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 ($94.8m this quarter). Holder counts are more reliable. Shares outstanding: 513.6m as of 2025-07-31, 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 ≈ $30.31. Options: 20 managers hold calls ($118.9m notional), 17 hold puts ($50.4m).
Trends to Q2 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 |
| Q2 2025 | 775 |
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 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 |
| Q2 2025 | 328 | 424 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2024 | $141.1m | $120.7m | 0.86 |
| Q4 2024 | $91.6m | $107.6m | 1.17 |
| Q1 2025 | $142.3m | $101.9m | 0.72 |
| Q2 2025 | $118.9m | $50.4m | 0.42 |
Biggest buyers
| ROYAL BANK OF CANADA | Added | +4.6m |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +2.6m |
| Point72 Asset Management, L.P. | Added | +2.0m |
| PRICE T ROWE ASSOCIATES INC /MD/ | Added | +1.7m |
| NORDEA INVESTMENT MANAGEMENT AB | Added | +1.3m |
| VANGUARD GROUP INC | Added | +1.1m |
| ADAGE CAPITAL PARTNERS GP, L.L.C. | Added | +1.1m |
| Auto-Owners Insurance Co | Added | +968.8k |
| Alyeska Investment Group, L.P. | Added | +925.3k |
| NORGES BANK | Added | +860.9k |
Biggest sellers
| Camber Capital Management LP | Reduced | -2.9m |
| PARNASSUS INVESTMENTS, LLC | Sold out | -2.3m |
| MACQUARIE GROUP LTD | Reduced | -1.8m |
| SHAPIRO CAPITAL MANAGEMENT LLC | Reduced | -1.5m |
| Bank of New York Mellon Corp | Reduced | -1.0m |
| MORGAN STANLEY | Reduced | -580.2k |
| ARGA Investment Management, LP | Reduced | -529.5k |
| CITADEL ADVISORS LLC | Reduced | -495.1k |
| CANADA PENSION PLAN INVESTMENT BOARD | Reduced | -477.4k |
| Connor, Clark & Lunn Investment Management Ltd. | Reduced | -396.0k |
Biggest calls
| MASTERS CAPITAL MANAGEMENT LLC | Unchanged | $60.6m2.0m shares |
| MILLENNIUM MANAGEMENT LLC | New | $12.1m400.0k shares |
| CITADEL ADVISORS LLC | Reduced | $9.9m327.9k shares |
| Point72 Asset Management, L.P. | New | $9.3m307.7k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $5.6m184.5k shares |
| JANE STREET GROUP, LLC | Reduced | $3.6m118.1k shares |
| BNP PARIBAS FINANCIAL MARKETS | Reduced | $3.5m1.2k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $3.3m110.2k shares |
| IMC-Chicago, LLC | Added | $2.5m83.3k shares |
| GROUP ONE TRADING LLC | Added | $2.2m72.7k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $19.8m655.0k shares |
| CITADEL ADVISORS LLC | Reduced | $11.3m371.6k shares |
| JANE STREET GROUP, LLC | Reduced | $3.5m116.3k shares |
| CAPITAL FUND MANAGEMENT S.A. | Added | $3.3m109.5k shares |
| MILLENNIUM MANAGEMENT LLC | Reduced | $3.0m100.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.8m93.6k shares |
| IMC-Chicago, LLC | Reduced | $2.0m64.6k shares |
| Cubist Systematic Strategies, LLC | Reduced | $802.4k26.5k shares |
| Walleye Capital LLC | Reduced | $766.1k25.3k shares |
| CAPSTONE INVESTMENT ADVISORS, LLC | Reduced | $690.4k22.8k 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 Q2 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q2 2025 | 0 | — | 0 | — | — |
None reported in Q2 2025.
