State of Michigan Retirement System boosted its stake in shares of Baxter International Inc (NYSE:BAX) by 11.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,955 shares of the medical instruments supplier’s stock after purchasing an additional 12,833 shares during the quarter. State of Michigan Retirement System’s holdings in Baxter International were worth $11,189,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds also recently modified their holdings of the stock. Duality Advisers LP acquired a new stake in shares of Baxter International in the second quarter worth approximately $3,251,000. Everett Harris & Co. CA boosted its stake in Baxter International by 2.2% during the second quarter. Everett Harris & Co. CA now owns 615,237 shares of the medical instruments supplier’s stock worth $52,972,000 after buying an additional 13,161 shares during the last quarter. Sciencast Management LP boosted its stake in Baxter International by 263.1% during the second quarter. Sciencast Management LP now owns 18,516 shares of the medical instruments supplier’s stock worth $1,558,000 after buying an additional 13,416 shares during the last quarter. Pacer Advisors Inc. purchased a new stake in Baxter International in the second quarter valued at $4,207,000. Finally, Eos Focused Equity Management L.P. purchased a new stake in Baxter International in the second quarter valued at $3,167,000. 83.74% of the stock is currently owned by institutional investors.
Shares of BAX traded up $0.37 during trading hours on Friday, reaching $86.38. 4,038,182 shares of the company traded hands, compared to its average volume of 2,544,913. The stock’s fifty day moving average is $86.00 and its 200 day moving average is $86.95. The stock has a market cap of $43.81 billion, a P/E ratio of 26.10, a price-to-earnings-growth ratio of 2.75 and a beta of 0.84. The company has a debt-to-equity ratio of 0.84, a quick ratio of 2.19 and a current ratio of 2.74. Baxter International Inc has a 1-year low of $69.10 and a 1-year high of $95.19.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 1st. Shareholders of record on Monday, August 31st will be paid a $0.245 dividend. The ex-dividend date is Friday, August 28th. This represents a $0.98 annualized dividend and a yield of 1.13%. Baxter International’s payout ratio is currently 29.61%.
In related news, SVP Giuseppe Accogli sold 72,341 shares of the company’s stock in a transaction that occurred on Friday, June 19th. The shares were sold at an average price of $85.00, for a total transaction of $6,148,985.00. Following the completion of the transaction, the senior vice president now directly owns 76,473 shares in the company, valued at approximately $6,500,205. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director John D. Forsyth sold 1,500 shares of the business’s stock in a transaction that occurred on Monday, June 15th. The stock was sold at an average price of $82.95, for a total transaction of $124,425.00. Following the sale, the director now directly owns 35,398 shares in the company, valued at $2,936,264.10. The disclosure for this sale can be found here. In the last three months, insiders sold 77,583 shares of company stock valued at $6,613,932. Insiders own 0.13% of the company’s stock.
Several equities research analysts recently issued reports on BAX shares. Wells Fargo & Co boosted their price objective on Baxter International from $92.00 to $104.00 and gave the company an “overweight” rating in a report on Monday, April 20th. Raymond James lowered their price objective on Baxter International from $97.00 to $95.00 and set an “outperform” rating for the company in a research report on Friday. Morgan Stanley lowered their price objective on Baxter International from $95.00 to $90.00 and set an “equal weight” rating for the company in a research report on Friday. Credit Suisse Group reissued a “buy” rating and issued a $99.00 target price on shares of Baxter International in a research report on Friday. Finally, Piper Sandler increased their price objective on Baxter International from $90.00 to $100.00 and gave the stock an “overweight” rating in a research report on Thursday, April 30th. One analyst has rated the stock with a sell rating, five have given a hold rating and fourteen have issued a buy rating to the company. Baxter International has an average rating of “Buy” and a consensus target price of $96.72.
Baxter International Company Profile
Baxter International Inc, through its subsidiaries, develops and provides a portfolio of healthcare products. The company operates through North and South America; Europe, Middle East and Africa; and Asia-Pacific segments. The company offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; renal replacement therapies and other organ support therapies focused in the intensive care unit; sterile intravenous (IV) solutions, IV therapies, infusion pumps, administration sets, and drug reconstitution devices; and parenteral nutrition therapies.
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