BAXTER INTL INC BAX
COM · Common Stock · CUSIP 071813109 · ISIN US0718131099
American manufacturer of healthcare goods
- SectorHealth care
- IndustrySurgical & Medical Instruments & Apparatus
- HeadquartersDeerfield, IL
- Founded1931
- Websitebaxter.com
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($32.5m this quarter). Holder counts are more reliable. Shares outstanding: 517.0m as of 2026-07-23, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $21.32. Options: 20 managers hold calls ($96.1m notional), 17 hold puts ($60.4m).
Trends to Q2 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,012 |
| Q4 2022 | 1,013 |
| Q1 2023 | 959 |
| Q2 2023 | 986 |
| Q3 2023 | 913 |
| Q4 2023 | 918 |
| Q1 2024 | 940 |
| Q2 2024 | 884 |
| Q3 2024 | 904 |
| Q4 2024 | 828 |
| Q1 2025 | 842 |
| Q2 2025 | 775 |
| Q3 2025 | 732 |
| Q4 2025 | 711 |
| Q1 2026 | 665 |
| Q2 2026 | 688 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q3 2024 | 411 | 413 |
| Q4 2024 | 320 | 505 |
| Q1 2025 | 386 | 402 |
| Q2 2025 | 328 | 424 |
| Q3 2025 | 330 | 383 |
| Q4 2025 | 323 | 356 |
| Q1 2026 | 262 | 381 |
| Q2 2026 | 346 | 271 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2025 | $59.7m | $86.9m | 1.45 |
| Q4 2025 | $80.9m | $119.6m | 1.48 |
| Q1 2026 | $81.0m | $96.0m | 1.18 |
| Q2 2026 | $96.1m | $60.4m | 0.63 |
Biggest buyers
| FMR LLC | Added | +7.6m |
| UBS Group AG | Added | +5.2m |
| GOLDMAN SACHS GROUP INC | Added | +3.3m |
| Holocene Advisors, LP | New | +2.7m |
| MARSHALL WACE, LLP | Added | +2.6m |
| BlackRock, Inc. | Added | +2.4m |
| Defilade Capital Management, L.P. | New | +1.5m |
| AQR CAPITAL MANAGEMENT LLC | Added | +1.4m |
| Dodge & Cox | Added | +1.1m |
| NATIXIS ADVISORS, LLC | Added | +1.0m |
Biggest sellers
| Artisan Partners Limited Partnership | Reduced | -3.8m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.7m |
| Pale Fire Capital SE | Sold out | -1.6m |
| Callodine Capital Management, LP | Reduced | -1.2m |
| CITADEL ADVISORS LLC | Reduced | -1.1m |
| MORGAN STANLEY | Reduced | -988.2k |
| Invesco Ltd. | Reduced | -759.3k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | -619.7k |
| Olstein Capital Management, L.P. | Sold out | -464.0k |
| JANE STREET GROUP, LLC | Reduced | -396.2k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $28.0m1.3m shares |
| Great Hill Capital LLC | Added | $16.4m820.7k shares |
| CITADEL ADVISORS LLC | Added | $13.0m609.8k shares |
| Point72 Asset Management, L.P. | Added | $6.7m316.2k shares |
| IMC-Chicago, LLC | Added | $6.1m288.3k shares |
| JANE STREET GROUP, LLC | Reduced | $5.9m274.9k shares |
| NOMURA HOLDINGS INC | Reduced | $5.1m238.9k shares |
| Walleye Trading LLC | Added | $3.6m168.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $3.2m149.5k shares |
| GROUP ONE TRADING LLC | Added | $2.3m108.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $25.3m1.2m shares |
| CITADEL ADVISORS LLC | Reduced | $9.5m444.3k shares |
| Point72 Asset Management, L.P. | Reduced | $5.9m276.5k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $2.7m125.9k shares |
| Walleye Capital LLC | Added | $2.6m120.9k shares |
| JANE STREET GROUP, LLC | Reduced | $2.3m108.7k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $2.0m94.3k shares |
| IMC-Chicago, LLC | Reduced | $1.9m88.2k shares |
| GROUP ONE TRADING LLC | Reduced | $1.6m74.8k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Added | $1.5m71.3k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| PZENA INVESTMENT MANAGEMENT LLC 13G · institution -1.1 pts · filed 2026-04-21 | 12.7% |
| DODGE & COX 13G · institution +1.1 pts · filed 2025-11-13 | 11.2% |
| FMR LLC 13G · institution +1.3 pts · filed 2026-06-05 | 10.3% |
| VANGUARD CAPITAL MANAGEMENT LLC 13G · institution new · filed 2026-04-29 | 7.4% |
| BlackRock, Inc. 13G · institution -1.1 pts · filed 2026-04-27 | 6.4% |
| BlackRock Portfolio Management LLC 13G · institution -2.8 pts · filed 2026-10-27 | 5.9% |
Fell to 5% or below in the last year: VANGUARD GROUP INC (0.0%, 2026-03-26; now reported by VANGUARD CAPITAL MANAGEMENT LLC)
Insider purchases and sales since 1 Apr 2026
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
None reported since 1 Apr 2026.
