Baxter International (NYSE:BAX) Hits New 52-Week Low on Disappointing Earnings
Baxter International (NYSE:BAX) reached a new 52-week low of $22.98 following disappointing quarterly earnings, missing analysts' expectations with $0.59 EPS. The company's revenue increased by 4.3% year-over-year, but it reported a negative net margin of 4.71%. Baxter also declared a quarterly dividend of $0.17, with a yield of 2.90%. Analysts have mixed ratings on the stock, with an average target price of $36.38. Institutional investors hold 90.19% of the shares, and the stock has dropped 16.4% recently.
Baxter International Inc. (NYSE:BAX - Get Free Report) hit a new 52-week low on Thursday after the company announced weaker than expected quarterly earnings. The company traded as low as $24.73 and last traded at $22.98, with a volume of 139193 shares. The stock had previously closed at $28.05.
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The medical instruments supplier reported $0.59 earnings per share for the quarter, missing analysts' consensus estimates of $0.60 by ($0.01). Baxter International had a negative net margin of 4.71% and a positive return on equity of 17.24%. Baxter International's revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period in the prior year, the company posted $0.68 EPS.
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Baxter International Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 1st. Stockholders 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 dividend yield of 2.90%. The ex-dividend date is Friday, August 29th. Baxter International's dividend payout ratio is presently -61.82%.
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Several equities analysts have recently commented on BAX shares. Citigroup decreased their price target 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. Morgan Stanley cut their price target on Baxter International from $28.00 to $27.00 and set an "underweight" rating on the stock in a report on Tuesday, July 15th. Wall Street Zen upgraded Baxter International from a "hold" rating to a "buy" rating in a report on Sunday, June 22nd. Wells Fargo & Company dropped their price target on Baxter International from $36.00 to $33.00 and set an "equal weight" rating on the stock in a research note on Friday, May 2nd. Finally, Evercore ISI decreased their price objective on Baxter International from $44.00 to $42.00 and set an "outperform" rating for the company in a research report on Tuesday, July 8th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $36.38.
Check Out Our Latest Report on Baxter International
Hedge Funds Weigh In On Baxter International
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A number of institutional investors and hedge funds have recently added to or reduced their stakes in BAX. Allstate Corp bought a new position in Baxter International during the 4th quarter valued at $450,000. Geode Capital Management LLC lifted its holdings in shares of Baxter International by 2.4% in the fourth quarter. Geode Capital Management LLC now owns 12,446,939 shares of the medical instruments supplier's stock valued at $362,006,000 after purchasing an additional 290,279 shares in the last quarter. Oarsman Capital Inc. purchased a new stake in shares of Baxter International in the fourth quarter valued at $157,000. Russell Investments Group Ltd. lifted its holdings in shares of Baxter International by 40.4% in the fourth quarter. Russell Investments Group Ltd. now owns 1,745,709 shares of the medical instruments supplier's stock valued at $50,904,000 after purchasing an additional 502,370 shares in the last quarter. Finally, Jaffetilchin Investment Partners LLC raised its holdings in shares of Baxter International by 115,259.6% during the fourth quarter. Jaffetilchin Investment Partners LLC now owns 65,755 shares of the medical instruments supplier's stock worth $1,917,000 after acquiring an additional 65,698 shares in the last quarter. 90.19% of the stock is owned by institutional investors.
Baxter International Trading Down 16.4%
The company has a fifty day simple moving average of $29.86 and a two-hundred day simple moving average of $31.14. The company has a debt-to-equity ratio of 1.33, a current ratio of 2.02 and a quick ratio of 1.40. The company has a market capitalization of $12.03 billion, a P/E ratio of -21.07, a price-to-earnings-growth ratio of 0.85 and a beta of 0.61.
About Baxter International
(Get Free Report)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.
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