Baxter International Inc.

The full register, from 13F filings

The Register tab above is hand research: a dozen holders, each traced to the filing it came from. This asks the same question of the whole market for the quarter ended 31-mar-2026, where 651 managers reported a position. Broad where the research is deep, and shallow in the ways a 13F always is.

Built from 13F filings, which report US listed, long, US custodied positions only. A register from this source is a floor rather than a level: a holder's true position can be far larger, as BlackRock's ASML stake shows at 1.28m shares in a 13F against 26.3m in its 13G/A. Holdings held through derivatives, outside US custody, or below a manager's reporting obligation do not appear. Where a holder is marked as a family, its total sums several separate filing entities and describes something no single filing describes; the constituent entities and their share counts are listed so the total can be checked. That roll-up can legitimately exceed the family's own Schedule 13G, because a 13G is filed by one legal entity: Vanguard reports Alphabet through ten advisory entities, and The Vanguard Group Inc itself reported zero after its January 2026 disaggregation.

What a reader needs to know to read these numbers

• VANTIVE (KIDNEY CARE) SALE: on 12 Aug 2024 Baxter entered an Equity Purchase Agreement with affiliates of Carlyle Group Inc. to sell its Kidney Care business; the sale closed 31 Jan 2025 for an aggregate purchase price of $3.80 billion in cash (per the FY2025 10-K, filed 12 Feb 2026, https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/bax-20251231.htm), and Baxter 'ultimately received approximately $3.2 billion of after-tax cash proceeds' (per the Q2 2026 10-Q, filed 30 Jul 2026, https://www.sec.gov/Archives/edgar/data/10456/000162828026051118/bax-20260630.htm), used to repay legacy indebtedness. The business is now known as Vantive Health LLC. This is a CLEAN CASH SALE: Baxter retained NO equity interest. Confirmed by searching both the FY2025 10-K and the Q2 2026 10-Q for 'equity interest', 'minority interest', 'retained interest' and 'rollover' (zero hits for all four in both filings, using exact and shortened fragments); the only ongoing Baxter/Vantive linkages disclosed are non-equity commercial and transitional arrangements (a Manufacturing and Supply Agreement, a Transition Services Agreement, tax indemnification with a $43 million liability as of 30 Jun 2026, and a capex-reimbursement contingent liability of $52 million as of 30 Jun 2026) plus roughly $28 million of retained third-party guarantees that Carlyle has agreed to indemnify Baxter for. Per the brief's rule, this is recorded as a NOTE with NO holding row (a null-shares row would misstate a completed full exit as an unsized current holding).
• BAXALTA: Baxter's biopharmaceuticals business was spun off as Baxalta Incorporated via a full pro-rata distribution completed in 2015 (Baxalta was later acquired by Shire plc in 2016, unrelated to Baxter). The FY2025 10-K's only remaining reference to Baxalta is an exhibit-index citation to the 2015 Tax Matters Agreement between Baxter and Baxalta; no equity interest, investment, or other financial linkage to Baxalta or its successors was found or is disclosed. Recorded as a NOTE with NO holding row: this is an old, fully completed separation with nothing retained.
• OTHER EQUITY-METHOD INVESTMENT: the FY2025 10-K states results in 2025 'included $9 million of losses from a noncash impairment write-down in an equity method investment' and separately references 'Non-marketable investment impairments' of $34 million in 2023 ($0 in 2024 and 2025). No investee is named anywhere in the 10-K or 10-Q, and no separate carrying-value balance for equity-method or non-marketable equity investments is broken out (both fall inside a combined, unnamed balance-sheet caption). Per the brief's rule against sizing an unnamed, combined bucket, no holding row is created; recorded in unknowns.
• Exhibit 21.1 of the FY2025 10-K (https://www.sec.gov/Archives/edgar/data/10456/000162828026007733/bax-20251231xexx21.htm) was checked for an ownership-percentage column (the technique that worked for Quest Diagnostics and PPG in earlier chunks, and for Pentair); it is a bare subsidiaries list with no percentage column and no joint-venture entries, a genuine negative rather than evidence of looking in the wrong place. No 'joint venture' or 'unconsolidated' language was found anywhere in the FY2025 10-K or the Q2 2026 10-Q.
• CAPITAL GROUP family: enumerated ELEVEN SEC registrants and checked each one's own Q2 2026 (period 30 Jun 2026) 13F filing directly by CUSIP 071813109. Eight operating entities filed Form 13F-HR and hold ZERO Baxter shares: Capital World Investors 0001422849, Capital International Investors 0001562230, Capital Research Global Investors 0001422848, Capital International, Inc./CA 0000895213, Capital Group Investment Management Pte. Ltd. 0001939970, Capital Group Private Client Services, Inc. 0001857666, Capital International Ltd /CA/ 0001065350, Capital International Sarl 0001065349. Three parent-level registrants filed Form 13F-NT (no holdings) for the same period: Capital Group Companies, Inc. 0000732812, Capital Group International, Inc. 0000949308, and Capital Research & Management Co 0000017283 (a share-class parent of Capital Research Global Investors, found via an EDGAR company search on 'capital research' that returned a co-located, same-IRS-number entity not listed among the other ten; this is the eleventh registrant referenced by the chunk-prompt's warning that recent sweeps of this family found eleven, not the three or eight this document previously listed). data/registers/BAX.json (the 31 Mar 2026 snapshot) also carries no Capital Group entry, consistent with this finding. Not recorded as a register row since the true figure is zero, not merely small or unsized.
