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 ($22.5m this quarter). Holder counts are more reliable. Shares outstanding: 511.6m as of 2025-02-13, 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 ≈ $29.14. Options: 25 managers hold calls ($91.6m notional), 19 hold puts ($107.6m).
Trends to Q4 2024
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 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q1 2023 | 422 | 483 |
| Q2 2023 | 394 | 469 |
| Q3 2023 | 351 | 511 |
| Q4 2023 | 343 | 489 |
| Q1 2024 | 414 | 403 |
| Q2 2024 | 364 | 466 |
| Q3 2024 | 411 | 413 |
| Q4 2024 | 320 | 505 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2024 | $222.2m | $133.3m | 0.60 |
| Q2 2024 | $98.8m | $120.3m | 1.22 |
| Q3 2024 | $141.1m | $120.7m | 0.86 |
| Q4 2024 | $91.6m | $107.6m | 1.17 |
Biggest buyers
| Dodge & Cox | Added | +5.8m |
| UBS Group AG | Added | +3.1m |
| EQUITY INVESTMENT CORP | New | +2.9m |
| Bank of New York Mellon Corp | Added | +2.8m |
| Sound Shore Management Inc /CT/ | New | +2.5m |
| Invesco Ltd. | Added | +1.5m |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +1.4m |
| GOLDMAN SACHS GROUP INC | Added | +1.2m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +1.1m |
| BlackRock, Inc. | Added | +1.1m |
Biggest sellers
| JPMORGAN CHASE & CO | Reduced | -6.1m |
| AMERIPRISE FINANCIAL INC | Reduced | -2.3m |
| Camber Capital Management LP | Reduced | -1.9m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Sold out | -1.6m |
| NEUBERGER BERMAN GROUP LLC | Reduced | -1.4m |
| Brandywine Global Investment Management, LLC | Reduced | -1.4m |
| HARRIS ASSOCIATES L P | Reduced | -1.3m |
| FMR LLC | Reduced | -1.3m |
| BANK OF AMERICA CORP /DE/ | Reduced | -1.2m |
| ROYAL BANK OF CANADA | Reduced | -970.1k |
Biggest calls
| JANE STREET GROUP, LLC | Added | $17.4m596.0k shares |
| CITADEL ADVISORS LLC | Reduced | $13.1m449.3k shares |
| JPMORGAN CHASE & CO | Reduced | $12.0m412.3k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $10.8m369.1k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $10.3m351.7k shares |
| Cubist Systematic Strategies, LLC | Added | $3.7m126.8k shares |
| CAPITAL FUND MANAGEMENT S.A. | Reduced | $3.3m111.8k shares |
| UBS Group AG | Unchanged | $3.2m109.8k shares |
| WOLVERINE TRADING, LLC | Added | $2.7m93.3k shares |
| IMC-Chicago, LLC | Added | $2.4m83.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $49.1m1.7m shares |
| CITADEL ADVISORS LLC | Added | $14.7m502.6k shares |
| JANE STREET GROUP, LLC | Reduced | $12.2m417.0k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $4.5m155.0k shares |
| SIMPLEX TRADING, LLC | Added | $3.7m125.4k shares |
| JPMORGAN CHASE & CO | Reduced | $3.0m103.3k shares |
| GROUP ONE TRADING LLC | Added | $2.8m94.6k shares |
| Cubist Systematic Strategies, LLC | Added | $2.7m92.5k shares |
| Walleye Trading LLC | Reduced | $2.6m88.8k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Added | $2.6m87.8k 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 2024
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 2023 | 0 | — | 3 | $3.0m | — |
| Q2 2023 | 0 | — | 0 | — | — |
| Q3 2023 | 0 | — | 0 | — | — |
| Q4 2023 | 0 | — | 0 | — | — |
| Q1 2024 | 0 | — | 1 | $2.6m | $2.6m |
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 0 | — | — |
| Q4 2024 | 0 | — | 0 | — | — |
None reported in Q4 2024.
