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 ($108.0m this quarter). Holder counts are more reliable. Shares outstanding: 507.8m as of 2024-01-31, 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 ≈ $38.67. Options: 37 managers hold calls ($297.3m notional), 28 hold puts ($159.6m).
Trends to Q4 2023
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 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 395 | 488 |
| Q1 2023 | 422 | 483 |
| Q2 2023 | 394 | 469 |
| Q3 2023 | 351 | 511 |
| Q4 2023 | 343 | 489 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2023 | $237.3m | $135.8m | 0.57 |
| Q2 2023 | $213.4m | $159.0m | 0.74 |
| Q3 2023 | $293.5m | $120.6m | 0.41 |
| Q4 2023 | $297.3m | $159.6m | 0.54 |
Biggest buyers
| PZENA INVESTMENT MANAGEMENT LLC | Added | +18.5m |
| Dodge & Cox | Added | +17.5m |
| JPMORGAN CHASE & CO | Added | +8.6m |
| MORGAN STANLEY | Added | +4.2m |
| Camber Capital Management LP | Added | +2.0m |
| GENERATION INVESTMENT MANAGEMENT LLP | Added | +1.8m |
| FMR LLC | Added | +1.6m |
| HARRIS ASSOCIATES L P | Added | +1.6m |
| DEERFIELD MANAGEMENT COMPANY, L.P. | New | +1.4m |
| AXA S.A. | Added | +871.9k |
Biggest sellers
| BlackRock Inc. | Reduced | -5.7m |
| Invesco Ltd. | Reduced | -4.1m |
| Bank of New York Mellon Corp | Reduced | -2.5m |
| Magnetar Financial LLC | Sold out | -2.4m |
| Alyeska Investment Group, L.P. | Reduced | -2.3m |
| NORGES BANK | Reduced | -2.3m |
| ORBIMED ADVISORS LLC | Sold out | -2.2m |
| Capital International Investors | Sold out | -1.9m |
| Coho Partners, Ltd. | Reduced | -1.7m |
| Balyasny Asset Management L.P. | Sold out | -1.5m |
Biggest calls
| JANE STREET GROUP, LLC | Added | $46.5m1.2m shares |
| CITADEL ADVISORS LLC | Added | $29.3m757.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $28.9m748.8k shares |
| SIMPLEX TRADING, LLC | Added | $27.3m706.1k shares |
| NOMURA HOLDINGS INC | Reduced | $21.4m554.7k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $20.9m541.5k shares |
| Governors Lane LP | Added | $20.7m535.0k shares |
| JPMORGAN CHASE & CO | Added | $19.3m500.0k shares |
| JONES ROAD CAPITAL MANAGEMENT, L.P. | Unchanged | $7.7m200.0k shares |
| Walleye Trading LLC | Added | $6.3m162.4k shares |
Biggest puts
| CITADEL ADVISORS LLC | Added | $41.0m1.1m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $29.1m753.5k shares |
| JANE STREET GROUP, LLC | Added | $12.8m332.3k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $12.5m323.3k shares |
| Westchester Capital Management, LLC | Unchanged | $11.8m304.8k shares |
| JPMORGAN CHASE & CO | Added | $8.6m222.2k shares |
| Walleye Trading LLC | Reduced | $6.4m164.4k shares |
| SIMPLEX TRADING, LLC | Reduced | $5.5m141.3k shares |
| Parallax Volatility Advisers, L.P. | Reduced | $4.0m104.1k shares |
| Walleye Capital LLC | Reduced | $3.9m101.4k 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 2023
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 2022 | 0 | — | 4 | $5.1m | — |
| Q2 2022 | 0 | — | 3 | $689.3k | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 3 | $3.0m | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
None reported in Q4 2023.
