LSV Asset Management Sells 391,800 Shares of Baxter International Inc. (NYSE:BAX)

Key Points

• LSV Asset Management has reduced its stake in Baxter International Inc. by 7.1% in the first quarter, now owning approximately 5.09 million shares valued at $174.36 million.
• Baxter reported a Q2 earnings per share of $0.59, missing expectations by $0.01, with revenue of $2.81 billion, slightly below the forecast of $2.82 billion.
• The company recently announced a quarterly dividend of $0.17, with an annualized yield of 3.1%, scheduled for distribution on October 1st.

LSV Asset Management trimmed its holdings in shares of Baxter International Inc. (NYSE:BAX - Free Report) by 7.1% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 5,093,800 shares of the medical instruments supplier's stock after selling 391,800 shares during the period. LSV Asset Management owned approximately 0.99% of Baxter International worth $174,361,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also modified their holdings of BAX. Rothschild Investment LLC raised its holdings in shares of Baxter International by 3.4% during the 1st quarter. Rothschild Investment LLC now owns 14,479 shares of the medical instruments supplier's stock worth $496,000 after acquiring an additional 481 shares in the last quarter. Archer Investment Corp grew its position in shares of Baxter International by 20.5% during the first quarter. Archer Investment Corp now owns 2,935 shares of the medical instruments supplier's stock worth $100,000 after buying an additional 500 shares in the last quarter. Home Federal Bank of Tennessee increased its stake in shares of Baxter International by 2.5% during the first quarter. Home Federal Bank of Tennessee now owns 22,600 shares of the medical instruments supplier's stock worth $774,000 after buying an additional 550 shares during the period. Private Trust Co. NA lifted its stake in Baxter International by 17.3% in the first quarter. Private Trust Co. NA now owns 3,822 shares of the medical instruments supplier's stock worth $131,000 after acquiring an additional 565 shares during the last quarter. Finally, MassMutual Private Wealth & Trust FSB grew its holdings in Baxter International by 48.1% during the 1st quarter. MassMutual Private Wealth & Trust FSB now owns 2,021 shares of the medical instruments supplier's stock worth $69,000 after acquiring an additional 656 shares in the last quarter. Institutional investors own 90.19% of the company's stock.

Analyst Ratings Changes

BAX has been the subject of several recent analyst reports. Wall Street Zen cut shares of Baxter International from a "buy" rating to a "hold" rating in a research report on Saturday. Stifel Nicolaus reissued a "hold" rating and set a $25.00 target price (down previously from $36.00) on shares of Baxter International in a research report on Monday. Wells Fargo & Company lowered their price target on Baxter International from $33.00 to $24.00 and set an "equal weight" rating for the company in a report on Friday, August 1st. Citigroup reduced their price objective on shares of Baxter International from $34.00 to $32.00 and set a "neutral" rating for the company in a research report on Wednesday, July 9th. Finally, Morgan Stanley reduced their price target on shares of Baxter International from $28.00 to $27.00 and set an "underweight" rating for the company in a research report on Tuesday, July 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Baxter International currently has a consensus rating of "Hold" and a consensus target price of $30.11.

Baxter International Stock Performance

NYSE BAX traded down $0.20 on Wednesday, hitting $22.64. The stock had a trading volume of 5,412,313 shares, compared to its average volume of 5,121,151. The company's 50-day moving average is $29.21 and its two-hundred day moving average is $30.91. The stock has a market cap of $11.62 billion, a price-to-earnings ratio of -75.42, a P/E/G ratio of 0.72 and a beta of 0.59. The company has a quick ratio of 1.40, a current ratio of 2.02 and a debt-to-equity ratio of 1.33. Baxter International Inc. has a one year low of $21.33 and a one year high of $40.49.

Baxter International (NYSE:BAX - Get Free Report) last issued its quarterly earnings results on Thursday, July 31st. The medical instruments supplier reported $0.59 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.60 by ($0.01). Baxter International had a negative net margin of 1.42% and a positive return on equity of 16.93%. The firm had revenue of $2.81 billion for the quarter, compared to the consensus estimate of $2.82 billion. During the same period in the previous year, the business posted $0.68 earnings per share. The business's revenue for the quarter was up 4.3% compared to the same quarter last year. On average, analysts expect that Baxter International Inc. will post 2.48 earnings per share for the current year.

Baxter International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Wednesday, October 1st. Shareholders of record on Friday, August 29th will be given a $0.17 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.68 dividend on an annualized basis and a yield of 3.0%. Baxter International's dividend payout ratio is presently -226.67%.

About Baxter International

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.