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 ($31.5m this quarter). Holder counts are more reliable. Shares outstanding: 514.5m as of 2026-02-05, 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 ≈ $19.12. Options: 22 managers hold calls ($80.9m notional), 17 hold puts ($119.6m).
Trends to Q4 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 |
| Q3 2025 | 732 |
| Q4 2025 | 711 |
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 2024 | 414 | 403 |
| Q2 2024 | 364 | 466 |
| Q3 2024 | 411 | 413 |
| Q4 2024 | 320 | 505 |
| Q1 2025 | 386 | 402 |
| Q2 2025 | 328 | 424 |
| Q3 2025 | 330 | 383 |
| Q4 2025 | 323 | 356 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q1 2025 | $142.3m | $101.9m | 0.72 |
| Q2 2025 | $118.9m | $50.4m | 0.42 |
| Q3 2025 | $59.7m | $86.9m | 1.45 |
| Q4 2025 | $80.9m | $119.6m | 1.48 |
Biggest buyers
| FMR LLC | Added | +20.2m |
| PZENA INVESTMENT MANAGEMENT LLC | Added | +12.7m |
| BlackRock, Inc. | Added | +7.0m |
| UBS Group AG | Added | +6.8m |
| GREENHAVEN ASSOCIATES INC | Added | +4.4m |
| Invesco Ltd. | Added | +3.2m |
| DIMENSIONAL FUND ADVISORS LP | Added | +2.3m |
| MORGAN STANLEY | Added | +2.1m |
| Pale Fire Capital SE | New | +2.1m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | New | +1.7m |
Biggest sellers
| PRICE T ROWE ASSOCIATES INC /MD/ | Reduced | -12.7m |
| Rubric Capital Management LP | Sold out | -3.8m |
| JPMORGAN CHASE & CO | Reduced | -3.4m |
| ROYAL BANK OF CANADA | Reduced | -3.1m |
| AMERIPRISE FINANCIAL INC | Reduced | -2.6m |
| COOKE & BIELER LP | Sold out | -2.2m |
| DEPRINCE RACE & ZOLLO INC | Sold out | -1.3m |
| Bank of New York Mellon Corp | Reduced | -1.3m |
| NORDEA INVESTMENT MANAGEMENT AB | Reduced | -1.1m |
| BANK OF AMERICA CORP /DE/ | Reduced | -980.4k |
Biggest calls
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $18.1m946.1k shares |
| Great Hill Capital LLC | Added | $16.2m671.1k shares |
| CITADEL ADVISORS LLC | Added | $7.4m385.8k shares |
| IMC-Chicago, LLC | Added | $5.1m266.4k shares |
| Walleye Capital LLC | Added | $4.9m254.9k shares |
| Squarepoint Ops LLC | Reduced | $3.5m181.4k shares |
| Caption Management, LLC | New | $2.9m150.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $2.7m141.6k shares |
| GROUP ONE TRADING LLC | Added | $2.5m129.2k shares |
| Point72 Asset Management, L.P. | New | $2.4m128.1k shares |
Biggest puts
| IMC-Chicago, LLC | Added | $36.1m1.9m shares |
| BARCLAYS PLC | New | $25.8m1.4m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $19.8m1.0m shares |
| CITADEL ADVISORS LLC | Reduced | $10.2m533.5k shares |
| GROUP ONE TRADING LLC | Added | $6.6m347.1k shares |
| JANE STREET GROUP, LLC | Added | $5.7m297.2k shares |
| Walleye Capital LLC | Added | $4.8m252.4k shares |
| Point72 Asset Management, L.P. | Added | $3.5m182.2k shares |
| Walleye Trading LLC | Added | $2.1m110.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.2m61.7k 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 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 |
|---|---|---|---|---|---|
| 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 | — | — |
| Q3 2025 | 0 | — | 0 | — | — |
| Q4 2025 | 0 | — | 0 | — | — |
None reported in Q4 2025.
