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 ($40.5m this quarter). Holder counts are more reliable. Shares outstanding: 513.2m as of 2025-04-30, 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 ≈ $34.25. Options: 18 managers hold calls ($142.3m notional), 17 hold puts ($101.9m).
Trends to Q1 2025
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 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| 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 |
| Q1 2025 | 386 | 402 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2024 | $98.8m | $120.3m | 1.22 |
| Q3 2024 | $141.1m | $120.7m | 0.86 |
| Q4 2024 | $91.6m | $107.6m | 1.17 |
| Q1 2025 | $142.3m | $101.9m | 0.72 |
Biggest buyers
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +4.3m |
| BlackRock, Inc. | Added | +3.4m |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +3.1m |
| FMR LLC | Added | +2.7m |
| BANK OF AMERICA CORP /DE/ | Added | +1.9m |
| Alyeska Investment Group, L.P. | New | +1.6m |
| LAZARD ASSET MANAGEMENT LLC | Added | +1.6m |
| Camber Capital Management LP | Added | +1.1m |
| Dodge & Cox | Added | +1.1m |
| UBS Group AG | Added | +799.5k |
Biggest sellers
| NORDEA INVESTMENT MANAGEMENT AB | Reduced | -4.8m |
| GOLDMAN SACHS GROUP INC | Reduced | -1.7m |
| PLATINUM INVESTMENT MANAGEMENT LTD | Sold out | -1.5m |
| Bank of New York Mellon Corp | Reduced | -1.2m |
| Coho Partners, Ltd. | Sold out | -1.1m |
| Auto-Owners Insurance Co | Reduced | -968.8k |
| Invesco Ltd. | Reduced | -937.6k |
| MACQUARIE GROUP LTD | Reduced | -839.2k |
| National Pension Service | Reduced | -813.1k |
| Holocene Advisors, LP | Reduced | -575.6k |
Biggest calls
| MASTERS CAPITAL MANAGEMENT LLC | New | $68.5m2.0m shares |
| CITADEL ADVISORS LLC | Reduced | $15.1m440.1k shares |
| JANE STREET GROUP, LLC | Reduced | $14.6m425.1k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $11.1m325.3k shares |
| Qube Research & Technologies Ltd | New | $5.1m150.0k shares |
| BNP PARIBAS FINANCIAL MARKETS | First filing | $4.8m1.4k shares |
| Squarepoint Ops LLC | Added | $3.7m109.3k shares |
| SIMPLEX TRADING, LLC | Added | $2.8m82.5k shares |
| WOLVERINE TRADING, LLC | Reduced | $2.8m83.0k shares |
| IMC-Chicago, LLC | Reduced | $2.8m81.5k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $33.9m990.9k shares |
| CITADEL ADVISORS LLC | Added | $19.1m559.4k shares |
| IMC-Chicago, LLC | Added | $18.0m527.2k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $7.4m216.3k shares |
| UBS Group AG | New | $5.1m148.1k shares |
| JANE STREET GROUP, LLC | Reduced | $4.6m133.9k shares |
| SIMPLEX TRADING, LLC | Reduced | $4.2m122.5k shares |
| WOLVERINE TRADING, LLC | Reduced | $1.5m44.3k shares |
| Walleye Capital LLC | Added | $1.4m42.2k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Reduced | $1.2m36.2k 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 Q1 2025
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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q1 2025 | 0 | — | 0 | — | — |
None reported in Q1 2025.