Holders, Q2 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.03% of their portfolio | 81.8m $1.7bn | Added +2.4m |
| PZENA INVESTMENT MANAGEMENT LLC 4.09% of their portfolio | 65.3m $1.4bn | Added +767.6k |
| Dodge & Cox 0.65% of their portfolio | 58.4m $1.2bn | Added +1.1m |
| FMR LLC 0.05% of their portfolio | 53.9m $1.1bn | Added +7.6m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.02% of their portfolio | 33.8m $719.6m | Added +247.3k |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 24.1m $512.9m | Added +63.8k |
| STATE STREET CORP 0.01% of their portfolio | 20.6m $439.4m | Added +620.5k |
| GREENHAVEN ASSOCIATES INC 3.52% of their portfolio | 14.3m $304.6m | Reduced -22.5k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 14.1m $300.6m | Added +360.7k |
| Invesco Ltd. 0.02% of their portfolio | 12.4m $263.6m | Reduced -759.3k |
| UBS Group AG 0.03% of their portfolio | 9.5m $203.2m | Added +5.2m |
| First Pacific Advisors, LP 2.01% of their portfolio | 7.6m $162.4m | Added +917.2k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 7.2m $152.4m | Added +3.3m |
| EQUITY INVESTMENT CORP 2.80% of their portfolio | 6.9m $146.8m | Added +516.3k |
| MORGAN STANLEY 0.01% of their portfolio | 6.4m $135.6m | Reduced -988.2k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 6.2m $133.0m | Added +71.8k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.09% of their portfolio | 6.2m $132.7m | Unchanged |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 6.0m $127.8m | Added +407.2k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 5.6m $119.7m | Reduced -319.6k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 4.9m $103.7m | Added +516.7k |
| MARSHALL WACE, LLP 0.09% of their portfolio | 4.9m $103.6m | Added +2.6m |
| NORGES BANK 0.01% of their portfolio | 4.1m $88.4m | Not comparable |
| LSV ASSET MANAGEMENT 0.15% of their portfolio | 3.9m $83.5m | Reduced -146.4k |
| RWC Asset Management LLP 2.69% of their portfolio | 3.3m $71.0m | Added +251.6k |
| Russell Investments Group, Ltd. 0.06% of their portfolio | 3.3m $70.5m | Reduced -136.1k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 3.2m $68.0m | Added +567.9k |
| FIL Ltd 0.05% of their portfolio | 2.9m $62.7m | Added +351.4k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 2.9m $61.8m | Added +3.1k |
| Holocene Advisors, LP 0.13% of their portfolio | 2.7m $56.8m | New |
| THOMPSON SIEGEL & WALMSLEY LLC 1.01% of their portfolio | 2.6m $55.8m | Reduced -379.2k |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.69% of their portfolio | 2.4m $52.0m | Reduced -56.1k |
| JONES FINANCIAL COMPANIES LLLP 0.02% of their portfolio | 2.4m $53.0m | Added +929.9k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.4m $52.6m | Reduced -284.4k |
| NATIXIS ADVISORS, LLC 0.06% of their portfolio | 2.3m $49.4m | Added +1.0m |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 2.1m $45.1m | Added +150.7k |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 2.1m $44.2m | Reduced -158.4k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 1.9m $41.3m | Added +1.4m |
| GENDELL JEFFREY L 0.34% of their portfolio | 1.8m $37.4m | Added +191.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 1.7m $35.5m | Reduced -245.1k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 1.5m $32.3m | Reduced -255.6k |
| Defilade Capital Management, L.P. 4.17% of their portfolio | 1.5m $31.1m | New |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.40% of their portfolio | 1.4m $30.6m | Added +69.5k |
| Front Street Capital Management, Inc. 3.20% of their portfolio | 1.3m $28.1m | Reduced -4.1k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.3m $27.4m | Added +43.1k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 1.1m $24.0m | Added +2.0k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 1.1m $23.9m | Reduced -33.0k |
| Vanguard Global Advisers, LLC 0.01% of their portfolio | 1.1m $23.0m | Reduced -45.8k |
| Auto-Owners Insurance Co 0.51% of their portfolio | 1.1m $22.4m | Unchanged |
| Swiss National Bank 0.01% of their portfolio | 1.0m $22.1m | Added +18.4k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 1.0m $21.9m | Added +131.5k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.0m $21.9m | Reduced -155.8k |