Holders, Q4 2025
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.03% of their portfolio | 84.8m $1.6bn | Added +7.0m |
| PZENA INVESTMENT MANAGEMENT LLC 4.01% of their portfolio | 70.0m $1.3bn | Added +12.7m |
| VANGUARD GROUP INC 0.02% of their portfolio | 62.6m $1.2bn | Added +109.5k |
| Dodge & Cox 0.59% of their portfolio | 57.0m $1.1bn | Reduced -396.4k |
| FMR LLC 0.03% of their portfolio | 34.8m $665.3m | Added +20.2m |
| STATE STREET CORP 0.01% of their portfolio | 22.5m $430.9m | Added +542.0k |
| GEODE CAPITAL MANAGEMENT, LLC 0.02% of their portfolio | 13.5m $257.2m | Added +972.9k |
| Invesco Ltd. 0.02% of their portfolio | 11.9m $226.7m | Added +3.2m |
| GREENHAVEN ASSOCIATES INC 3.31% of their portfolio | 10.7m $204.3m | Added +4.4m |
| UBS Group AG 0.04% of their portfolio | 10.7m $203.8m | Added +6.8m |
| MORGAN STANLEY 0.01% of their portfolio | 8.6m $164.6m | Added +2.1m |
| HARRIS ASSOCIATES L P 0.20% of their portfolio | 8.4m $161.4m | Reduced -26.6k |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.09% of their portfolio | 6.2m $119.0m | Unchanged |
| NORGES BANK 0.01% of their portfolio | 6.2m $118.3m | Not comparable |
| LAZARD ASSET MANAGEMENT LLC 0.20% of their portfolio | 6.2m $118.3m | Added +319.5k |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 5.8m $110.3m | Added +2.3m |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.02% of their portfolio | 5.3m $101.5m | Added +267.0k |
| EQUITY INVESTMENT CORP 1.89% of their portfolio | 4.9m $93.6m | Added +237.2k |
| Artisan Partners Limited Partnership 0.14% of their portfolio | 4.8m $90.9m | Reduced -256.1k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 4.7m $89.3m | Reduced -8.3k |
| LSV ASSET MANAGEMENT 0.18% of their portfolio | 4.3m $82.3m | Reduced -214.8k |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 4.3m $81.7m | Reduced -980.4k |
| Russell Investments Group, Ltd. 0.07% of their portfolio | 3.4m $65.2m | Added +894.8k |
| THOMPSON SIEGEL & WALMSLEY LLC 1.07% of their portfolio | 3.3m $63.6m | Added +356.6k |
| NORDEA INVESTMENT MANAGEMENT AB 0.05% of their portfolio | 3.1m $59.7m | Reduced -1.1m |
| Bank of New York Mellon Corp 0.01% of their portfolio | 3.0m $57.7m | Reduced -1.3m |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 2.9m $55.5m | Added +1.2m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 2.9m $55.3m | Reduced -86.7k |
| DEUTSCHE BANK AG\ 0.02% of their portfolio | 2.7m $51.1m | Added +479.8k |
| Legal & General Group Plc 0.01% of their portfolio | 2.4m $46.5m | Reduced -684.0k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.4m $45.8m | Reduced -3.4m |
| FIL Ltd 0.03% of their portfolio | 2.1m $40.0m | Added +346.3k |
| Pale Fire Capital SE 5.11% of their portfolio | 2.1m $39.6m | New |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 1.8m $33.9m | Added +919.6k |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.48% of their portfolio | 1.8m $33.8m | Added +124.0k |
| Amundi 0.01% of their portfolio | 1.8m $33.5m | Added +643.5k |
| SG Americas Securities, LLC 0.04% of their portfolio | 1.7m $33.0m | Added +1.4m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC 0.11% of their portfolio | 1.7m $32.7m | New |
| Callodine Capital Management, LP 2.47% of their portfolio | 1.6m $30.8m | Reduced -144.8k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 1.5m $28.6m | Added +71.9k |
| BARCLAYS PLC 0.01% of their portfolio | 1.4m $27.3m | Reduced -76.8k |
| Swiss National Bank 0.02% of their portfolio | 1.3m $25.6m | Reduced -138.0k |
| NATIXIS ADVISORS, LLC 0.03% of their portfolio | 1.3m $24.5m | Reduced -206.4k |
| Sumitomo Mitsui Trust Group, Inc. 0.01% of their portfolio | 1.3m $24.5m | Reduced -13.1k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 1.2m $22.3m | Added +309.0k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.2m $22.1m | Reduced -735.9k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 1.2m $22.0m | Added +10.5k |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 1.1m $21.7m | Added +120.1k |
| CITIGROUP INC 0.01% of their portfolio | 1.1m $20.1m | Added +543.4k |
| Auto-Owners Insurance Co 0.42% of their portfolio | 1.1m $20.1m | Unchanged |