Holders, Q4 2024
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.04% of their portfolio | 63.6m $1.9bn | Added +1.1m |
| VANGUARD GROUP INC 0.03% of their portfolio | 60.8m $1.8bn | Added +462.9k |
| Dodge & Cox 0.85% of their portfolio | 50.4m $1.5bn | Added +5.8m |
| PZENA INVESTMENT MANAGEMENT LLC 3.34% of their portfolio | 33.6m $980.9m | Added +1.4m |
| STATE STREET CORP 0.03% of their portfolio | 21.8m $638.9m | Added +12.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.05% of their portfolio | 16.0m $466.1m | Added +1.1m |
| Bank of New York Mellon Corp 0.08% of their portfolio | 15.4m $447.9m | Added +2.8m |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 12.4m $362.0m | Added +290.3k |
| Invesco Ltd. 0.05% of their portfolio | 9.4m $273.6m | Added +1.5m |
| HARRIS ASSOCIATES L P 0.32% of their portfolio | 8.5m $246.8m | Reduced -1.3m |
| AMERIPRISE FINANCIAL INC 0.06% of their portfolio | 7.5m $217.5m | Reduced -2.3m |
| NORDEA INVESTMENT MANAGEMENT AB 0.22% of their portfolio | 7.1m $206.3m | Added +1.0m |
| MACQUARIE GROUP LTD 0.25% of their portfolio | 7.0m $204.5m | Added +1.0m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.17% of their portfolio | 6.2m $181.5m | Unchanged |
| MORGAN STANLEY 0.01% of their portfolio | 5.6m $164.6m | Reduced -311.9k |
| LSV ASSET MANAGEMENT 0.37% of their portfolio | 5.5m $160.0m | Reduced -378.7k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 5.5m $159.7m | Added +21.5k |
| Artisan Partners Limited Partnership 0.24% of their portfolio | 5.2m $152.8m | Added +309.1k |
| FRANKLIN RESOURCES INC 0.04% of their portfolio | 4.9m $142.0m | Reduced -584.3k |
| Camber Capital Management LP 5.28% of their portfolio | 4.6m $134.9m | Reduced -1.9m |
| NORGES BANK 0.02% of their portfolio | 4.6m $132.7m | Reduced -722.6k |
| UBS Group AG 0.03% of their portfolio | 4.1m $118.8m | Added +3.1m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 4.0m $117.4m | Reduced -1.2m |
| GOLDMAN SACHS GROUP INC 0.02% of their portfolio | 3.8m $112.1m | Added +1.2m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 3.4m $98.2m | Added +92.6k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.3m $96.2m | Reduced -6.1m |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 3.2m $94.7m | Added +489.0k |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 3.1m $91.3m | Added +409.9k |
| Legal & General Group Plc 0.02% of their portfolio | 3.1m $89.5m | Reduced -177.7k |
| EQUITY INVESTMENT CORP 2.01% of their portfolio | 2.9m $85.7m | New |
| SHAPIRO CAPITAL MANAGEMENT LLC 2.57% of their portfolio | 2.6m $75.7m | Reduced -393.3k |
| THOMPSON SIEGEL & WALMSLEY LLC 1.16% of their portfolio | 2.5m $74.3m | Added +662.0k |
| Sound Shore Management Inc /CT/ 2.39% of their portfolio | 2.5m $72.5m | New |
| California Public Employees Retirement System 0.05% of their portfolio | 2.3m $67.6m | Reduced -25.3k |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 2.3m $66.0m | Added +771.6k |
| PARNASSUS INVESTMENTS, LLC 0.14% of their portfolio | 2.2m $65.0m | Added +1.4k |
| LAZARD ASSET MANAGEMENT LLC 0.09% of their portfolio | 2.2m $62.9m | Added +450.8k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 1.07% of their portfolio | 1.9m $56.1m | Unchanged |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 1.7m $50.9m | Added +502.4k |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.87% of their portfolio | 1.7m $50.8m | Added +122.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.04% of their portfolio | 1.7m $48.4m | Added +560.7k |
| COOKE & BIELER LP 0.45% of their portfolio | 1.6m $47.0m | Reduced -76.4k |
| FIRST TRUST ADVISORS LP 0.04% of their portfolio | 1.6m $46.3m | Added +18.4k |
| PLATINUM INVESTMENT MANAGEMENT LTD 2.58% of their portfolio | 1.5m $44.0m | Reduced -78.3k |
| Swiss National Bank 0.03% of their portfolio | 1.4m $42.0m | Reduced -71.2k |
| Cullen Capital Management, LLC 0.47% of their portfolio | 1.4m $40.4m | Reduced -63.8k |
| Amundi 0.01% of their portfolio | 1.3m $39.0m | Added +384.3k |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 1.2m $33.8m | Added +21.6k |
| Coho Partners, Ltd. 1.54% of their portfolio | 1.1m $33.5m | Reduced -359.2k |
| BARCLAYS PLC 0.02% of their portfolio | 1.1m $32.6m | Added +65.2k |