Holders, Q2 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.04% of their portfolio | 67.7m $2.1bn | Added +793.6k |
| VANGUARD GROUP INC 0.03% of their portfolio | 62.2m $1.9bn | Added +1.1m |
| Dodge & Cox 0.89% of their portfolio | 52.1m $1.6bn | Added +662.7k |
| PZENA INVESTMENT MANAGEMENT LLC 3.87% of their portfolio | 39.3m $1.2bn | Added +2.6m |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.08% of their portfolio | 22.0m $665.0m | Added +1.7m |
| STATE STREET CORP 0.03% of their portfolio | 21.9m $668.0m | Added +170.7k |
| Bank of New York Mellon Corp 0.08% of their portfolio | 13.2m $399.4m | Reduced -1.0m |
| GEODE CAPITAL MANAGEMENT, LLC 0.03% of their portfolio | 12.9m $388.4m | Added +326.7k |
| HARRIS ASSOCIATES L P 0.46% of their portfolio | 9.3m $283.1m | Added +344.5k |
| Invesco Ltd. 0.05% of their portfolio | 8.9m $269.6m | Added +458.1k |
| AMERIPRISE FINANCIAL INC 0.06% of their portfolio | 7.6m $231.3m | Added +97.7k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.17% of their portfolio | 6.2m $188.5m | Unchanged |
| ROYAL BANK OF CANADA 0.02% of their portfolio | 5.8m $176.2m | Added +4.6m |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 5.6m $170.1m | Reduced -336.4k |
| NORGES BANK 0.02% of their portfolio | 5.5m $165.6m | Added +860.9k |
| UBS Group AG 0.03% of their portfolio | 5.2m $158.3m | Added +355.9k |
| MORGAN STANLEY 0.01% of their portfolio | 5.2m $156.8m | Reduced -580.2k |
| Artisan Partners Limited Partnership 0.23% of their portfolio | 5.0m $151.5m | Reduced -201.8k |
| FRANKLIN RESOURCES INC 0.04% of their portfolio | 4.8m $145.6m | Reduced -70.8k |
| LSV ASSET MANAGEMENT 0.34% of their portfolio | 4.8m $145.5m | Reduced -288.4k |
| NORTHERN TRUST CORP 0.02% of their portfolio | 4.8m $144.1m | Reduced -182.5k |
| LAZARD ASSET MANAGEMENT LLC 0.19% of their portfolio | 4.5m $135.8m | Added +716.8k |
| MACQUARIE GROUP LTD 0.16% of their portfolio | 4.4m $133.7m | Reduced -1.8m |
| FMR LLC 0.01% of their portfolio | 4.1m $123.2m | Added +763.9k |
| DIMENSIONAL FUND ADVISORS LP 0.03% of their portfolio | 4.0m $120.2m | Added +658.7k |
| EQUITY INVESTMENT CORP 2.61% of their portfolio | 3.9m $119.4m | Added +519.1k |
| JPMORGAN CHASE & CO 0.01% of their portfolio | 3.7m $111.2m | Added +258.3k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 3.6m $108.6m | Added +100.0k |
| NORDEA INVESTMENT MANAGEMENT AB 0.10% of their portfolio | 3.6m $108.1m | Added +1.3m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.02% of their portfolio | 3.5m $104.6m | Added +277.4k |
| Legal & General Group Plc 0.02% of their portfolio | 3.0m $92.0m | Reduced -79.3k |
| Camber Capital Management LP 12.02% of their portfolio | 2.9m $86.3m | Reduced -2.9m |
| Sound Shore Management Inc /CT/ 2.91% of their portfolio | 2.8m $85.4m | Reduced -4.4k |
| Alyeska Investment Group, L.P. 0.27% of their portfolio | 2.5m $77.1m | Added +925.3k |
| Point72 Asset Management, L.P. 0.16% of their portfolio | 2.3m $68.2m | Added +2.0m |
| THOMPSON SIEGEL & WALMSLEY LLC 1.14% of their portfolio | 2.2m $67.5m | Added +5.7k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 1.9m $58.4m | Reduced -187.8k |
| California Public Employees Retirement System 0.04% of their portfolio | 1.9m $58.4m | Reduced -278.6k |
| DEERFIELD MANAGEMENT COMPANY, L.P. 1.06% of their portfolio | 1.9m $58.2m | Unchanged |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 1.9m $57.6m | Added +224.8k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 1.9m $56.6m | Reduced -272.4k |
| COOKE & BIELER LP 0.53% of their portfolio | 1.8m $53.0m | Added +170.6k |
| Cullen Capital Management, LLC 0.57% of their portfolio | 1.7m $50.0m | Added +155.4k |
| BARCLAYS PLC 0.02% of their portfolio | 1.6m $48.8m | Added +422.9k |
| Swiss National Bank 0.03% of their portfolio | 1.6m $47.0m | Added +112.6k |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.72% of their portfolio | 1.5m $45.2m | Reduced -189.6k |
| Callodine Capital Management, LP 4.59% of their portfolio | 1.5m $44.3m | Added +585.0k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.07% of their portfolio | 1.4m $41.8m | Added +1.1m |
| FIRST TRUST ADVISORS LP 0.03% of their portfolio | 1.3m $39.0m | Reduced -250.8k |
| Sumitomo Mitsui Trust Group, Inc. 0.02% of their portfolio | 1.3m $38.6m | Added +130.2k |