• T. ROWE PRICE: both SEC registrants checked per the brief's instruction, values read as filed in thousands. T. Rowe Price Associates, Inc. (CIK 0000080255), Q2 2026 13F-HR filed 14 Aug 2026: 752,182 shares, $16,037 thousand = $16,037,000 (implied price $21.32/sh, confirming the thousands scaling). This is only 0.145% of the company, too small to reach this register's top-8-to-12 threshold alongside the nine institutional rows above it, so it is not given its own register row. T. Rowe Price Investment Management, Inc. (CIK 0001897612), a separate registrant, Q2 2026 13F-HR filed 14 Aug 2026: checked directly by CUSIP 071813109 and by name fragments 'BAXTER' and 'BAX', holds ZERO Baxter shares.
• PROXY 5%-OWNER TABLE (stale, for reconciliation only): the 2026 DEF 14A's own 'Security Ownership by Certain Beneficial Owners' table (as of 5 Feb 2026 share count) lists, from Schedule 13G/13G-A filings of varying vintage: Pzena Investment Management LLC 70,866,049 sh (13.8%, Amendment No. 3 filed 21 Jan 2026), The Vanguard Group 60,155,132 sh (11.7%, Amendment No. 10 filed 13 Feb 2024, badly stale, predating the January 2026 disaggregation that pushed The Vanguard Group Inc.'s own reported position to zero), Dodge & Cox 57,396,370 sh (11.2%, Amendment No. 4 filed 13 Nov 2025), BlackRock Portfolio Management LLC 44,925,341 sh (8.7%, Amendment No. 2 filed 21 Jan 2026), BlackRock, Inc. 38,621,365 sh (7.5%, Amendment No. 11 filed 24 Apr 2025), FMR LLC 34,811,770 sh (6.8%, Schedule 13G filed 5 Feb 2026). Per the brief's instruction, the fresh Q2 2026 13F figures are used in the register rows above rather than these; the two BlackRock-affiliated 13G lines are both well below this file's single consolidated BlackRock 13F figure of 81,842,105 shares, and FMR's fresh 13F figure is about 19 million shares above its stale 13G figure. This is recorded per row's own method_note as well as here.
• No Schedule 13D or 13D/A has been filed against Baxter stock since 2019 (the four most recent SC 13D/A filings on record, from 2017 to 2019, relate to older, since-resolved matters); no current activist or control-stake filing was found.
• Baxter has a single class of common stock, par value $1.00 per share; no dual-class structure and no founder/family control block.
• shares_outstanding (516,995,999) is the 23 Jul 2026 cover-page count from the Q2 2026 10-Q (period ended 30 Jun 2026, filed 30 Jul 2026), which is AFTER both the 31 Jan 2025 Vantive/Kidney Care sale and the 2015 Baxalta spin-off, so it is on the correct, current, single post-separation basis. All register share counts are 30 Jun 2026 13F snapshots (one quarter prior to the cover-page date but likewise entirely post-separation) or a 26 Feb 2026 / 3 Feb 2025 proxy date for the two insider rows, so every count in this file (numerator and denominator) is on one consistent post-separation basis; there has been no split or other share-count discontinuity to adjust for.
• SELF-GATE, computed from this final file exactly as the chart computes it (rolls_up_into members reduce only their named container; nothing else is reduced): 11 register rows. No row's rolls_up_into points at a container present as its own row in this file (the 14 individually-named directors/officers implicitly counted inside the aggregate are not separately broken out as rows, so there is no double-reduction to apply), so every one of the 11 rows counts at full value: BlackRock 81,842,105 + Pzena 65,295,393 + Vanguard family 62,462,040 + Dodge & Cox 58,386,345 + FMR 53,913,831 + State Street 20,600,468 + Greenhaven 14,285,228 + Geode 14,123,689 + Invesco 12,361,881 + officers/directors aggregate 899,624 + Almeida 2,906,863 = 387,077,467 shares, against shares_outstanding 516,995,999 = 74.87% of the company. This is above the brief's 55% flag threshold, so it was checked for the three usual causes and none was found: every institutional row is the same CUSIP 071813109 Baxter common stock read directly from each holder's own Q2 2026 13F-HR (T. Rowe Price's figure, not used as a row, was converted from its as-filed thousands and cross-checked against the implied per-share price), all nine institutional rows price within a tight $21.28-$21.33/sh band as of 30 Jun 2026, no holder appears twice (Vanguard is one family row summed from 8 successor entities under a parent 13F-NT with one successor independently confirmed at zero; Capital Group is excluded entirely as a verified eleven-way zero rather than double-counted; the two T. Rowe registrants were kept separate and neither is a row), and the largest four institutional rows independently cross-check in direction and rough magnitude against the proxy's own stale 5%-owner table for the same names. The high reading appears to be a genuine feature of Baxter's current shareholder base: the stock's steep decline (52-week range $15.73 to $30.00) has drawn several very large, concentrated deep-value positions (Pzena at 12.6%, Dodge & Cox at 11.3%, Greenhaven at 2.8%) on top of index and quasi-index holdings (BlackRock, Vanguard, State Street, Geode) and Fidelity, leaving comparatively little float outside the top handful of institutions; this is the same shape of high reading previously accepted for Fortive (69.09%), Flex Ltd. (58.72%) and Domino's Pizza in this database.
• Current price used for market_cap_usd is Nasdaq's last-sale quote for BAX ($26.64, close of trading 19 Aug 2026) multiplied by the 23 Jul 2026 cover-page share count (516,995,999); the two dates are about four weeks apart because no single filing carries both a current price and a current share count, the same convention used in this database's Fortive file.