Holders, Q1 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.05% of their portfolio | 66.9m $2.3bn | Added +3.4m |
| VANGUARD GROUP INC 0.04% of their portfolio | 61.1m $2.1bn | Added +295.1k |
| Dodge & Cox 1.00% of their portfolio | 51.5m $1.8bn | Added +1.1m |
| PZENA INVESTMENT MANAGEMENT LLC 4.39% of their portfolio | 36.8m $1.3bn | Added +3.1m |
| STATE STREET CORP 0.03% of their portfolio | 21.8m $748.7m | Reduced -21.2k |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.09% of their portfolio | 20.3m $695.3m | Added +4.3m |
| Bank of New York Mellon Corp 0.10% of their portfolio | 14.2m $486.1m | Reduced -1.2m |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 12.6m $428.4m | Added +109.4k |
| HARRIS ASSOCIATES L P 0.52% of their portfolio | 9.0m $308.2m | Added +540.7k |
| Invesco Ltd. 0.05% of their portfolio | 8.4m $289.1m | Reduced -937.6k |
| AMERIPRISE FINANCIAL INC 0.07% of their portfolio | 7.5m $258.1m | Added +84.0k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.20% of their portfolio | 6.2m $213.1m | Unchanged |
| MACQUARIE GROUP LTD 0.26% of their portfolio | 6.2m $212.0m | Reduced -839.2k |
| BANK OF AMERICA CORP /DE/ 0.02% of their portfolio | 6.0m $203.8m | Added +1.9m |
| MORGAN STANLEY 0.01% of their portfolio | 5.8m $197.1m | Added +114.2k |
| Camber Capital Management LP 12.28% of their portfolio | 5.8m $196.8m | Added +1.1m |
| Artisan Partners Limited Partnership 0.29% of their portfolio | 5.2m $178.1m | Reduced -35.4k |
| LSV ASSET MANAGEMENT 0.42% of their portfolio | 5.1m $174.4m | Reduced -391.8k |
| NORTHERN TRUST CORP 0.03% of their portfolio | 4.9m $169.2m | Reduced -533.3k |
| FRANKLIN RESOURCES INC 0.05% of their portfolio | 4.9m $167.0m | Added +8.8k |
| UBS Group AG 0.04% of their portfolio | 4.9m $166.8m | Added +799.5k |
| NORGES BANK 0.02% of their portfolio | 4.6m $157.7m | Added +57.9k |
| LAZARD ASSET MANAGEMENT LLC 0.20% of their portfolio | 3.8m $129.0m | Added +1.6m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 3.5m $119.3m | Added +117.1k |
| EQUITY INVESTMENT CORP 2.62% of their portfolio | 3.4m $117.2m | Added +485.3k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.4m $116.9m | Added +115.6k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 3.3m $113.3m | Added +62.5k |
| FMR LLC 0.01% of their portfolio | 3.3m $113.1m | Added +2.7m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.03% of their portfolio | 3.2m $108.7m | Added +44.6k |
| Legal & General Group Plc 0.03% of their portfolio | 3.1m $106.8m | Added +50.1k |
| Sound Shore Management Inc /CT/ 3.39% of their portfolio | 2.8m $96.7m | Added +341.3k |
| PARNASSUS INVESTMENTS, LLC 0.19% of their portfolio | 2.3m $78.8m | Added +72.4k |
| NORDEA INVESTMENT MANAGEMENT AB 0.08% of their portfolio | 2.3m $78.5m | Reduced -4.8m |
| THOMPSON SIEGEL & WALMSLEY LLC 1.29% of their portfolio | 2.2m $76.1m | Reduced -325.9k |
| California Public Employees Retirement System 0.05% of their portfolio | 2.2m $75.5m | Reduced -111.7k |
| SHAPIRO CAPITAL MANAGEMENT LLC 3.11% of their portfolio | 2.2m $75.5m | Reduced -392.9k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.1m $73.3m | Reduced -1.7m |
| DEUTSCHE BANK AG\ 0.03% of their portfolio | 2.1m $72.5m | Reduced -147.6k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 1.30% of their portfolio | 1.9m $65.8m | Unchanged |
| EDMOND DE ROTHSCHILD HOLDING S.A. 1.02% of their portfolio | 1.7m $57.6m | Reduced -60.1k |
| Russell Investments Group, Ltd. 0.08% of their portfolio | 1.7m $57.4m | Reduced -69.7k |
| Alyeska Investment Group, L.P. 0.22% of their portfolio | 1.6m $55.4m | New |
| COOKE & BIELER LP 0.54% of their portfolio | 1.6m $54.1m | Reduced -31.5k |
| FIRST TRUST ADVISORS LP 0.05% of their portfolio | 1.5m $52.7m | Reduced -47.8k |
| Cullen Capital Management, LLC 0.59% of their portfolio | 1.5m $51.2m | Added +109.8k |
| Amundi 0.02% of their portfolio | 1.4m $45.3m | Added +125.4k |
| Swiss National Bank 0.03% of their portfolio | 1.4m $49.3m | Reduced -1.2k |
| ARGA Investment Management, LP 1.52% of their portfolio | 1.3m $45.5m | Added +457.3k |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 1.3m $43.1m | Added +170.5k |
| NATIXIS ADVISORS, LLC 0.08% of their portfolio | 1.2m $41.7m | Added +590.0k |
| RHUMBLINE ADVISERS 0.04% of their portfolio | 1.2m $41.5m | Added +99.8k |