| Amundi 0.01% of their portfolio | 1.3m $39.2m | Reduced -186.6k |
| NATIXIS ADVISORS, LLC 0.06% of their portfolio | 1.2m $36.7m | Reduced -8.1k |
| DEPRINCE RACE & ZOLLO INC 0.73% of their portfolio | 1.2m $35.3m | Added +77.9k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 1.1m $34.4m | Added +1.1k |
| RHUMBLINE ADVISERS 0.03% of their portfolio | 1.1m $33.9m | Reduced -94.5k |
| FIL Ltd 0.03% of their portfolio | 1.1m $33.8m | Added +579.6k |
| Nuveen, LLC 0.01% of their portfolio | 1.1m $33.7m | Added +55.5k |
| MILLENNIUM MANAGEMENT LLC 0.03% of their portfolio | 1.1m $32.2m | Added +394.9k |
| WELLS FARGO & COMPANY/MN 0.01% of their portfolio | 1.1m $32.0m | Added +117.3k |
| Auto-Owners Insurance Co 0.71% of their portfolio | 1.1m $31.8m | Added +968.8k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 1.0m $31.7m | Added +25.2k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.02% of their portfolio | 976.9k $29.6m | Added +56.2k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 917.1k $27.8m | Added +15.7k |
| HSBC HOLDINGS PLC 0.02% of their portfolio | 907.5k $27.5m | Reduced -11.5k |
| CLARK ESTATES INC/NY 5.47% of their portfolio | 805.0k $24.4m | Added +55.0k |
| ARGA Investment Management, LP 0.66% of their portfolio | 798.4k $24.2m | Reduced -529.5k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 780.3k $23.6m | Reduced -75.6k |
| SEI INVESTMENTS CO 0.03% of their portfolio | 777.6k $23.5m | Reduced -52.1k |
| SHAPIRO CAPITAL MANAGEMENT LLC 0.93% of their portfolio | 702.1k $21.3m | Reduced -1.5m |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 649.5k $19.7m | Added +18.4k |
| CANADA LIFE ASSURANCE Co 0.03% of their portfolio | 610.2k $18.5m | Added +100.8k |
| CACTI ASSET MANAGEMENT LLC 1.31% of their portfolio | 603.9k $18.4m | Added +4.4k |
| GABELLI FUNDS LLC 0.12% of their portfolio | 574.7k $17.4m | Added +98.0k |
| ALLIANCEBERNSTEIN L.P. 0.01% of their portfolio | 563.8k $17.1m | Reduced -213.4k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 559.6k $16.9m | Reduced -15.4k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.03% of their portfolio | 519.0k $15.7m | Added +4.4k |
| EVERETT HARRIS & CO /CA/ 0.20% of their portfolio | 510.5k $15.5m | Reduced -15.9k |
| BECKER CAPITAL MANAGEMENT INC 0.48% of their portfolio | 500.8k $15.3m | Reduced -11.4k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.03% of their portfolio | 500.5k $15.2m | Reduced -31.3k |
| NEW YORK STATE COMMON RETIREMENT FUND 0.02% of their portfolio | 458.9k $13.9m | Reduced -164.5k |
| MANNING & NAPIER ADVISORS LLC 0.16% of their portfolio | 455.5k $13.8m | Added +28.8k |
| PRUDENTIAL FINANCIAL INC 0.02% of their portfolio | 454.4k $13.8m | Added +174.5k |
| Aberdeen Group plc 0.02% of their portfolio | 437.3k $13.2m | Added +53.3k |
| MEYER HANDELMAN CO 0.42% of their portfolio | 422.1k $12.8m | Added +7.0k |
| Skandinaviska Enskilda Banken AB (publ) 0.06% of their portfolio | 418.8k $12.7m | Unchanged |
| SCHRODER INVESTMENT MANAGEMENT GROUP 0.01% of their portfolio | 406.3k $12.3m | Reduced -129.2k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.03% of their portfolio | 398.9k $12.1m | Added +132.3k |
| GREAT LAKES ADVISORS, LLC 0.10% of their portfolio | 397.9k $12.0m | Reduced -8.7k |
| APG Asset Management N.V. 0.03% of their portfolio | 394.5k $10.2m | Added +7.3k |
| Gotham Asset Management, LLC 0.07% of their portfolio | 385.7k $11.7m | Added +110.0k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.02% of their portfolio | 376.5k $11.4m | Added +162 |
| NATIONAL BANK OF CANADA /FI/ 0.01% of their portfolio | 376.0k $11.4m | Added +142.4k |
| CIBC Asset Management Inc 0.03% of their portfolio | 367.1k $11.1m | Reduced -37.8k |
| Swedbank AB 0.01% of their portfolio | 365.7k $11.1m | First filing |
| STIFEL FINANCIAL CORP 0.01% of their portfolio | 356.8k $10.8m | Added +75.3k |
| South Dakota Investment Council 0.21% of their portfolio | 355.0k $10.8m | Unchanged |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 354.0k $10.7m | Reduced -265.6k |
| CITIGROUP INC 0.01% of their portfolio | 345.1k $10.4m | Reduced -264.0k |
| CITADEL ADVISORS LLC 0.01% of their portfolio | 333.9k $10.1m | Reduced -495.1k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio | 331.8k $10.0m | Reduced -3.0k |