| Nuveen, LLC 0.00% of their portfolio | 984.6k $18.8m | Reduced -128.4k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 959.1k $18.3m | Reduced -47.2k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 860.4k $16.4m | Reduced -3.1m |
| BNP PARIBAS FINANCIAL MARKETS 0.01% of their portfolio | 838.1k $16.0m | Added +8.9k |
| ARGA Investment Management, LP 0.43% of their portfolio | 819.0k $15.7m | Added +122 |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 761.4k $14.6m | Reduced -12.7m |
| Squarepoint Ops LLC 0.03% of their portfolio | 759.9k $14.5m | Added +427.5k |
| Invenomic Capital Management LP 0.69% of their portfolio | 746.7k $14.3m | Added +380.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 746.3k $14.3m | Reduced -142.2k |
| Eurizon Capital SGR S.p.A. 0.04% of their portfolio | 728.7k $13.9m | First filing |
| California Public Employees Retirement System 0.01% of their portfolio | 699.0k $13.4m | Reduced -11.8k |
| NATIXIS 0.05% of their portfolio | 641.9k $12.3m | New |
| Arnhold LLC 0.91% of their portfolio | 629.3k $12.0m | New |
| Connor, Clark & Lunn Investment Management Ltd. 0.03% of their portfolio | 620.8k $11.9m | Added +339.7k |
| Parkwood LLC 1.01% of their portfolio | 619.8k $11.8m | New |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 609.6k $11.6m | Reduced -12.6k |
| AQR CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 603.3k $11.5m | Added +315.4k |
| MOORE CAPITAL MANAGEMENT, LP 0.23% of their portfolio | 577.7k $11.0m | Added +115.2k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 575.5k $11.0m | Reduced -40.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 567.2k $10.8m | Added +14.2k |
| National Pension Service 0.01% of their portfolio | 537.2k $10.3m | Added +106.2k |
| CIBC Asset Management Inc 0.02% of their portfolio | 517.0k $9.9m | Added +80.4k |
| ExodusPoint Capital Management, LP 0.11% of their portfolio | 503.6k $9.6m | Added +199.3k |
| GABELLI FUNDS LLC 0.06% of their portfolio | 495.0k $9.5m | Reduced -202.0k |
| Front Street Capital Management, Inc. 1.30% of their portfolio | 478.7k $9.1m | Added +220.2k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.02% of their portfolio | 469.7k $9.0m | Reduced -11.3k |
| ADAGE CAPITAL PARTNERS GP, L.L.C. 0.01% of their portfolio | 464.0k $8.9m | Added +146.5k |
| GENDELL JEFFREY L 0.15% of their portfolio | 446.1k $8.5m | New |
| NEW YORK STATE COMMON RETIREMENT FUND 0.01% of their portfolio | 441.5k $8.4m | Reduced -5.4k |
| Olstein Capital Management, L.P. 1.63% of their portfolio | 417.0k $8.0m | Added +52.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.01% of their portfolio | 413.3k $7.9m | Reduced -616.2k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 409.9k $7.8m | Reduced -174.3k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.02% of their portfolio | 397.0k $7.6m | Added +4.4k |
| GAMCO INVESTORS, INC. ET AL 0.07% of their portfolio | 391.2k $7.5m | Added +35.3k |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.11% of their portfolio | 382.2k $7.3m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 381.7k $7.3m | Added +2.0k |
| Swedbank AB 0.01% of their portfolio | 381.4k $7.3m | Added +100.9k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 376.4k $7.2m | Added +11 |
| South Dakota Investment Council 0.13% of their portfolio | 366.7k $7.0m | Added +4.2k |
| Aberdeen Group plc 0.01% of their portfolio | 365.9k $7.0m | Reduced -51.6k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 354.2k $6.8m | Added +209.8k |
| GREAT LAKES ADVISORS, LLC 0.05% of their portfolio | 349.8k $6.7m | Reduced -40.6k |
| BECKER CAPITAL MANAGEMENT INC 0.19% of their portfolio | 347.8k $6.6m | Reduced -67.9k |
| Great Hill Capital LLC 4.54% of their portfolio | 344.6k $6.6m | Added +151.7k |
| QSM Asset Management Ltd 3.73% of their portfolio | 340.7k $6.5m | New |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 338.7k $6.5m | Reduced -15.3k |
| MANNING & NAPIER ADVISORS LLC 0.08% of their portfolio | 319.5k $6.2m | Reduced -85.0k |
| STATE OF WISCONSIN INVESTMENT BOARD 0.01% of their portfolio | 318.6k $6.1m | Reduced -122.6k |
| Neo Ivy Capital Management 0.93% of their portfolio | 307.5k $5.9m | Added +296.9k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 296.8k $5.7m | Added +948 |