| BARCLAYS PLC 0.02% of their portfolio | 1.2m $40.7m | Added +70.4k |
| Sumitomo Mitsui Trust Group, Inc. 0.03% of their portfolio | 1.1m $39.1m | Reduced -17.4k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 1.1m $38.8m | Added +149.6k |
| DEPRINCE RACE & ZOLLO INC 0.77% of their portfolio | 1.1m $37.2m | Added +181.7k |
| Nuveen, LLC 0.01% of their portfolio | 1.1m $36.3m | First filing |
| BNP PARIBAS FINANCIAL MARKETS 0.03% of their portfolio | 1.0m $35.0m | First filing |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 940.0k $32.2m | Added +112.3k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.03% of their portfolio | 920.6k $31.5m | Added +98.8k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 919.0k $31.4m | Reduced -195.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 901.4k $30.9m | Reduced -84.2k |
| Callodine Capital Management, LP 5.00% of their portfolio | 877.5k $30.0m | Added +235.0k |
| BANK OF MONTREAL /CAN/ 0.02% of their portfolio | 855.9k $29.3m | Reduced -105.1k |
| SEI INVESTMENTS CO 0.04% of their portfolio | 829.7k $28.4m | Reduced -239.0k |
| CITADEL ADVISORS LLC 0.03% of their portfolio | 829.0k $28.4m | Added +104.2k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 777.1k $26.6m | Added +178.7k |
| CLARK ESTATES INC/NY 5.44% of their portfolio | 750.0k $25.7m | Reduced -25.0k |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 668.6k $22.9m | Reduced -376.3k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 631.0k $21.6m | Reduced -13.4k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.03% of their portfolio | 623.4k $21.3m | Added +147.2k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.03% of their portfolio | 619.6k $21.2m | Reduced -99.3k |
| CITIGROUP INC 0.02% of their portfolio | 609.1k $20.8m | Added +160.4k |
| CACTI ASSET MANAGEMENT LLC 1.57% of their portfolio | 599.4k $20.2m | Unchanged |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 575.0k $19.7m | Reduced -2.1k |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.02% of their portfolio | 535.5k $18.3m | Added +113.1k |
| FIL Ltd 0.02% of their portfolio | 535.1k $18.3m | Reduced -99.8k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.04% of their portfolio | 531.9k $18.2m | Reduced -11.8k |
| EVERETT HARRIS & CO /CA/ 0.23% of their portfolio | 526.4k $18.0m | Reduced -4.6k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.03% of their portfolio | 514.6k $17.6m | Reduced -18.5k |
| BECKER CAPITAL MANAGEMENT INC 0.58% of their portfolio | 512.3k $17.6m | Reduced -197.0k |
| CANADA LIFE ASSURANCE Co 0.03% of their portfolio | 509.4k $17.5m | Added +27.5k |
| CANADA PENSION PLAN INVESTMENT BOARD 0.02% of their portfolio | 501.6k $17.2m | Unchanged |
| Integral Health Asset Management, LLC 1.90% of their portfolio | 500.0k $17.1m | New |
| GABELLI FUNDS LLC 0.12% of their portfolio | 476.7k $16.3m | Added +147.5k |
| Bellevue Group AG 0.35% of their portfolio | 456.4k $15.6m | New |
| IMC-Chicago, LLC 0.59% of their portfolio | 443.4k $15.2m | Added +402.1k |
| MANNING & NAPIER ADVISORS LLC 0.18% of their portfolio | 426.8k $14.6m | Added +137.3k |
| Skandinaviska Enskilda Banken AB (publ) 0.07% of their portfolio | 418.8k $14.3m | Added +314.9k |
| MEYER HANDELMAN CO 0.50% of their portfolio | 415.1k $14.2m | Added +32.9k |
| GREAT LAKES ADVISORS, LLC 0.12% of their portfolio | 406.6k $13.9m | Reduced -10.7k |
| CIBC Asset Management Inc 0.05% of their portfolio | 404.9k $13.9m | Reduced -39.3k |
| Connor, Clark & Lunn Investment Management Ltd. 0.06% of their portfolio | 402.9k $13.8m | Added +216.4k |
| AXA S.A. 0.05% of their portfolio | 402.3k $13.8m | Reduced -272.9k |
| Verition Fund Management LLC 0.08% of their portfolio | 387.3k $13.3m | Added +303.5k |
| APG Asset Management N.V. 0.04% of their portfolio | 387.2k $12.3m | Reduced -46.9k |
| Aberdeen Group plc 0.03% of their portfolio | 384.1k $13.1m | Added +165.2k |
| JANE STREET GROUP, LLC 0.02% of their portfolio | 380.5k $13.0m | Reduced -218.4k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.03% of their portfolio | 376.3k $12.9m | Reduced -31.9k |
| South Dakota Investment Council 0.25% of their portfolio | 355.0k $12.2m | Added +4.3k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.03% of their portfolio | 334.9k $11.5m | Reduced -37.1k |