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 ($70.0m this quarter). Holder counts are more reliable. Shares outstanding: 504.7m as of 2023-01-31, 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 ≈ $50.85. Options: 35 managers hold calls ($222.7m notional), 27 hold puts ($107.4m).
Trends to Q4 2022
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 1,012 |
| Q4 2022 | 1,013 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $108.3m | $176.9m | 1.63 |
| Q4 2022 | $222.7m | $107.4m | 0.48 |
Biggest buyers
| VANGUARD GROUP INC | Added | +8.5m |
| BlackRock Inc. | Added | +7.1m |
| T. Rowe Price Investment Management, Inc. | New | +7.1m |
| TWO SIGMA INVESTMENTS, LP | Added | +2.9m |
| Coho Partners, Ltd. | New | +2.0m |
| Invesco Ltd. | Added | +1.8m |
| JPMORGAN CHASE & CO | Added | +1.7m |
| TWO SIGMA ADVISERS, LP | Added | +1.5m |
| RENAISSANCE TECHNOLOGIES LLC | Added | +1.4m |
| CITADEL ADVISORS LLC | Added | +1.2m |
Biggest sellers
| WELLINGTON MANAGEMENT GROUP LLP | Reduced | -22.9m |
| Veritas Asset Management LLP | Reduced | -8.6m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -3.2m |
| AMERIPRISE FINANCIAL INC | Reduced | -2.8m |
| Balyasny Asset Management L.P. | Reduced | -2.6m |
| Caisse de depot et placement du Quebec | Reduced | -2.1m |
| FMR LLC | Reduced | -1.1m |
| VICTORY CAPITAL MANAGEMENT INC | Reduced | -1.1m |
| GENERATION INVESTMENT MANAGEMENT LLP | Reduced | -1.0m |
| ROTHSCHILD & CO ASSET MANAGEMENT US INC. | Reduced | -645.4k |
Biggest calls
| PURA VIDA INVESTMENTS, LLC | Added | $45.9m900.0k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $38.9m762.8k shares |
| CITADEL ADVISORS LLC | Added | $24.3m477.6k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $22.6m443.2k shares |
| BARCLAYS PLC | First filing | $10.8m211.5k shares |
| JANE STREET GROUP, LLC | Added | $9.3m181.8k shares |
| Cubist Systematic Strategies, LLC | Added | $8.5m167.2k shares |
| Capula Management Ltd | New | $8.5m165.8k shares |
| CITIGROUP INC | Unchanged | $8.2m160.0k shares |
| UBS Group AG | New | $7.9m154.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $23.8m467.2k shares |
| JANE STREET GROUP, LLC | Reduced | $15.4m302.0k shares |
| UBS Group AG | Unchanged | $13.3m261.9k shares |
| CITADEL ADVISORS LLC | Added | $10.0m196.1k shares |
| Capula Management Ltd | New | $8.5m165.8k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $7.7m150.5k shares |
| SIMPLEX TRADING, LLC | Added | $5.7m111.0k shares |
| Cubist Systematic Strategies, LLC | Added | $4.5m88.8k shares |
| Walleye Trading LLC | Reduced | $2.9m57.4k shares |
| CAPITAL FUND MANAGEMENT S.A. | New | $2.8m55.9k 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 in Q4 2022
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.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q1 2021 | 0 | — | 0 | — | — |
| Q2 2021 | 0 | — | 0 | — | — |
| Q3 2021 | 0 | — | 0 | — | — |
| Q4 2021 | 0 | — | 1 | $1.7m | — |
| Q1 2022 | 0 | — | 4 | $5.1m | — |
| Q2 2022 | 0 | — | 3 | $689.3k | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
None reported in Q4 2022.
