PZENA INVESTMENT MANAGEMENT LLC — BAXTER INTL INC BAX: Quarterly 13F Position History
PZENA INVESTMENT MANAGEMENT LLC has reported BAXTER INTL INC (BAX) on 40 13F-HR filings in Pactolio's tracked window, first appearing in Q2 2016. As of Q1 2026, the position is sized at 64,527,823 shares ($1.08B market value, 3.52% of the equity book). Quarter-over-quarter share count change: 5,518,428 (-7.9%) .
- 64,527,823Shares Held (Latest Filing)
- $1.08BReported Market Value (Latest Filing)
- 3.52%Portfolio Weight (% of 13F Equity Book)
- 5,518,428Quarter-over-Quarter Share Change
- -$254.5MQuarter-over-Quarter Value Change
- 70,046,251Peak Reported Shares (Historical)
Quarterly 13F-HR Disclosure History Source: SEC 13F-HR filings, 40 quarter s
| Quarter | Shares | QoQ Share Change | Share Change (%) | Market Value | Weight | Implied Price |
|---|---|---|---|---|---|---|
| Q1 2026 | 64,527,823 | 5,518,428 | -7.9% | $1.08B | 3.52% | $16.80 |
| Q4 2025 | 70,046,251 | +12,659,211 | +22.1% | $1.34B | 4.01% | $19.11 |
| Q3 2025 | 57,387,040 | +18,050,555 | +45.9% | $1.31B | 4.22% | $22.77 |
| Q2 2025 | 39,336,485 | +2,563,919 | +7.0% | $1.19B | 3.87% | $30.28 |
| Q1 2025 | 36,772,566 | +3,134,270 | +9.3% | $1.26B | 4.39% | $34.23 |
| Q4 2024 | 33,638,296 | +1,416,094 | +4.4% | $980.9M | 3.34% | $29.16 |
| Q3 2024 | 32,222,202 | +1,399,198 | +4.5% | $1.22B | 3.94% | $37.97 |
| Q2 2024 | 30,823,004 | +6,417,584 | +26.3% | $1.03B | 3.63% | $33.45 |
| Q1 2024 | 24,405,420 | +135,250 | +0.6% | $1.04B | 3.58% | $42.74 |
| Q4 2023 | 24,270,170 | +18,548,514 | +324.2% | $938.3M | 3.53% | $38.66 |
| Q3 2023 | 5,721,656 | +5,721,656 | — | $215.9M | 0.93% | $37.74 |
| Q2 2023 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2023 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2022 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2022 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2022 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2022 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2021 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2020 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2020 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2020 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2020 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2019 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2019 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2019 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2019 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2018 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2018 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2018 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2018 | 0 | 0 | — | $0 | 0.00% | — |
| Q4 2017 | 0 | 0 | — | $0 | 0.00% | — |
| Q3 2017 | 0 | 0 | — | $0 | 0.00% | — |
| Q2 2017 | 0 | 0 | — | $0 | 0.00% | — |
| Q1 2017 | 0 | 225,790 | -100.0% | $0 | 0.00% | — |
| Q4 2016 | 225,790 | 835,787 | -78.7% | $10.0M | 0.06% | $44.34 |
| Q3 2016 | 1,061,577 | 2,054,288 | -65.9% | $50.5M | 0.31% | $47.60 |
| Q2 2016 | 3,115,865 | — | — | $140.9M | 0.88% | $45.22 |
Methodology & FAQ
How This Position History Is Sourced
Each row is one SEC Form 13F-HR filing disclosing this position. Share count, market value, and reported quarter are taken verbatim from the filing; portfolio weight is recomputed against the same filing's total reported equity book. Implied price-per-share is market value divided by shares — a quarter-end mark, not the manager's cost basis. See the full methodology document for the normalization rules.
When did PZENA INVESTMENT MANAGEMENT LLC first disclose a BAX position in 13F-HR filings?
PZENA INVESTMENT MANAGEMENT LLC first reported BAXTER INTL INC (BAX) on its 13F-HR filing for the period ending 2016-06-30 (Q2 2016). The position has appeared on 40 reported quarters within Pactolio's tracked window.
What was PZENA INVESTMENT MANAGEMENT LLC's most recent quarter-over-quarter share-count change in BAX?
Between Q4 2025 and Q1 2026, PZENA INVESTMENT MANAGEMENT LLC reduced its BAX position by 5,518,428 shares (-7.9%), leaving 64,527,823 shares at a market value of $1.08B.
Does the implied price-per-share represent PZENA INVESTMENT MANAGEMENT LLC's cost basis in BAX?
No. The implied price-per-share column is the 13F-HR reported market value divided by reported share count on the filing date (end of quarter). It is a quarter-end mark, not a cost basis or transaction price. Use it as a sanity check on the value column, not as an indicator of the manager's entry or exit price.