| National Pension Service 0.03% of their portfolio | 1.1m $32.6m | Reduced -36.8k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 1.1m $32.4m | Added +445.7k |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 1.1m $32.5m | Added +13.4k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 1.1m $31.7m | Reduced -970.1k |
| SEI INVESTMENTS CO 0.04% of their portfolio | 1.1m $31.2m | Added +93.4k |
| Auto-Owners Insurance Co 0.70% of their portfolio | 1.1m $30.6m | New |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 1.0m $30.5m | Added +963.4k |
| Nuveen Asset Management, LLC 0.01% of their portfolio | 1.0m $30.3m | Reduced -1.7k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 985.6k $28.7m | Added +102.4k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 984.7k $28.7m | First filing |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 961.0k $28.0m | Reduced -106.0k |
| DEPRINCE RACE & ZOLLO INC 0.52% of their portfolio | 904.7k $26.4m | Added +49.6k |
| ARGA Investment Management, LP 0.83% of their portfolio | 870.6k $25.4m | Added +520.6k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 827.7k $24.1m | Reduced -219.2k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.02% of their portfolio | 821.8k $24.2m | Added +90.0k |
| CLARK ESTATES INC/NY 4.37% of their portfolio | 775.0k $22.6m | New |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 724.8k $21.1m | Added +339.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 718.9k $21.0m | Added +611.8k |
| BECKER CAPITAL MANAGEMENT INC 0.68% of their portfolio | 709.3k $20.8m | Reduced -61.0k |
| AXA S.A. 0.06% of their portfolio | 675.2k $19.7m | Reduced -312.0k |
| Holocene Advisors, LP 0.06% of their portfolio | 658.0k $19.2m | Reduced -659.4k |
| FMR LLC 0.00% of their portfolio | 645.0k $18.8m | Reduced -1.3m |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 644.4k $18.8m | Reduced -64.8k |
| Callodine Capital Management, LP 3.87% of their portfolio | 642.5k $18.7m | Reduced -85.0k |
| FIL Ltd 0.02% of their portfolio | 634.9k $18.5m | Reduced -46.9k |
| NATIXIS ADVISORS, LLC 0.03% of their portfolio | 629.6k $18.4m | Reduced -301.6k |
| CACTI ASSET MANAGEMENT LLC 1.29% of their portfolio | 599.4k $17.2m | Added +97.8k |
| JANE STREET GROUP, LLC 0.03% of their portfolio | 598.9k $17.5m | Added +299.0k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 598.5k $17.5m | Reduced -66.7k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 577.1k $16.8m | Reduced -9.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio | 543.6k $15.9m | First filing |
| Balyasny Asset Management L.P. 0.04% of their portfolio | 538.5k $15.7m | New |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.03% of their portfolio | 533.2k $15.5m | Reduced -36.7k |
| EVERETT HARRIS & CO /CA/ 0.20% of their portfolio | 530.9k $15.5m | Reduced -19.6k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 501.6k $14.6m | Unchanged |
| CANADA LIFE ASSURANCE Co 0.02% of their portfolio | 481.9k $14.0m | Added +48.4k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 476.2k $13.9m | Added +34.7k |
| CITIGROUP INC 0.01% of their portfolio | 448.6k $13.1m | Added +203.4k |
| CIBC Asset Management Inc 0.04% of their portfolio | 444.2k $13.0m | Added +8.3k |
| APG Asset Management N.V. 0.03% of their portfolio | 434.1k $12.2m | Added +269.9k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 422.4k $12.3m | Added +111.3k |
| GREAT LAKES ADVISORS, LLC 0.10% of their portfolio | 417.3k $12.2m | Reduced -48.8k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 408.2k $11.9m | Reduced -2.9k |
| MARSHALL WACE, LLP 0.01% of their portfolio | 396.4k $11.6m | Added +389.1k |
| MEYER HANDELMAN CO 0.39% of their portfolio | 382.2k $11.1m | Reduced -25.4k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.03% of their portfolio | 372.0k $10.8m | Reduced -60.3k |
| Parkwood LLC 1.32% of their portfolio | 368.6k $10.7m | New |
| South Dakota Investment Council 0.20% of their portfolio | 350.8k $10.2m | Reduced -1.9k |
| Demars Financial Group, LLC 0.12% of their portfolio | 346.3k $11.9k | Added +335.6k |
| Treasurer of the State of North Carolina 0.04% of their portfolio | 344.1k $10.0m | Reduced -5.7k |