Baxter International Inc. (NYSE:BAX) Sees Large Drop in Short Interest

Baxter International Inc. (NYSE:BAX) was the target of a significant drop in short interest in the month of October. As of October 31st, there was short interest totalling 9,100,000 shares, a drop of 19.5% from the October 15th total of 11,300,000 shares. Based on an average daily trading volume, of 4,810,000 shares, the short-interest ratio is presently 1.9 days. Approximately 1.8% of the company’s stock are short sold.

Hedge Funds Weigh In On Baxter International

Hedge funds have recently made changes to their positions in the business. Pzena Investment Management LLC bought a new position in Baxter International in the 3rd quarter worth approximately $215,935,000. Shapiro Capital Management LLC bought a new stake in shares of Baxter International during the third quarter valued at approximately $114,307,000. Bank of New York Mellon Corp lifted its holdings in shares of Baxter International by 69.0% in the third quarter. Bank of New York Mellon Corp now owns 6,491,343 shares of the medical instruments supplier’s stock worth $244,983,000 after buying an additional 2,650,959 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Baxter International by 18.5% during the second quarter. Geode Capital Management LLC now owns 10,629,326 shares of the medical instruments supplier’s stock worth $482,991,000 after acquiring an additional 1,658,160 shares during the last quarter. Finally, Cullen Capital Management LLC bought a new stake in Baxter International in the 2nd quarter valued at $54,127,000. Institutional investors own 85.47% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on BAX shares. Wells Fargo & Company dropped their price target on Baxter International from $46.00 to $44.00 and set an “equal weight” rating on the stock in a research report on Friday, July 28th. KeyCorp reduced their target price on shares of Baxter International from $53.00 to $51.00 and set an “overweight” rating on the stock in a research report on Monday, July 31st. StockNews.com raised shares of Baxter International from a “hold” rating to a “buy” rating in a research report on Monday, November 6th. JPMorgan Chase & Co. decreased their target price on shares of Baxter International from $49.00 to $36.00 and set a “neutral” rating for the company in a research note on Tuesday, October 31st. Finally, Deutsche Bank Aktiengesellschaft boosted their price target on Baxter International from $35.00 to $50.00 and gave the stock a “hold” rating in a research report on Tuesday, October 24th. Eight analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $47.25.

Baxter International Stock Up 2.8 %

Shares of BAX stock opened at $35.31 on Thursday. The company has a current ratio of 1.94, a quick ratio of 1.48 and a debt-to-equity ratio of 1.72. Baxter International has a 12 month low of $31.01 and a 12 month high of $56.92. The stock has a market cap of $17.91 billion, a P/E ratio of 6.93, a P/E/G ratio of 2.50 and a beta of 0.58. The company has a 50 day simple moving average of $35.34 and a two-hundred day simple moving average of $40.86.

Baxter International Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, January 2nd. Stockholders of record on Friday, December 1st will be paid a $0.29 dividend. The ex-dividend date of this dividend is Thursday, November 30th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 3.29%. Baxter International’s dividend payout ratio (DPR) is presently 22.75%.

Baxter International Company Profile

Baxter International Inc, through its subsidiaries, develops and provides a portfolio of healthcare products worldwide. The company offers peritoneal dialysis and hemodialysis, and additional dialysis therapies and services; intravenous therapies, infusion pumps, administration sets, and drug reconstitution devices; premixed and oncology drug platforms, inhaled anesthesia and critical care products and pharmacy compounding services; parenteral nutrition therapies and related products; biological products and medical devices used in surgical procedures for hemostasis, tissue sealing and adhesion prevention; and continuous renal replacement therapies and other organ support therapies focused in the intensive care unit.