Holders, Q4 2022
| Manager | Shares | Change |
|---|---|---|
| BlackRock Inc. 0.08% of their portfolio | 50.5m $2.6bn | Added +7.1m |
| VANGUARD GROUP INC 0.07% of their portfolio | 49.7m $2.5bn | Added +8.5m |
| WELLINGTON MANAGEMENT GROUP LLP 0.37% of their portfolio | 36.1m $1.8bn | Reduced -22.9m |
| MORGAN STANLEY 0.17% of their portfolio | 29.6m $1.5bn | Reduced -352.8k |
| STATE STREET CORP 0.06% of their portfolio | 21.5m $1.1bn | Reduced -11.1k |
| GENERATION INVESTMENT MANAGEMENT LLP 3.20% of their portfolio | 10.9m $553.8m | Reduced -1.0m |
| GEODE CAPITAL MANAGEMENT, LLC 0.06% of their portfolio | 8.8m $447.7m | Reduced -317.9k |
| Nuveen Asset Management, LLC 0.17% of their portfolio | 8.4m $429.6m | Added +874.0k |
| MACQUARIE GROUP LTD 0.47% of their portfolio | 7.8m $397.0m | Added +1.1m |
| NORGES BANK 0.09% of their portfolio | 7.4m $379.2m | Reduced -40.0k |
| T. Rowe Price Investment Management, Inc. 0.28% of their portfolio | 7.1m $361.4m | New |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.98% of their portfolio | 7.0m $359.1m | Added +391.3k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.37% of their portfolio | 6.9m $349.3m | Unchanged |
| JPMORGAN CHASE & CO 0.05% of their portfolio | 6.6m $338.0m | Added +1.7m |
| BANK OF AMERICA CORP /DE/ 0.04% of their portfolio | 6.5m $331.2m | Reduced -394.2k |
| NORTHERN TRUST CORP 0.07% of their portfolio | 6.3m $320.0m | Added +192.4k |
| NUANCE INVESTMENTS, LLC 5.28% of their portfolio | 4.9m $252.1m | Reduced -483.1k |
| NORDEA INVESTMENT MANAGEMENT AB 0.38% of their portfolio | 4.9m $247.2m | Added +12.1k |
| AMERIPRISE FINANCIAL INC 0.08% of their portfolio | 4.4m $221.8m | Reduced -2.8m |
| TWO SIGMA ADVISERS, LP 0.62% of their portfolio | 4.3m $220.5m | Added +1.5m |
| Bank of New York Mellon Corp 0.05% of their portfolio | 4.0m $205.5m | Reduced -185.2k |
| Amundi 0.10% of their portfolio | 3.9m $179.3m | Added +729.4k |
| Invesco Ltd. 0.06% of their portfolio | 3.9m $196.5m | Added +1.8m |
| Legal & General Group Plc 0.07% of their portfolio | 3.5m $176.6m | Reduced -157.1k |
| TWO SIGMA INVESTMENTS, LP 0.56% of their portfolio | 3.4m $175.1m | Added +2.9m |
| California Public Employees Retirement System 0.15% of their portfolio | 3.4m $171.2m | Reduced -215.2k |
| MILLENNIUM MANAGEMENT LLC 0.18% of their portfolio | 3.1m $158.5m | Reduced -3.2m |
| DIMENSIONAL FUND ADVISORS LP 0.05% of their portfolio | 2.9m $146.2m | Added +257.6k |
| MARSHALL WACE, LLP 0.36% of their portfolio | 2.7m $138.1m | Added +156.2k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.04% of their portfolio | 2.7m $136.6m | Added +77.5k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.07% of their portfolio | 2.5m $129.9m | Added +262.7k |
| COOKE & BIELER LP 1.27% of their portfolio | 2.5m $129.3m | Added +1.1m |
| Swiss National Bank 0.07% of their portfolio | 2.0m $104.3m | Reduced -135.3k |
| GLENVIEW CAPITAL MANAGEMENT, LLC 2.46% of their portfolio | 2.0m $102.4m | Reduced -247.0k |
| Coho Partners, Ltd. 1.70% of their portfolio | 2.0m $100.5m | New |
| Capital International Investors 0.03% of their portfolio | 1.9m $96.6m | Unchanged |
| CITADEL ADVISORS LLC 0.11% of their portfolio | 1.9m $95.6m | Added +1.2m |
| Haverford Trust Co 1.06% of their portfolio | 1.7m $85.9m | Reduced -178.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.11% of their portfolio | 1.6m $83.1m | Added +1.4m |
| CINCINNATI FINANCIAL CORP 2.07% of their portfolio | 1.6m $82.5m | Added +54.0k |
| FIRST TRUST ADVISORS LP 0.10% of their portfolio | 1.6m $82.4m | Added +294.7k |
| RAYMOND JAMES & ASSOCIATES 0.07% of their portfolio | 1.6m $81.1m | Added +242.4k |
| Caisse de depot et placement du Quebec 0.25% of their portfolio | 1.6m $80.0m | Reduced -2.1m |
| NEW YORK STATE COMMON RETIREMENT FUND 0.11% of their portfolio | 1.5m $77.2m | Reduced -314.4k |
| DEUTSCHE BANK AG\ 0.04% of their portfolio | 1.5m $73.9m | Reduced -159.2k |
| Thrivent Financial for Lutherans 0.19% of their portfolio | 1.4m $73.8m | Added +442.9k |
| Sumitomo Mitsui Trust Group, Inc. 0.06% of their portfolio | 1.4m $72.5m | Reduced -69.5k |
| BANK OF MONTREAL /CAN/ 0.03% of their portfolio | 1.3m $68.9m | Reduced -573.3k |
| AMERICAN CENTURY COMPANIES INC 0.05% of their portfolio | 1.3m $64.3m | Added +1.5k |
| FMR LLC 0.01% of their portfolio | 1.2m $63.4m | Reduced -1.1m |
