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 ($24.4m this quarter). Holder counts are more reliable. Shares outstanding: 516.5m as of 2026-04-24, 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 ≈ $16.79. Options: 19 managers hold calls ($81.0m notional), 17 hold puts ($96.0m).
Trends to Q1 2026
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 |
| Q1 2026 | 665 |
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 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 |
| Q1 2026 | 262 | 381 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $118.9m | $50.4m | 0.42 |
| Q3 2025 | $59.7m | $86.9m | 1.45 |
| Q4 2025 | $80.9m | $119.6m | 1.48 |
| Q1 2026 | $81.0m | $96.0m | 1.18 |
Biggest buyers
| FMR LLC | Added | +11.5m |
| First Pacific Advisors, LP | New | +6.7m |
| GREENHAVEN ASSOCIATES INC | Added | +3.6m |
| RWC Asset Management LLP | New | +3.1m |
| MARSHALL WACE, LLP | Added | +2.2m |
| BANK OF AMERICA CORP /DE/ | Added | +1.9m |
| MILLENNIUM MANAGEMENT LLC | Added | +1.7m |
| EQUITY INVESTMENT CORP | Added | +1.5m |
| JONES FINANCIAL COMPANIES LLLP | Added | +1.4m |
| Invesco Ltd. | Added | +1.3m |
Biggest sellers
| HARRIS ASSOCIATES L P | Sold out | -8.4m |
| UBS Group AG | Reduced | -6.3m |
| LAZARD ASSET MANAGEMENT LLC | Sold out | -6.2m |
| PZENA INVESTMENT MANAGEMENT LLC | Reduced | -5.5m |
| BlackRock, Inc. | Reduced | -5.4m |
| NORDEA INVESTMENT MANAGEMENT AB | Sold out | -3.1m |
| STATE STREET CORP | Reduced | -2.6m |
| SG Americas Securities, LLC | Sold out | -1.7m |
| VOLORIDGE INVESTMENT MANAGEMENT, LLC | Sold out | -1.7m |
| Legal & General Group Plc | Reduced | -1.5m |
Biggest calls
| Great Hill Capital LLC | Added | $22.6m753.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $10.8m641.1k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $8.5m503.6k shares |
| JANE STREET GROUP, LLC | Added | $7.0m415.3k shares |
| CITADEL ADVISORS LLC | Added | $6.5m388.7k shares |
| NOMURA HOLDINGS INC | New | $4.9m293.5k shares |
| IMC-Chicago, LLC | Reduced | $4.2m251.2k shares |
| SIMPLEX TRADING, LLC | Added | $3.6m216.2k shares |
| Point72 Asset Management, L.P. | Added | $3.3m196.4k shares |
| Squarepoint Ops LLC | Reduced | $2.5m151.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $50.2m3.0m shares |
| CITADEL ADVISORS LLC | Added | $9.7m577.8k shares |
| IMC-Chicago, LLC | Reduced | $7.6m453.3k shares |
| JANE STREET GROUP, LLC | Added | $6.7m396.9k shares |
| Point72 Asset Management, L.P. | Added | $5.0m298.2k shares |
| Walleye Trading LLC | Added | $3.9m231.0k shares |
| MILLENNIUM MANAGEMENT LLC | Added | $3.8m228.7k shares |
| GROUP ONE TRADING LLC | Reduced | $1.5m89.9k shares |
| Parallax Volatility Advisers, L.P. | New | $1.5m80.0k shares |
| SIMPLEX TRADING, LLC | Added | $1.2m69.8k 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 Q1 2026
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.
None reported in Q1 2026.
