Baxter International

BAX • NYSE

Baxter International is a medical - instruments & supplies company in the healthcare sector on NYSE, led by José E. Almeida, with a market cap of $9.8B. As of Q3 2025, 98% of shares are held by 703 institutional investors, with BlackRock, Inc. as the largest holder at 15.15%.

Chief Executive Officer and PresidentJosé E. Almeida

Market Cap$9.8B

Medical - Instruments & Supplies

Healthcare

Employees60.0K

Websitebaxter.com

Country

United States of America

Overview

Overview of institutional ownership in BAX as of Q3 2025 with a market cap of $11.7B

All Institutions

Institutions: 703
Value Held: $11.5B
Shares Held: 505.4M
Avg Position: $16.4M
Median Position: $407.4K

Hedge Funds

Hedge Funds: 45
Value Held: $301.5M
Shares Held: 13.2M
Avg Position: $6.7M
Median Position: $1.3M

Ownership Breakdown

Institutional (non-HF)

95.82%

$11.2B

Hedge Funds

2.58%

$301.5M

Retail & Other

1.6%

$186.9M

Based on market cap of $11.7B as of Q3 2025. Institutional (non-HF) excludes hedge funds to avoid double counting.

Biggest Investors

Institutions with the largest positions in BAX as of Q3 2025

Institution	Key People	Position Value	Ownership	Owned Since	Total AUM (Long)
B BlackRock, Inc. Institution	-	$1.8B 0.03% of portfolio	15.15% 77.8M shares	≤ Q2 2013 Held for 12y 5m+	$5.67T
VANGUARD GROUP INC Institution	Salim Ramji CEO	$1.4B 0.02% of portfolio	12.17% 62.5M shares	≤ Q2 2013 Held for 12y 5m+	$6.69T
DODGE & COX Long Only Manager	Dana Morton Emery CEO	$1.3B 0.71% of portfolio	11.17% 57.4M shares	Q3 2023 Held for 2y 2m	$185.33B
PZENA INVESTMENT MANAGEMENT LLC Long Only Manager	Chenyu Caroline Cai CEO	$1.3B 4.22% of portfolio	11.17% 57.4M shares	Q3 2023 Held for 2y 2m	$30.9B
STATE STREET CORP Institution	Ronald P. O'Hanley CEO	$504.5M 0.02% of portfolio	4.28% 22.0M shares	≤ Q2 2013 Held for 12y 5m+	$2.88T
FMR LLC Institution	-	$331.8M 0.02% of portfolio	2.84% 14.6M shares	≤ Q2 2013 Held for 12y 5m+	$1.92T
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	Robert W Sharps President	$306.3M 0.03% of portfolio	2.62% 13.5M shares	≤ Q2 2013 Held for 12y 5m+	$912.31B
GEODE CAPITAL MANAGEMENT LLC ETF Provider	David Kenneth Lane CEO	$284.2M 0.02% of portfolio	2.44% 12.5M shares	≤ Q2 2013 Held for 12y 5m+	$1.57T
Invesco Ltd. ETF Provider	Brian Christopher Hartigan CEO	$198.2M 0.03% of portfolio	1.69% 8.7M shares	≤ Q2 2013 Held for 12y 5m+	$633.08B
HARRIS ASSOCIATES L P Long Only Manager	Anthony Paul Coniaris Chairman	$192.9M 0.31% of portfolio	1.65% 8.5M shares	Q1 2016 Held for 9y 8m	$62.4B

Net Capital Flow

Institutional buying and selling activity for BAX in Q3 2025

Traded: +$605.6M
Buyers: 331
Sellers: 359
Total Bought: +$1.8B
Total Sold: −$1.2B
Avg Position: $14.2M

Biggest Buyers

Institution	Net Bought	Current Position
PZENA INVESTMENT MANAGEMENT LLC Long Only Manager	+$411.0M +18.1M shares	$1.3B 57.4M shares
FMR LLC Institution	+$239.2M +10.5M shares	$331.8M 14.6M shares
B BlackRock, Inc. Institution	+$230.0M +10.1M shares	$1.8B 77.8M shares
G GREENHAVEN ASSOCIATES INC Long Only Manager	+$143.2M +6.3M shares	$143.2M 6.3M shares
DODGE & COX Long Only Manager	+$120.1M +5.3M shares	$1.3B 57.4M shares
R Rubric Capital Management LP Hedge Fund•Long/Short	+$86.0M +3.8M shares	$86.0M 3.8M shares
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	+$35.5M +1.6M shares	$43.1M 1.9M shares
SCHWAB CHARLES INVESTMENT MANAGEMENT INC Long Only Manager	+$33.2M +1.5M shares	$114.9M 5.0M shares
LAZARD ASSET MANAGEMENT LLC Long Only Manager	+$31.5M +1.4M shares	$133.6M 5.9M shares
MORGAN STANLEY RIA/Wealth	+$30.7M +1.3M shares	$148.6M 6.5M shares

