Bank of New York Mellon Corp Takes Position in Baxter International Inc. $BAX

Key Points

• Bank of New York Mellon acquired 3.19 million Baxter International shares worth approximately $68 million, representing about 0.62% of the company. Institutional investors collectively own 90.19% of Baxter.
• Analyst sentiment remains cautious, with an average rating of “Hold” and a consensus price target of $22.45, despite some target increases and one recent upgrade to “Buy.”
• Baxter exceeded quarterly expectations, reporting $0.56 in adjusted EPS versus $0.37 expected and $2.96 billion in revenue, up 5.3% year over year. Shares opened at $26.27, while the company announced a quarterly dividend of $0.01 per share.

Bank of New York Mellon Corp bought a new position in Baxter International Inc. (NYSE:BAX - Free Report) during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 3,191,198 shares of the medical instruments supplier's stock, valued at approximately $68,036,000. Bank of New York Mellon Corp owned approximately 0.62% of Baxter International at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC raised its holdings in shares of Baxter International by 7.8% in the 4th quarter. Geode Capital Management LLC now owns 13,510,205 shares of the medical instruments supplier's stock worth $257,174,000 after purchasing an additional 972,891 shares during the period. Russell Investments Group Ltd. grew its holdings in shares of Baxter International by 35.6% during the 4th quarter. Russell Investments Group Ltd. now owns 3,410,689 shares of the medical instruments supplier's stock worth $65,216,000 after purchasing an additional 894,761 shares during the period. Gendell Jeffrey L purchased a new stake in shares of Baxter International during the 4th quarter worth about $8,525,000. Thompson Siegel & Walmsley LLC increased its position in Baxter International by 12.0% during the 4th quarter. Thompson Siegel & Walmsley LLC now owns 3,328,202 shares of the medical instruments supplier's stock worth $63,602,000 after purchasing an additional 356,612 shares in the last quarter. Finally, Danske Bank A S acquired a new stake in Baxter International during the 3rd quarter worth approximately $5,862,000. Hedge funds and other institutional investors own 90.19% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on BAX shares. Citigroup raised Baxter International from a "sell" rating to a "neutral" rating and boosted their price target for the stock from $17.00 to $28.00 in a research report on Friday, July 31st. The Goldman Sachs Group increased their price objective on shares of Baxter International from $19.00 to $21.00 and gave the company a "neutral" rating in a research report on Wednesday, July 15th. Barclays lifted their price objective on shares of Baxter International from $25.00 to $27.00 and gave the company an "overweight" rating in a research note on Friday, May 1st. TD Cowen boosted their target price on shares of Baxter International from $20.00 to $24.00 and gave the stock a "hold" rating in a research report on Monday, July 27th. Finally, Wall Street Zen upgraded shares of Baxter International from a "hold" rating to a "buy" rating in a research note on Saturday, August 1st. Two research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Baxter International has an average rating of "Hold" and a consensus price target of $22.45.

Baxter International Price Performance

Shares of NYSE BAX opened at $26.27 on Wednesday. The stock has a market cap of $13.58 billion, a P/E ratio of -12.69, a P/E/G ratio of 4.01 and a beta of 0.60. The firm's 50-day simple moving average is $23.86 and its 200 day simple moving average is $20.45. Baxter International Inc. has a fifty-two week low of $15.73 and a fifty-two week high of $30.00. The company has a quick ratio of 1.32, a current ratio of 1.95 and a debt-to-equity ratio of 1.39.

Baxter International (NYSE:BAX - Get Free Report) last released its earnings results on Thursday, July 30th. The medical instruments supplier reported $0.56 EPS for the quarter, beating the consensus estimate of $0.37 by $0.19. Baxter International had a negative net margin of 9.27% and a positive return on equity of 16.57%. The firm had revenue of $2.96 billion for the quarter, compared to analysts' expectations of $2.80 billion. During the same quarter last year, the company earned $0.59 EPS. Baxter International's quarterly revenue was up 5.3% on a year-over-year basis. Baxter International has set its FY 2026 guidance at 1.950-2.150 EPS. Equities analysts expect that Baxter International Inc. will post 2.04 EPS for the current year.

Baxter International Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 1st. Investors of record on Friday, August 28th will be issued a dividend of $0.01 per share. This represents a $0.04 dividend on an annualized basis and a yield of 0.2%. The ex-dividend date of this dividend is Friday, August 28th. Baxter International's payout ratio is presently -1.93%.

About Baxter International

Baxter International Inc is a global healthcare company that develops, manufactures and markets a broad portfolio of medical products, pharmaceutical therapies and biotechnology-based solutions. The company's primary business activities are organized around renal care, medication delivery, acute therapies, pharmacy automation, surgical care and biotechnology. Baxter's offerings are designed to support patient care in hospitals, dialysis centers, nursing homes and other healthcare facilities worldwide.

In the renal care segment, Baxter provides hemodialysis and peritoneal dialysis systems, water treatment equipment and related disposables, including dialyzers, bloodlines and catheters.

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