UBS Group Cuts Baxter International (NYSE:BAX) Price Target to $24.00

Key Points

• UBS Group has lowered its price target for Baxter International from $35.00 to $24.00, maintaining a "neutral" rating for the stock, which indicates a potential upside of 8.92% from its current price.
• Multiple analysts have issued negative revisions for Baxter International, with Morgan Stanley setting a new price target of $27.00, reflecting a bearish outlook on the stock.
• Baxter International reported earnings of $0.59 per share for the last quarter, missing the analyst consensus estimate and experiencing a year-over-year revenue growth of only 4.3%.

Baxter International (NYSE:BAX - Free Report) had its price objective lowered by UBS Group from $35.00 to $24.00 in a research report report published on Monday morning,Benzinga reports. UBS Group currently has a neutral rating on the medical instruments supplier's stock.

BAX has been the topic of several other research reports. Stifel Nicolaus reiterated a "hold" rating and set a $25.00 price objective (down from $36.00) on shares of Baxter International in a research report on Monday. The Goldman Sachs Group downgraded Baxter International from a "buy" rating to a "neutral" rating and set a $25.00 price target on the stock. in a report on Friday, August 1st. Wells Fargo & Company reduced their price objective on Baxter International from $33.00 to $24.00 and set an "equal weight" rating for the company in a research note on Friday, August 1st. Wall Street Zen lowered Baxter International from a "buy" rating to a "hold" rating in a research report on Saturday, August 2nd. Finally, Evercore ISI dropped their target price on Baxter International from $44.00 to $42.00 and set an "outperform" rating on the stock in a report on Tuesday, July 8th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Baxter International has a consensus rating of "Hold" and an average price target of $30.11.

Baxter International Stock Up 0.6%

Shares of Baxter International stock traded up $0.13 during trading hours on Monday, hitting $23.67. 10,459,634 shares of the company's stock traded hands, compared to its average volume of 5,240,590. The company has a market cap of $12.15 billion, a PE ratio of -78.91, a PEG ratio of 0.73 and a beta of 0.59. Baxter International has a twelve month low of $21.33 and a twelve month high of $40.49. The company has a quick ratio of 1.40, a current ratio of 2.30 and a debt-to-equity ratio of 1.30. The stock has a 50 day simple moving average of $28.90 and a 200-day simple moving average of $30.81.

Baxter International (NYSE:BAX - Get Free Report) last released its quarterly earnings data on Thursday, July 31st. The medical instruments supplier reported $0.59 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.01). The business had revenue of $2.81 billion for the quarter, compared to analyst estimates of $2.82 billion. Baxter International had a positive return on equity of 16.96% and a negative net margin of 1.42%. Baxter International's revenue was up 4.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.68 EPS. Equities research analysts anticipate that Baxter International will post 2.48 earnings per share for the current fiscal year.

Baxter International Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 1st. Investors of record on Friday, August 29th will be paid a $0.17 dividend. This represents a $0.68 dividend on an annualized basis and a yield of 2.9%. The ex-dividend date of this dividend is Friday, August 29th. Baxter International's dividend payout ratio (DPR) is -226.67%.

Hedge Funds Weigh In On Baxter International

Several large investors have recently bought and sold shares of the company. Zions Bancorporation National Association UT bought a new position in Baxter International in the 1st quarter worth approximately $27,000. Rossby Financial LCC purchased a new stake in Baxter International during the first quarter valued at about $29,000. Creative Financial Designs Inc. ADV lifted its stake in Baxter International by 169.6% during the second quarter. Creative Financial Designs Inc. ADV now owns 984 shares of the medical instruments supplier's stock worth $30,000 after purchasing an additional 619 shares during the last quarter. MTM Investment Management LLC bought a new stake in Baxter International in the 2nd quarter worth approximately $30,000. Finally, Atlantic Union Bankshares Corp purchased a new stake in Baxter International in the second quarter worth approximately $48,000. 90.19% of the stock is currently owned by 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.