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| BlackRock, Inc. 0.02% of their portfolio | 79.4m $1.3bn | Reduced -5.4m |
| PZENA INVESTMENT MANAGEMENT LLC 3.52% of their portfolio | 64.5m $1.1bn | Reduced -5.5m |
| Dodge & Cox 0.53% of their portfolio | 57.3m $961.9m | Added +254.6k |
| FMR LLC 0.04% of their portfolio | 46.3m $777.2m | Added +11.5m |
| VANGUARD CAPITAL MANAGEMENT LLC 0.01% of their portfolio | 33.5m $562.9m | First filing |
| VANGUARD PORTFOLIO MANAGEMENT LLC 0.02% of their portfolio | 24.0m $403.1m | First filing |
| STATE STREET CORP 0.01% of their portfolio | 20.0m $335.9m | Reduced -2.6m |
| GREENHAVEN ASSOCIATES INC 3.96% of their portfolio | 14.3m $240.4m | Added +3.6m |
| GEODE CAPITAL MANAGEMENT, LLC 0.01% of their portfolio | 13.8m $230.8m | Added +252.8k |
| Invesco Ltd. 0.02% of their portfolio | 13.1m $220.4m | Added +1.3m |
| MORGAN STANLEY 0.01% of their portfolio | 7.3m $123.4m | Reduced -1.3m |
| First Pacific Advisors, LP 1.58% of their portfolio | 6.7m $112.6m | New |
| EQUITY INVESTMENT CORP 2.10% of their portfolio | 6.4m $107.0m | Added +1.5m |
| STATE FARM MUTUAL AUTOMOBILE INSURANCE CO 0.08% of their portfolio | 6.2m $104.6m | Unchanged |
| BANK OF AMERICA CORP /DE/ 0.01% of their portfolio | 6.2m $103.6m | Added +1.9m |
| DIMENSIONAL FUND ADVISORS LP 0.02% of their portfolio | 5.9m $99.6m | Added +160.9k |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.01% of their portfolio | 5.6m $93.9m | Added +277.7k |
| Artisan Partners Limited Partnership 0.13% of their portfolio | 4.9m $81.7m | Added +103.8k |
| NORTHERN TRUST CORP 0.01% of their portfolio | 4.3m $73.0m | Reduced -325.9k |
| UBS Group AG 0.01% of their portfolio | 4.3m $72.6m | Reduced -6.3m |
| LSV ASSET MANAGEMENT 0.15% of their portfolio | 4.1m $68.2m | Reduced -246.5k |
| GOLDMAN SACHS GROUP INC 0.01% of their portfolio | 3.9m $65.0m | Added +964.6k |
| Russell Investments Group, Ltd. 0.06% of their portfolio | 3.4m $57.5m | Added +24.3k |
| RWC Asset Management LLP 2.16% of their portfolio | 3.1m $51.7m | New |
| THOMPSON SIEGEL & WALMSLEY LLC 0.89% of their portfolio | 3.0m $50.4m | Reduced -330.6k |
| VANGUARD FIDUCIARY TRUST CO 0.01% of their portfolio | 2.9m $48.7m | First filing |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 2.6m $41.8m | Added +252.5k |
| Bank of New York Mellon Corp 0.01% of their portfolio | 2.6m $44.1m | Reduced -396.2k |
| FIL Ltd 0.03% of their portfolio | 2.6m $43.5m | Added +495.6k |
| EDMOND DE ROTHSCHILD HOLDING S.A. 0.61% of their portfolio | 2.5m $41.9m | Added +725.0k |
| MARSHALL WACE, LLP 0.04% of their portfolio | 2.3m $38.1m | Added +2.2m |
| DEUTSCHE BANK AG\ 0.01% of their portfolio | 2.2m $37.5m | Reduced -445.0k |
| RAYMOND JAMES FINANCIAL INC 0.01% of their portfolio | 2.0m $33.0m | Added +467.4k |
| BNP PARIBAS FINANCIAL MARKETS 0.02% of their portfolio | 1.9m $32.1m | Added +1.1m |
| UBS AM, a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC 0.01% of their portfolio | 1.8m $29.7m | Reduced -1.1m |
| MILLENNIUM MANAGEMENT LLC 0.02% of their portfolio | 1.7m $29.4m | Added +1.7m |
| Pale Fire Capital SE 2.34% of their portfolio | 1.6m $26.6m | Reduced -491.3k |
| GENDELL JEFFREY L 0.36% of their portfolio | 1.6m $26.3m | Added +1.1m |
| JONES FINANCIAL COMPANIES LLLP 0.01% of their portfolio | 1.5m $23.6m | Added +1.4m |
| TOCQUEVILLE ASSET MANAGEMENT L.P. 0.34% of their portfolio | 1.4m $22.9m | Added +983.7k |
| Front Street Capital Management, Inc. 2.95% of their portfolio | 1.3m $22.2m | Added +845.4k |
| Callodine Capital Management, LP 1.56% of their portfolio | 1.3m $22.1m | Reduced -298.6k |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 1.3m $21.8m | Added +142.0k |
| NATIXIS ADVISORS, LLC 0.03% of their portfolio | 1.3m $21.7m | Added +7.3k |
| ENVESTNET ASSET MANAGEMENT INC 0.01% of their portfolio | 1.2m $20.9m | Added +285.2k |
| Nuveen, LLC 0.01% of their portfolio | 1.2m $20.4m | Added +232.6k |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.2m $19.9m | Added +321.9k |
| BANK OF MONTREAL /CAN/ 0.01% of their portfolio | 1.2m $19.4m | Reduced -16.7k |
| RHUMBLINE ADVISERS 0.02% of their portfolio | 1.1m $18.9m | Reduced -24.6k |
| Vanguard Global Advisers, LLC 0.01% of their portfolio | 1.1m $18.9m | First filing |
| Auto-Owners Insurance Co 0.37% of their portfolio | 1.1m $17.6m | Unchanged |
