Who Owns Baxter International? Top Shareholders and Recent Insider Trades

Baxter International Inc. (NYSE: BAX) is a global healthcare company focused on medical devices, pharmaceuticals, and renal care products. Shares recently traded around $19 per share, giving Baxter a market value of roughly $9.8B.

After a difficult year for the stock, ownership trends and insider activity offer useful context on how large institutions and company leadership may be positioning as Baxter works through earnings pressure and balance sheet challenges.

Looking at who owns Baxter and recent insider trades helps show how confidence may be shifting beneath the surface.

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Who Are Baxter’s Top Shareholders?

Baxter’s shareholder base is led by large institutional investors that tend to hold through market cycles. Recent filings show a mix of accumulation and trimming, reflecting differing views on Baxter’s recovery path and risk profile. For investors, this mix suggests engagement remains high, but conviction varies across managers.

• The Vanguard Group, Inc.: 62,256,873 shares (12.11%), ~$1.19B value. Added 305,917 shares (+0.49%).
• Dodge & Cox: 57,396,370 shares (11.17%), ~$1.10B value. Added 5,274,750 shares (+10.12%).
• Pzena Investment Management, LLC: 57,387,040 shares (11.16%), ~$1.10B value. Added 1,928,823 shares (+3.48%).
• BlackRock Institutional Trust Company, N.A.: 31,321,211 shares (6.09%), ~$599M value. Added 1,476,152 shares (+4.95%).
• BlackRock Financial Management, Inc.: 24,689,384 shares (4.80%), ~$472M value. Added 5,958,162 shares (+31.81%).
• State Street Investment Management (US): 21,997,226 shares (4.28%), ~$420M value. Added 60,063 shares (+0.27%).
• T. Rowe Price Associates, Inc.: 12,691,017 shares (2.47%), ~$243M value. Cut 8,519,279 shares (-40.17%).
• Geode Capital Management, L.L.C.: 12,537,314 shares (2.44%), ~$240M value. Cut 345,646 shares (-2.68%).
• Fidelity Management & Research Company LLC: 11,932,101 shares (2.32%), ~$228M value. Added 7,958,880 shares (+200.31%).
• Harris Associates L.P.: 8,472,474 shares (1.65%), ~$162M value. Cut 875,994 shares (-9.37%).

Hedge Fund Highlights

One notable move last quarter came from Bridgewater Associates, founded by Ray Dalio, which boosted its Baxter position by 966%. The firm now holds roughly $4.1M value of the stock, which appears to reflect renewed interest following Baxter’s sharp pullback.

AQR Capital Management, led by Cliff Asness, increased its stake by 771% to about $6.6M value. The move may suggest a valuation or model-driven response as Baxter traded well below prior norms.

Citadel Advisors, founded by Ken Griffin, raised its exposure by 467%, bringing its position to approximately $43.1M value. The increase stands out given Citadel’s scale and may reflect tactical positioning amid volatility.

Squarepoint Ops LLC lifted its Baxter holdings by 338%, now holding roughly $7.6M value, suggesting some quantitative strategies may be leaning more constructively at current levels. For investors, hedge fund activity appears selectively positive but far from unanimous.

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Baxter’s Recent Insider Trades

Recent filings show mostly small transactions that lean toward selling and equity awards. For investors, insider activity appears measured, offering limited signals of strong conviction in either direction.

• Jeanne K. Mason (Officer): Sold 650 shares at $19.15
• Joel T. Grade (Officer): Sold 8,288 shares at $19.08; recorded 102,712 shares at $0
• James W. Borzi (Officer): Sold 1,848 shares at $24.17
• Andrew P. Hider (Officer and Director): Recorded 778,000+ shares at $0
• Alok Sonig (Officer): Sold 3,191 shares at $24.17
• David Brent Shafer (Director): Sold 31,337 shares at $24.33
• David S. Rosenbloom (Officer): Sold 16,548 shares at $29.55
• Multiple Directors: Recorded 7,183 shares each at $0

For investors, insider activity appears measured and does not meaningfully shift ownership, suggesting limited signals of strong conviction in either direction at current price levels.

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What the Ownership & Insider Trade Data Tell Us

Baxter continues to be supported by large institutional holders, with several value-oriented and systematic investors increasing exposure after the stock’s decline.

At the same time, notable trims and limited insider buying suggest uncertainty remains around earnings recovery and balance sheet progress.

For investors, the data points to cautious engagement rather than broad conviction, reinforcing Baxter’s status as a closely watched recovery story rather than a consensus opportunity.

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