Holders, Q4 2023
| Manager | Shares | Change |
|---|---|---|
| VANGUARD GROUP INC 0.05% of their portfolio | 60.2m $2.3bn | Reduced -174.6k |
| BlackRock Inc. 0.06% of their portfolio | 59.7m $2.3bn | Reduced -5.7m |
| Dodge & Cox 0.67% of their portfolio | 27.4m $1.1bn | Added +17.5m |
| JPMORGAN CHASE & CO 0.05% of their portfolio | 24.6m $951.3m | Added +8.6m |
| PZENA INVESTMENT MANAGEMENT LLC 3.53% of their portfolio | 24.3m $938.3m | Added +18.5m |
| STATE STREET CORP 0.04% of their portfolio | 21.4m $831.6m | Added +454.1k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.09% of their portfolio | 16.4m $634.0m | Reduced -760.7k |
| AMERIPRISE FINANCIAL INC 0.13% of their portfolio | 11.2m $431.4m | Added +319.9k |
| GEODE CAPITAL MANAGEMENT, LLC 0.04% of their portfolio | 11.1m $427.5m | Added +254.4k |
| HARRIS ASSOCIATES L P 0.62% of their portfolio | 9.3m $357.8m | Added +1.6m |
| MORGAN STANLEY 0.02% of their portfolio | 8.9m $342.8m | Added +4.2m |
| GENERATION INVESTMENT MANAGEMENT LLP 1.46% of their portfolio | 8.3m $321.9m | Added +1.8m |
| MACQUARIE GROUP LTD 0.37% of their portfolio | 8.3m $321.0m | Reduced -56.1k |
| Invesco Ltd. 0.07% of their portfolio | 7.5m $289.2m | Reduced -4.1m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.23% of their portfolio | 6.2m $240.7m | Reduced -628.3k |
| NORGES BANK 0.04% of their portfolio | 6.1m $236.4m | Reduced -2.3m |
| NORTHERN TRUST CORP 0.04% of their portfolio | 5.7m $220.5m | Reduced -489.6k |
| Carmignac Gestion 3.45% of their portfolio | 5.3m $205.3m | Added +462.2k |
| Camber Capital Management LP 6.76% of their portfolio | 5.0m $193.3m | Added +2.0m |
| FRANKLIN RESOURCES INC 0.08% of their portfolio | 4.7m $180.8m | Reduced -125.3k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 4.6m $178.9m | Reduced -524.1k |
| FMR LLC 0.01% of their portfolio | 4.2m $163.9m | Added +1.6m |
| Artisan Partners Limited Partnership 0.25% of their portfolio | 4.1m $159.6m | Added +513.1k |
| Unisphere Establishment 1.60% of their portfolio | 4.0m $154.6m | First filing |
| Bank of New York Mellon Corp 0.03% of their portfolio | 3.9m $152.5m | Reduced -2.5m |
| PointState Capital LP 4.71% of their portfolio | 3.4m $131.5m | Reduced -114.3k |
| Legal & General Group Plc 0.04% of their portfolio | 3.1m $120.9m | Reduced -243.3k |
| California Public Employees Retirement System 0.09% of their portfolio | 3.1m $119.7m | Reduced -55.6k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.03% of their portfolio | 3.1m $119.6m | Added +129.4k |
| SHAPIRO CAPITAL MANAGEMENT LLC 3.12% of their portfolio | 2.9m $112.9m | Reduced -107.7k |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 2.8m $109.1m | Added +206.9k |
| FIL Ltd 0.11% of their portfolio | 2.7m $106.0m | Added +447.5k |
| NORDEA INVESTMENT MANAGEMENT AB 0.13% of their portfolio | 2.6m $101.3m | Reduced -241.3k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio | 2.3m $87.3m | Reduced -42.3k |
| PARNASSUS INVESTMENTS, LLC 0.19% of their portfolio | 2.2m $85.9m | Unchanged |
| MAVERICK CAPITAL LTD 1.74% of their portfolio | 2.2m $84.1m | Reduced -43.5k |
| COOKE & BIELER LP 0.71% of their portfolio | 2.1m $80.4m | Reduced -1.3m |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 2.1m $80.0m | Added +3.1k |
| PRUDENTIAL FINANCIAL INC 0.12% of their portfolio | 2.0m $78.6m | Added +34.0k |
| JANUS HENDERSON GROUP PLC 0.04% of their portfolio | 1.8m $69.4m | Reduced -96.5k |
| FIRST TRUST ADVISORS LP 0.07% of their portfolio | 1.7m $66.8m | Reduced -59.4k |
| PLATINUM INVESTMENT MANAGEMENT LTD 2.56% of their portfolio | 1.6m $63.1m | Added +170.0k |
| Amundi 0.03% of their portfolio | 1.6m $65.9m | Reduced -24.9k |
| Swiss National Bank 0.04% of their portfolio | 1.6m $61.2m | Reduced -42.5k |
| BARCLAYS PLC 0.03% of their portfolio | 1.5m $59.6m | Reduced -426.1k |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 1.4m $55.0m | Added +327.2k |
| TWO SIGMA ADVISERS, LP 0.13% of their portfolio | 1.4m $54.9m | Reduced -678.3k |
| AXA S.A. 0.09% of their portfolio | 1.4m $54.4m | Added +871.9k |
| Brandywine Global Investment Management, LLC 0.43% of their portfolio | 1.4m $53.7m | Added +361.2k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 0.97% of their portfolio | 1.4m $52.5m | New |
| Aberdeen Group plc 0.11% of their portfolio | 1.3m $49.0m | Added +426.0k |