| Swiss National Bank 0.01% of their portfolio | 1.0m $17.1m | Reduced -323.6k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.02% of their portfolio | 1.0m $16.8m | Added +587.9k |
| Legal & General Group Plc 0.00% of their portfolio | 968.0k $16.3m | Reduced -1.5m |
| Connor, Clark & Lunn Investment Management Ltd. 0.04% of their portfolio | 913.4k $15.3m | Added +292.7k |
| SEI INVESTMENTS CO 0.01% of their portfolio | 906.9k $15.2m | Added +497.0k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 897.9k $15.1m | Added +151.7k |
| BARCLAYS PLC 0.01% of their portfolio | 841.3k $14.1m | Reduced -585.2k |
| Amundi 0.00% of their portfolio | 797.7k $13.4m | Reduced -956.1k |
| INVESTMENT MANAGEMENT ASSOCIATES INC /ADV 3.55% of their portfolio | 778.9k $13.1m | New |
| PRICE T ROWE ASSOCIATES INC /MD/ 0.00% of their portfolio | 752.7k $12.6m | Reduced -8.8k |
| Arnhold LLC 0.80% of their portfolio | 645.3k $10.8m | Added +16.0k |
| California Public Employees Retirement System 0.01% of their portfolio | 625.8k $10.5m | Reduced -73.2k |
| HSBC HOLDINGS PLC 0.01% of their portfolio | 622.9k $10.4m | Reduced -1.1m |
| Mitsubishi UFJ Asset Management Co., Ltd. 0.01% of their portfolio | 621.7k $10.4m | Reduced -492.1k |
| Parkwood LLC 0.91% of their portfolio | 612.8k $10.3m | Reduced -7.0k |
| CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 603.1k $10.1m | Reduced -6.5k |
| PRINCIPAL FINANCIAL GROUP INC 0.01% of their portfolio | 573.4k $9.6m | Added +6.2k |
| CITIGROUP INC 0.01% of their portfolio | 572.3k $9.6m | Reduced -480.9k |
| QSM Asset Management Ltd 4.51% of their portfolio | 567.9k $9.2m | Added +227.2k |
| O'Keefe Stevens Advisory, Inc. 2.34% of their portfolio | 564.4k $9.5m | New |
| AQR CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 539.7k $8.7m | Reduced -63.6k |
| ALLIANCEBERNSTEIN L.P. 0.00% of their portfolio | 518.1k $9.9m | Reduced -57.4k |
| GABELLI FUNDS LLC 0.06% of their portfolio | 498.0k $8.4m | Added +3.0k |
| Great Hill Capital LLC 5.10% of their portfolio | 485.1k $8.1m | Added +140.5k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.01% of their portfolio | 478.0k $8.0m | First filing |
| STATE OF WISCONSIN INVESTMENT BOARD 0.02% of their portfolio | 471.4k $7.9m | Added +152.9k |
| Olstein Capital Management, L.P. 1.70% of their portfolio | 464.0k $7.8m | Added +47.0k |
| STATE BOARD OF ADMINISTRATION OF FLORIDA RETIREMENT SYSTEM 0.01% of their portfolio | 444.0k $7.5m | Reduced -25.7k |
| GAMCO INVESTORS, INC. ET AL 0.07% of their portfolio | 427.4k $7.2m | Added +36.1k |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 409.5k $6.9m | New |
| Swedbank AB 0.01% of their portfolio | 393.4k $6.6m | Added +12.0k |
| NEW YORK STATE TEACHERS RETIREMENT SYSTEM 0.01% of their portfolio | 376.4k $6.3m | Unchanged |
| South Dakota Investment Council 0.12% of their portfolio | 366.7k $6.2m | Unchanged |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.01% of their portfolio | 364.1k $6.1m | Reduced -17.5k |
| Gotham Asset Management, LLC 0.02% of their portfolio | 361.7k $6.1m | Added +180.0k |
| MOORE CAPITAL MANAGEMENT, LP 0.22% of their portfolio | 354.6k $6.0m | Reduced -223.2k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 337.6k $5.7m | Reduced -1.1k |
| Sciencast Management LP 0.69% of their portfolio | 320.6k $5.4m | Added +290.1k |
| Squarepoint Ops LLC 0.01% of their portfolio | 303.9k $5.1m | Reduced -456.0k |
| OPPENHEIMER ASSET MANAGEMENT INC. 0.06% of their portfolio | 301.6k $5.1m | New |
| STIFEL FINANCIAL CORP 0.00% of their portfolio | 284.8k $4.8m | Added +40.0k |
| VICTORY CAPITAL MANAGEMENT INC 0.00% of their portfolio | 282.1k $4.7m | Reduced -72.0k |
| FIRST TRUST ADVISORS LP 0.00% of their portfolio | 275.3k $4.6m | Added +31.9k |
| BECKER CAPITAL MANAGEMENT INC 0.13% of their portfolio | 271.6k $4.6m | Reduced -76.2k |
| Janney Montgomery Scott LLC 0.01% of their portfolio | 260.5k $4.4m | Added +54.0k |
| PRUDENTIAL FINANCIAL INC 0.01% of their portfolio | 258.4k $4.3m | Reduced -38.3k |
| Fiduciary Alliance LLC 0.27% of their portfolio | 258.1k $4.5m | Added +126.1k |
| Chevy Chase Trust Holdings, LLC 0.01% of their portfolio | 253.8k $4.3m | Reduced -6.8k |
| AMG National Trust Bank 0.09% of their portfolio | 250.1k $4.2m | Added +76.7k |