Biggest Sellers

Institution	Net Sold	Current Position
Bank of New York Mellon Corp Institution	−$202.4M −8.9M shares	$97.9M 4.3M shares
PRICE T ROWE ASSOCIATES INC /MD/ Long Only Manager	−$193.8M −8.5M shares	$306.3M 13.5M shares
AMERIPRISE FINANCIAL INC Institution	−$111.6M −4.9M shares	$62.3M 2.7M shares
SOUND SHORE MANAGEMENT INC /CT/ Long Only Manager	−$85.4M −2.8M shares	Sold Off 0 shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	−$77.1M −2.5M shares	Sold Off 0 shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	−$68.2M −2.3M shares	Sold Off 0 shares
Cullen Capital Management, LLC Long Only Manager	−$50.0M −1.7M shares	Sold Off 0 shares
UBS Group AG Institution	−$30.4M −1.3M shares	$88.6M 3.9M shares
C CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM Institution	−$27.7M −1.2M shares	$16.2M 710.8K shares
A ADAGE CAPITAL PARTNERS GP LLC Institution	−$24.2M −1.1M shares	$7.2M 317.5K shares

Entry and Exit Activity

Institutions that initiated new positions or completely exited BAX in Q3 2025

New Positions: 23
New Value: $239.1M
Exited Positions: 109
Exited Value: $400.8M

New Positions

Institution	Position Value
G GREENHAVEN ASSOCIATES INC Long Only Manager	$143.2M 6.3M shares
R Rubric Capital Management LP Hedge Fund•Long/Short	$86.0M 3.8M shares
Front Street Capital Management, Inc. RIA/Wealth	$5.9M 258.5K shares
T Timelo Investment Management Inc. Institution	$2.3M 102.0K shares
Sheets Smith Investment Management RIA/Wealth	$401.0K 17.6K shares
GREENWOOD CAPITAL ASSOCIATES LLC RIA/Wealth	$357.1K 15.7K shares
P Polymer Capital Management LTD Hedge Fund•Multi-Strategy	$274.0K 12.0K shares
SUMMIT WEALTH GROUP LLC / CO RIA/Wealth	$248.8K 6.6K shares
T TEMA ETFS LLC Institution	$217.6K 9.6K shares
Alteri Wealth LLC RIA/Wealth	$212.4K 9.3K shares

Exited Positions

Institution	Previous Position
SOUND SHORE MANAGEMENT INC /CT/ Long Only Manager	$85.4M 2.8M shares
A Alyeska Investment Group, L.P. Hedge Fund•Multi-Strategy	$77.1M 2.5M shares
Point72 Asset Management, L.P. Hedge Fund•Multi-Strategy	$68.2M 2.3M shares
Cullen Capital Management, LLC Long Only Manager	$50.0M 1.7M shares
SHAPIRO CAPITAL MANAGEMENT CO INC Long Only Manager	$21.3M 702.1K shares
BALYASNY ASSET MANAGEMENT LLC Hedge Fund•Multi-Strategy	$9.6M 317.8K shares
P Parkwood LLC Institution	$9.5M 312.4K shares
McElhenny Sheffield Capital Management, LLC Long Only Manager	$9.1M 300.0K shares
A AXA Institution	$8.2M 271.2K shares
Integral Health Asset Management, LLC Hedge Fund•Sector	$7.6M 250.0K shares

Options Activity

Institutions with the largest Call and Put options positions in BAX as of Q3 2025

Call Positions: 21
Call Value: $42.9M
Put Positions: 17
Put Value: $81.3M

Call Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$8.9M 3.9K contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$8.6M 3.8K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$6.3M 2.8K contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$4.3M 1.9K contracts
CITIGROUP INC Institution	$3.0M 1.3K contracts
W WOLVERINE TRADING, LLC Institution	$2.5M 1.1K contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.9M 821.0 contracts
J JANE STREET GROUP, LLC Institution	$1.8M 780.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.4M 625.0 contracts
TUDOR INVESTMENT CORP ET AL Hedge Fund•Multi-Strategy	$1.0M 450.0 contracts

