Highland Capital Management LP Has $11.90 Million Stake in Baxter International Inc (BAX)
Highland Capital Management LP grew its position in Baxter International Inc (NYSE:BAX) by 6.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 154,300 shares of the medical instruments supplier’s stock after purchasing an additional 9,300 shares during the period. Highland Capital Management LP’s holdings in Baxter International were worth $11,895,000 at the end of the most recent reporting period.
Several other hedge funds have also recently made changes to their positions in the company. Private Trust Co. NA raised its holdings in shares of Baxter International by 6.3% in the third quarter. Private Trust Co. NA now owns 11,572 shares of the medical instruments supplier’s stock valued at $892,000 after purchasing an additional 690 shares during the last quarter. FineMark National Bank & Trust increased its holdings in Baxter International by 6.0% during the second quarter. FineMark National Bank & Trust now owns 13,239 shares of the medical instruments supplier’s stock worth $978,000 after buying an additional 753 shares during the last quarter. Cpwm LLC increased its holdings in Baxter International by 22.8% during the second quarter. Cpwm LLC now owns 4,230 shares of the medical instruments supplier’s stock worth $312,000 after buying an additional 784 shares during the last quarter. Penobscot Investment Management Company Inc. increased its holdings in Baxter International by 20.1% during the third quarter. Penobscot Investment Management Company Inc. now owns 4,790 shares of the medical instruments supplier’s stock worth $369,000 after buying an additional 800 shares during the last quarter. Finally, Chicago Partners Investment Group LLC increased its holdings in Baxter International by 31.4% during the third quarter. Chicago Partners Investment Group LLC now owns 3,351 shares of the medical instruments supplier’s stock worth $225,000 after buying an additional 800 shares during the last quarter. Institutional investors own 83.40% of the company’s stock.
In other news, Director Carole J. Shapazian sold 11,749 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $68.48, for a total value of $804,571.52. Following the completion of the sale, the director now directly owns 15,237 shares in the company, valued at $1,043,429.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Third Point Llc sold 8,000,000 shares of the business’s stock in a transaction that occurred on Monday, December 3rd. The stock was sold at an average price of $68.62, for a total value of $548,960,000.00. The disclosure for this sale can be found here. In the last three months, insiders sold 8,029,396 shares of company stock valued at $551,128,155. Corporate insiders own 0.05% of the company’s stock.
NYSE BAX opened at $66.79 on Friday. The company has a market cap of $35.79 billion, a PE ratio of 26.93, a PEG ratio of 1.81 and a beta of 1.04. Baxter International Inc has a one year low of $61.05 and a one year high of $78.38. The company has a quick ratio of 1.96, a current ratio of 2.60 and a debt-to-equity ratio of 0.38.
Baxter International (NYSE:BAX) last announced its quarterly earnings results on Wednesday, October 31st. The medical instruments supplier reported $0.80 EPS for the quarter, beating the consensus estimate of $0.74 by $0.06. The firm had revenue of $2.77 billion for the quarter, compared to analyst estimates of $2.79 billion. Baxter International had a return on equity of 17.67% and a net margin of 10.90%. The business’s revenue for the quarter was up 2.2% on a year-over-year basis. During the same quarter last year, the firm posted $0.64 earnings per share. On average, sell-side analysts expect that Baxter International Inc will post 3 EPS for the current year.
Baxter International declared that its Board of Directors has approved a stock buyback plan on Tuesday, November 13th that allows the company to repurchase $2.00 billion in outstanding shares. This repurchase authorization allows the medical instruments supplier to buy up to 6.1% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company’s leadership believes its stock is undervalued.
The firm also recently declared a quarterly dividend, which will be paid on Wednesday, January 2nd. Shareholders of record on Monday, December 3rd will be issued a $0.19 dividend. This represents a $0.76 annualized dividend and a yield of 1.14%. The ex-dividend date of this dividend is Friday, November 30th. Baxter International’s dividend payout ratio is presently 30.65%.
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Baxter International Profile
Baxter International Inc provides a portfolio of healthcare products. The company operates through North and South America; Europe, Middle East and Africa; and Asia-Pacific segments. It 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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