Short Interest in Baxter International Inc. (NYSE:BAX) Drops By 10.3%

Baxter International Inc. (NYSE:BAX) was the target of a large decline in short interest in October. As of October 31st, there was short interest totalling 11,470,000 shares, a decline of 10.3% from the October 15th total of 12,790,000 shares. Based on an average daily volume of 3,560,000 shares, the short-interest ratio is currently 3.2 days.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the business. TD Private Client Wealth LLC grew its position in Baxter International by 29.5% during the third quarter. TD Private Client Wealth LLC now owns 41,027 shares of the medical instruments supplier’s stock worth $1,558,000 after buying an additional 9,357 shares in the last quarter. Toronto Dominion Bank grew its holdings in shares of Baxter International by 15.4% during the 3rd quarter. Toronto Dominion Bank now owns 170,855 shares of the medical instruments supplier’s stock worth $6,487,000 after purchasing an additional 22,787 shares in the last quarter. Empire Financial Management Company LLC increased its position in shares of Baxter International by 263.3% in the third quarter. Empire Financial Management Company LLC now owns 26,907 shares of the medical instruments supplier’s stock worth $1,022,000 after purchasing an additional 19,500 shares during the period. Geode Capital Management LLC raised its stake in Baxter International by 1.4% in the third quarter. Geode Capital Management LLC now owns 12,156,660 shares of the medical instruments supplier’s stock valued at $460,022,000 after purchasing an additional 170,776 shares in the last quarter. Finally, LRI Investments LLC lifted its position in Baxter International by 60.8% during the third quarter. LRI Investments LLC now owns 1,560 shares of the medical instruments supplier’s stock worth $59,000 after purchasing an additional 590 shares during the period. Institutional investors and hedge funds own 90.19% of the company’s stock.

Baxter International Stock Performance

BAX stock traded down $0.50 during midday trading on Tuesday, reaching $32.52. 4,509,390 shares of the company were exchanged, compared to its average volume of 4,096,504. The firm has a market capitalization of $16.60 billion, a price-to-earnings ratio of 162.11, a price-to-earnings-growth ratio of 12.69 and a beta of 0.60. The business has a 50-day moving average price of $36.73 and a two-hundred day moving average price of $35.76. Baxter International has a one year low of $31.60 and a one year high of $44.01. The company has a debt-to-equity ratio of 1.31, a current ratio of 1.43 and a quick ratio of 1.09.

Baxter International (NYSE:BAX) last issued its quarterly earnings data on Friday, November 8th. The medical instruments supplier reported $0.80 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. The company had revenue of $3.85 billion during the quarter, compared to analysts’ expectations of $3.85 billion. Baxter International had a return on equity of 18.30% and a net margin of 0.77%. The business’s revenue was up 3.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.68 earnings per share. Equities research analysts forecast that Baxter International will post 1.98 EPS for the current year.

Baxter International Cuts Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 2nd. Shareholders of record on Friday, November 29th will be paid a $0.17 dividend. This represents a $0.68 annualized dividend and a yield of 2.09%. The ex-dividend date of this dividend is Friday, November 29th. Baxter International’s dividend payout ratio (DPR) is 580.03%.

Wall Street Analysts Forecast Growth

Several analysts have commented on the stock. StockNews.com downgraded shares of Baxter International from a “buy” rating to a “hold” rating in a report on Monday, November 11th. JPMorgan Chase & Co. reduced their target price on shares of Baxter International from $44.00 to $42.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. The Goldman Sachs Group boosted their price target on Baxter International from $36.00 to $40.00 and gave the company a “neutral” rating in a report on Thursday, August 8th. Citigroup raised their price target on shares of Baxter International from $38.00 to $40.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 1st. Finally, Wells Fargo & Company dropped their target price on Baxter International from $44.00 to $40.00 and set an “equal weight” rating on the stock in a report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $40.91.

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.