| Artisan Partners Limited Partnership 0.04% of their portfolio | 1.0m $21.8m | Reduced -3.8m |
| Nuveen, LLC 0.01% of their portfolio | 1.0m $21.6m | Reduced -203.9k |
| Legal & General Group Plc 0.00% of their portfolio | 974.6k $20.8m | Added +6.5k |
| INVESTMENT MANAGEMENT ASSOCIATES INC /ADV 4.88% of their portfolio | 900.8k $19.2m | Added +121.9k |
| Amundi 0.00% of their portfolio | 895.1k $19.1m | Added +97.4k |
| Gotham Asset Management, LLC 0.04% of their portfolio | 862.1k $18.4m | Added +500.4k |
| California Public Employees Retirement System 0.01% of their portfolio | 840.1k $17.9m | Added +214.3k |
| Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio | 820.7k $17.5m | Reduced -92.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 752.2k $16.0m | Reduced -473 |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 691.2k $14.7m | Added +68.3k |
| O'Keefe Stevens Advisory, Inc. 2.94% of their portfolio | 672.1k $14.3m | Added +107.7k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 669.2k $14.3m | Reduced -237.7k |
| CITIGROUP INC 0.01% of their portfolio | 667.7k $14.2m | Added +95.4k |
| BARCLAYS PLC 0.00% of their portfolio | 664.4k $14.2m | Reduced -176.9k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 659.7k $14.1m | Added +38.0k |
| Parkwood LLC 0.97% of their portfolio | 637.1k $13.6m | Added +24.3k |
| Arnhold LLC 0.94% of their portfolio | 630.3k $13.4m | Reduced -15.0k |
| Great Hill Capital LLC 6.29% of their portfolio | 609.7k $13.0m | Added +124.6k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 596.6k $12.7m | Reduced -6.5k |
| QSM Asset Management Ltd 6.35% of their portfolio | 567.9k $12.3m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 563.5k $12.0m | Reduced -9.9k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 557.7k $9.4m | Added +39.6k |
| GABELLI FUNDS LLC 0.07% of their portfolio | 503.5k $10.7m | Added +5.5k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.01% of their portfolio | 502.1k $10.7m | Added +24.1k |
| Verition Fund Management LLC 0.07% of their portfolio | 464.3k $9.9m | Added +442.4k |
| GAMCO INVESTORS, INC. ET AL 0.09% of their portfolio | 454.5k $9.7m | Added +27.1k |
| Freestone Grove Partners LP 0.06% of their portfolio | 441.0k $9.4m | New |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.02% of their portfolio | 437.5k $9.3m | Reduced -6.5k |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 427.1k $9.1m | Added +291.2k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 381.6k $8.1m | Reduced -619.7k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 379.8k $8.1m | Added +15.7k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 376.4k $8.0m | Unchanged |
| South Dakota Investment Council 0.13% of their portfolio | 366.7k $7.8m | Unchanged |
| Allianz Asset Management GmbH 0.01% of their portfolio | 350.5k $7.5m | Added +333.3k |
| SG Americas Securities, LLC 0.00% of their portfolio | 339.7k $7.2m | New |
| Fiduciary Alliance LLC 0.42% of their portfolio | 292.4k $6.2m | Added +34.3k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.06% of their portfolio | 289.8k $6.2m | Reduced -11.8k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio | 288.3k $6.1m | New |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 277.5k $5.9m | Reduced -7.2k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 275.0k $5.9m | Reduced -7.2k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 274.5k $5.9m | Reduced -196.9k |
| Man Group plc 0.01% of their portfolio | 271.5k $5.8m | Added +114.6k |
| PNC Financial Services Group, Inc. 0.00% of their portfolio | 264.6k $5.6m | Added +20.0k |
| ASSETMARK, INC 0.01% of their portfolio | 262.0k $5.6m | Added +30.9k |
| OSAIC HOLDINGS, INC. 0.01% of their portfolio | 254.9k $5.4m | Added +73.5k |
| Chevy Chase Trust Holdings, LLC 0.01% of their portfolio | 249.7k $5.3m | Reduced -4.1k |
| CONTINENTAL ADVISORS LLC 3.09% of their portfolio | 247.1k $5.3m | Added +43.5k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 245.4k $5.2m | Reduced -13.0k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 245.4k $5.2m | Reduced -92.2k |