Baxter International (NYSE:BAX) Releases FY24 Earnings Guidance

Baxter International (NYSE:BAX) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.93-3.01 for the period, compared to the consensus estimate of $2.92. The company issued revenue guidance of +3% yr/yr to $15.26 billion, compared to the consensus revenue estimate of $15.09 billion. Baxter International also updated its FY 2024 guidance to 2.930-3.010 EPS.

Baxter International Stock Performance

NYSE BAX traded down $0.17 during trading on Wednesday, reaching $36.75. The company’s stock had a trading volume of 2,898,122 shares, compared to its average volume of 4,255,053. Baxter International has a 12 month low of $31.01 and a 12 month high of $44.01. The firm has a 50 day moving average price of $34.32 and a 200 day moving average price of $37.92. The firm has a market capitalization of $18.73 billion, a price-to-earnings ratio of 7.11, a price-to-earnings-growth ratio of 1.88 and a beta of 0.57. The company has a current ratio of 1.48, a quick ratio of 1.01 and a debt-to-equity ratio of 1.35.

Baxter International (NYSE:BAX) last issued its quarterly earnings results on Tuesday, August 6th. The medical instruments supplier reported $0.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.66 by $0.02. The business had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $3.75 billion. Baxter International had a return on equity of 18.47% and a net margin of 17.79%. The firm’s quarterly revenue was up 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.55 earnings per share. As a group, equities analysts anticipate that Baxter International will post 2.91 EPS for the current fiscal year.

Baxter International Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Investors of record on Friday, August 30th will be paid a $0.29 dividend. The ex-dividend date is Friday, August 30th. This represents a $1.16 dividend on an annualized basis and a yield of 3.16%. Baxter International’s dividend payout ratio (DPR) is 22.31%.

Analysts Set New Price Targets

BAX has been the topic of a number of research analyst reports. Evercore ISI cut their target price on shares of Baxter International from $46.00 to $45.00 and set an outperform rating on the stock in a research report on Tuesday, July 2nd. StockNews.com raised Baxter International from a hold rating to a buy rating in a research note on Thursday, August 1st. Morgan Stanley lowered shares of Baxter International from an equal weight rating to an underweight rating and dropped their price objective for the company from $39.00 to $30.00 in a report on Monday, July 15th. Citigroup reduced their target price on shares of Baxter International from $38.00 to $37.00 and set a neutral rating on the stock in a report on Wednesday, July 10th. Finally, Wells Fargo & Company dropped their price target on shares of Baxter International from $44.00 to $40.00 and set an equal weight rating for the company in a research note on Wednesday. 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. Based on data from MarketBeat.com, Baxter International currently has an average rating of Hold and an average price target of $41.36.

About Baxter International

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.