wealth & Trust FSB now owns 2,021 shares of the medical instruments supplier’s stock valued at $69,000 after acquiring an additional 656 shares in the last quarter. Finally, Archer Investment Corp lifted its holdings in Baxter International by 20.5% in the 1st quarter. Archer Investment Corp now owns 2,935 shares of the medical instruments supplier’s stock valued at $100,000 after purchasing an additional 500 shares in the last quarter. 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.