Russell Investments Group Ltd. Sells 69,685 Shares of Baxter International Inc. $BAX

Key Points

• Russell Investments Group Ltd. reduced its stake in Baxter International by 4.0%, selling 69,685 shares, and now owns around 1.68 million shares valued at approximately $57.37 million.
• Multiple analysts have downgraded their ratings for Baxter International, with Morgan Stanley and UBS Group both lowering their price targets significantly to $27 and $24, respectively.
• Baxter International is set to pay a quarterly dividend of $0.17 per share on October 1, 2023, with an annualized yield of 2.8% despite a negative payout ratio.

Russell Investments Group Ltd. trimmed its position in shares of Baxter International Inc. (NYSE:BAX - Free Report) by 4.0% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,676,024 shares of the medical instruments supplier's stock after selling 69,685 shares during the period. Russell Investments Group Ltd. owned approximately 0.33% of Baxter International worth $57,369,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Zions Bancorporation National Association UT acquired a new position in shares of Baxter International during the first quarter valued at $27,000. Rossby Financial LCC acquired a new position in Baxter International during the first quarter worth $29,000. MassMutual Private Wealth & Trust FSB grew its holdings in Baxter International by 48.1% during 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 purchasing an additional 656 shares during the last quarter. Archer Investment Corp raised 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 acquiring an additional 500 shares in the last quarter. Finally, Bruce G. Allen Investments LLC increased its holdings in Baxter International by 35.2% during the 1st quarter. Bruce G. Allen Investments LLC now owns 3,546 shares of the medical instruments supplier's stock valued at $121,000 after purchasing an additional 924 shares in the last quarter. Institutional investors and hedge funds own 90.19% of the company's stock.

Baxter International Trading Down 2.0%

Shares of NYSE BAX traded down $0.49 during mid-day trading on Monday, hitting $23.70. The stock had a trading volume of 3,780,514 shares, compared to its average volume of 5,275,990. The firm has a market cap of $12.17 billion, a P/E ratio of -78.95, a price-to-earnings-growth ratio of 0.79 and a beta of 0.59. The company has a debt-to-equity ratio of 1.30, a quick ratio of 1.49 and a current ratio of 2.30. The business has a 50 day moving average price of $28.17 and a two-hundred day moving average price of $30.42. Baxter International Inc. has a 1 year low of $21.33 and a 1 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). The business had revenue of $2.81 billion during the quarter, compared to analysts' expectations of $2.82 billion. Baxter International had a positive return on equity of 16.96% and a negative net margin of 1.42%. The company's quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 EPS. On average, equities analysts anticipate that Baxter International Inc. will post 2.48 EPS for the current fiscal year.

Baxter International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders of record on Friday, August 29th will be issued a dividend of $0.17 per share. The ex-dividend date is Friday, August 29th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 2.9%. Baxter International's payout ratio is currently -226.67%.

Analysts Set New Price Targets

Several brokerages recently commented on BAX. Citigroup dropped their price objective on Baxter International from $34.00 to $32.00 and set a "neutral" rating on the stock in a research note on Wednesday, July 9th. UBS Group reduced their target price on Baxter International from $35.00 to $24.00 and set a "neutral" rating for the company in a research note on Monday, August 4th. Evercore ISI reduced their price target on Baxter International from $44.00 to $42.00 and set an "outperform" rating for the company in a research note on Tuesday, July 8th. Barclays reduced their price target on shares of Baxter International from $41.00 to $36.00 and set an "overweight" rating on the stock in a research report on Monday, August 4th. Finally, Wall Street Zen downgraded shares of Baxter International from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. One analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Baxter International presently has a consensus rating of "Hold" and a consensus price target of $30.11.

Baxter International 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.