Put Positions

Institution	Position Value
SUSQUEHANNA INTERNATIONAL GROUP, LLP Private Equity	$34.3M 15.1K contracts
P Parallax Volatility Advisers, LLC Hedge Fund•Vol Arbitrage	$15.3M 6.7K contracts
CITADEL ADVISORS LLC Hedge Fund•Multi-Strategy	$13.6M 6.0K contracts
Caption Management, LLC Hedge Fund•Long/Short	$6.1M 2.7K contracts
W WOLVERINE TRADING, LLC Institution	$1.8M 819.0 contracts
MILLENNIUM MANAGEMENT LLC Hedge Fund•Multi-Strategy	$1.8M 787.0 contracts
Walleye Trading Advisors, LLC Hedge Fund•Multi-Strategy	$1.7M 759.0 contracts
CAPITAL FUND MANAGEMENT S.A. Hedge Fund•Quant Macro	$1.4M 605.0 contracts
S Squarepoint Ops LLC Hedge Fund•Quant	$1.2M 533.0 contracts
N NOMURA HOLDINGS INC Institution	$1.0M 440.0 contracts

Most Committed Institutions

Institutions with BAX as the highest % of their portfolio as of Q3 2025

Institution	Key People	Portfolio Weight	Ownership	Owned Since	Total AUM (Long)
PZENA INVESTMENT MANAGEMENT LLC Long Only Manager	Chenyu Caroline Cai CEO	4.22% $1.3B	11.17% 57.4M shares	Q3 2023 Held for 2y 2m	$30.9B
T Timelo Investment Management Inc. Institution	-	3.92% $2.3M	0.02% 102.0K shares	Q3 2025 Held for 2 months	$59.3M
Callodine Capital Management, LP Hedge Fund•Long/Short	James Stuart Morrow CEO	3.54% $40.0M	0.34% 1.8M shares	Q3 2023 Held for 2y 2m	$1.1B
Hillman Capital Management, Inc. Long Only Manager	Mark Alan Hillman CEO	3.13% $5.4M	0.05% 236.6K shares	Q3 2023 Held for 2y 2m	$171.8M
G GREENHAVEN ASSOCIATES INC Long Only Manager	Edgar Wachenheim Chairman	2.71% $143.2M	1.22% 6.3M shares	Q3 2025 Held for 2 months	$5.3B
Broyhill Asset Management Hedge Fund•Multi-Strategy	Markham Hunt Broyhill Chairman	2.62% $3.0M	0.03% 130.9K shares	Q4 2024 Held for 11 months	$113.8M
Equity Investment Corp Acquisition Inc Long Only Manager	Richard Terrence Irrgang CEO	2.22% $106.1M	0.91% 4.7M shares	Q4 2024 Held for 11 months	$4.8B
S SECTOR GAMMA AS Institution	-	2.15% $8.7M	0.07% 381.6K shares	Q3 2022 Held for 3y 2m	$403.3M
O Olstein Capital Management, L.P. Long Only Manager	Robert Alan Olstein CEO	1.57% $8.3M	0.07% 365.0K shares	Q2 2017 Held for 8y 5m	$529.6M
STONERIDGE INVESTMENT PARTNERS LLC Long Only Manager	Steven Leroy Sanders CEO	1.48% $2.1M	0.02% 93.5K shares	Q2 2021 Held for 4y 5m	$144.0M

Hedge Fund Spotlight

Discover hedge funds investing in BAX

ARP AMERICAS LLC

Hedge Fund • Multi-Strategy

Portfolio ManagerLudger (Nmn) Hentschel

Portfolio Value: $544.4M
Positions: 607
Last Reported: Q3 2025

Sector Allocation

Position in Baxter International

Market Value: $526.0K
Shares Held: 23.1K
Portfolio Weight: 0.10%
Owned Since: 2022-Q2

Top Holding	Sector	Market Value	Weight
1 Merus N.V. MRUS	Biotechnology Healthcare	$18.7M	3.44%
2 Potbelly Corporation PBPB	Restaurants Consumer Cyclical	$18.0M	3.31%
3 Steelcase SCS	Business Equipment & Supplies Industrials	$15.5M	2.84%