| FIL Ltd 0.07% of their portfolio | 1.2m $61.9m | Reduced -44.9k |
| EAGLE ASSET MANAGEMENT INC 0.37% of their portfolio | 1.2m $59.8m | Added +68.3k |
| Rock Springs Capital Management LP 1.41% of their portfolio | 1.1m $58.6m | Added +394.5k |
| PENSIOENFONDS RAIL & OV 2.44% of their portfolio | 1.1m $54.8m | Reduced -64.8k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 1.1m $57.9m | Reduced -43.5k |
| D. E. Shaw & Co., Inc. 0.10% of their portfolio | 1.1m $57.1m | Added +903.3k |
| TWINBEECH CAPITAL LP 1.08% of their portfolio | 1.1m $56.7m | New |
| Investment Management Corp of Ontario 2.75% of their portfolio | 1.1m $56.3m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.03% of their portfolio | 1.1m $54.1m | Reduced -4.2k |
| BARCLAYS PLC 0.05% of their portfolio | 1.1m $54.0m | First filing |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.07% of their portfolio | 1.0m $52.2m | Added +134.9k |
| UBS Group AG 0.02% of their portfolio | 996.8k $50.8m | Added +307.4k |
| PRUDENTIAL FINANCIAL INC 0.09% of their portfolio | 996.2k $50.8m | Reduced -323.4k |
| RHUMBLINE ADVISERS 0.07% of their portfolio | 988.2k $50.4m | Added +32.0k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.18% of their portfolio | 983.3k $50.1m | Added +567.8k |
| WELLS FARGO & COMPANY/MN 0.02% of their portfolio | 978.2k $49.9m | Added +207.1k |
| Aberdeen Group plc 0.13% of their portfolio | 956.6k $48.8m | Added +69.9k |
| Ceredex Value Advisors LLC 0.75% of their portfolio | 946.3k $48.6m | Reduced -360.4k |
| ALLIANCEBERNSTEIN L.P. 0.02% of their portfolio | 930.4k $47.4m | Reduced -188.7k |
| Alyeska Investment Group, L.P. 0.48% of their portfolio | 910.0k $46.4m | New |
| APG Asset Management N.V. 0.09% of their portfolio | 904.0k $46.1m | Added +412.7k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.07% of their portfolio | 861.2k $43.9m | Added +11.3k |
| National Pension Service 0.09% of their portfolio | 850.8k $43.4m | Added +33.2k |
| CREDIT SUISSE AG/ 0.05% of their portfolio | 836.6k $42.6m | Added +52.3k |
| Man Group plc 0.14% of their portfolio | 768.1k $39.1m | Added +603.0k |
| Bridgewater Associates, LP 0.21% of their portfolio | 751.4k $38.3m | Reduced -188.8k |
| Brandywine Global Investment Management, LLC 0.29% of their portfolio | 740.4k $37.7m | New |
| EVERETT HARRIS & CO /CA/ 0.64% of their portfolio | 735.6k $37.5m | Added +7.9k |
| Magnetar Financial LLC 0.63% of their portfolio | 726.6k $37.0m | Added +70.3k |
| Qube Research & Technologies Ltd 0.22% of their portfolio | 707.3k $36.1m | New |
| River Road Asset Management, LLC 0.48% of their portfolio | 693.4k $35.3m | New |
| Cubist Systematic Strategies, LLC 0.30% of their portfolio | 687.2k $35.0m | Added +625.1k |
| HSBC HOLDINGS PLC 0.04% of their portfolio | 681.4k $34.6m | Added +141.1k |
| GREAT LAKES ADVISORS, LLC 0.24% of their portfolio | 655.6k $4.2m | Added +317.7k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.01% of their portfolio | 655.3k $33.4m | Reduced -2.6k |
| DEPRINCE RACE & ZOLLO INC 0.76% of their portfolio | 652.2k $33.2m | Reduced -4.1k |
| TD Asset Management Inc 0.04% of their portfolio | 648.9k $33.1m | Added +190.6k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 634.6k $32.3m | Added +99.7k |
| Impax Asset Management Group plc 0.13% of their portfolio | 572.9k $29.2m | New |
| PRINCIPAL FINANCIAL GROUP INC 0.02% of their portfolio | 572.8k $29.2m | Reduced -38.4k |
| FRANKLIN RESOURCES INC 0.01% of their portfolio | 553.9k $28.2m | Added +482.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.07% of their portfolio | 550.7k $28.1m | Reduced -7.6k |
| ROTHSCHILD & CO ASSET MANAGEMENT US INC. 0.43% of their portfolio | 548.7k $28.0m | Reduced -645.4k |
| CINCINNATI INSURANCE CO 0.54% of their portfolio | 532.0k $27.1m | Unchanged |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.07% of their portfolio | 523.8k $26.7m | Reduced -12.7k |
| STOREBRAND ASSET MANAGEMENT AS 0.15% of their portfolio | 518.4k $26.4m | Reduced -4.5k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.06% of their portfolio | 512.7k $26.1m | Reduced -300 |
| Squarepoint Ops LLC 0.17% of their portfolio | 498.2k $25.4m | New |
| BANQUE PICTET & CIE SA 0.26% of their portfolio | 484.8k $24.7m | Added +224.1k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.04% of their portfolio | 481.5k $24.5m | Added +37.3k |