| Cullen Capital Management, LLC 0.71% of their portfolio | 1.2m $47.7m | Reduced -839 |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.84% of their portfolio | 1.2m $47.1m | Added +150.6k |
| Sumitomo Mitsui Trust Group, Inc. 0.03% of their portfolio | 1.2m $46.5m | Reduced -1.1k |
| Impax Asset Management Group plc 0.18% of their portfolio | 1.2m $45.3m | Added +373.4k |
| RENAISSANCE TECHNOLOGIES LLC 0.07% of their portfolio | 1.1m $44.2m | Added +9.2k |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 1.1m $43.7m | Reduced -313.2k |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 1.1m $43.4m | Added +498.0k |
| PENSIOENFONDS RAIL & OV 2.45% of their portfolio | 1.1m $42.5m | Unchanged |
| CINCINNATI FINANCIAL CORP 0.93% of their portfolio | 1.1m $42.0m | Reduced -530.0k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.02% of their portfolio | 1.1m $40.9m | Reduced -1.2m |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 1.0m $39.2m | Reduced -29.4k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.0m $39.0m | Reduced -209.6k |
| RHUMBLINE ADVISERS 0.04% of their portfolio | 1.0m $38.9m | Added +30.0k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 958.9k $37.1m | Reduced -480.9k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.05% of their portfolio | 906.7k $35.1m | Added +76.0k |
| DEPRINCE RACE & ZOLLO INC 0.77% of their portfolio | 886.3k $34.3m | Added +184.1k |
| WHITEBOX ADVISORS LLC 1.47% of their portfolio | 856.5k $33.1m | Added +128.0k |
| National Pension Service 0.05% of their portfolio | 843.2k $32.6m | Unchanged |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 822.3k $31.8m | Added +119.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.06% of their portfolio | 797.9k $30.8m | Added +419.9k |
| JENNISON ASSOCIATES LLC 0.02% of their portfolio | 784.0k $30.3m | Added +6.4k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.04% of their portfolio | 774.1k $29.9m | Reduced -11.0k |
| HSBC HOLDINGS PLC 0.03% of their portfolio | 748.6k $29.0m | Added +162.0k |
| CINCINNATI INSURANCE CO 0.47% of their portfolio | 672.0k $26.0m | Unchanged |
| NATIXIS ADVISORS, LLC 0.07% of their portfolio | 661.5k $25.6m | Added +169.8k |
| TWO SIGMA INVESTMENTS, LP 0.06% of their portfolio | 631.7k $24.4m | Added +39.7k |
| Bridgewater Associates, LP 0.14% of their portfolio | 626.4k $24.2m | Reduced -72.2k |
| APG Asset Management N.V. 0.04% of their portfolio | 605.7k $21.2m | Reduced -103.3k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.03% of their portfolio | 605.7k $23.4m | Unchanged |
| AQR CAPITAL MANAGEMENT LLC 0.04% of their portfolio | 599.1k $23.2m | Added +176.5k |
| RAYMOND JAMES & ASSOCIATES 0.02% of their portfolio | 596.9k $23.1m | Reduced -236.4k |
| UBS Group AG 0.01% of their portfolio | 573.3k $22.2m | Reduced -152.0k |
| EVERETT HARRIS & CO /CA/ 0.32% of their portfolio | 572.2k $22.1m | Reduced -33.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 571.8k $22.1m | Reduced -12.6k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 551.9k $21.3m | Reduced -181.8k |
| BOONE CAPITAL MANAGEMENT LLC 4.95% of their portfolio | 548.5k $21.2m | Added +79.1k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.04% of their portfolio | 543.9k $21.0m | Added +77 |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.04% of their portfolio | 541.1k $20.6m | Added +62.6k |
| CITIGROUP INC 0.03% of their portfolio | 539.9k $20.9m | Reduced -36.9k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 535.0k $20.7m | Added +419 |
| CREDIT SUISSE AG/ 0.02% of their portfolio | 528.9k $20.4m | Reduced -26.7k |
| Point72 Europe (London) LLP 2.44% of their portfolio | 503.7k $19.5m | Added +100.6k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.04% of their portfolio | 458.8k $17.7m | Reduced -23.0k |
| Sequoia Financial Advisors, LLC 0.21% of their portfolio | 446.1k $17.2m | Added +89.0k |
| STIFEL FINANCIAL CORP 0.02% of their portfolio | 413.8k $16.0m | Reduced -36.4k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 407.2k $15.7m | Reduced -233.1k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 405.0k $15.7m | Added +348.8k |
| GREAT LAKES ADVISORS, LLC 0.15% of their portfolio | 399.9k $15.5m | Reduced -89.3k |
| CAPITAL FUND MANAGEMENT S.A. 0.20% of their portfolio | 398.8k $15.4m | Added +11.3k |