T. Rowe Price Investment Management, Inc. filed a Schedule 13G/A disclosing beneficial ownership of 4,713,494 shares of Avanos Medical, Inc. common stock, representing 10.2% of the class as of 09/30/2025. The filer reports sole voting power for 4,683,148 shares and sole dispositive power for 4,713,494 shares. The filing notes that T. Rowe Price Small-Cap Value Fund holds 2,546,726 shares (about 5.5%) as part of its managed portfolio. The statement affirms the securities are held in the ordinary course of business and not for the purpose of changing control.
Positive
T. Rowe Price is a reputable institutional investor holding a material 10.2% stake
Position reported as held in the ordinary course, not intended to change control
T. Rowe Price Small-Cap Value Fund separately holds 5.5%, showing diversified client interest
Negative
Large aggregate stake (10.2%) could concentrate shareholder voting influence
Single fund exposure at 5.5% may affect liquidity if the fund rebalances
Insights
Large passive stake signals material institutional ownership but no control intent.
The filing shows T. Rowe Price holds 4,713,494 shares, equal to 10.2% of Avanos common stock as of 09/30/2025, with nearly all shares under sole voting and dispositive power. That level exceeds the 5% reporting threshold and is material to investor ownership composition.
This position is reported as held in the ordinary course of advisory activities, not to influence control; monitor quarterly filings and any Form 13D/A updates for changes in intent or position size over the next quarter.
Concentrated fund exposure: one T. Rowe Price fund holds a >5% position.
The disclosure identifies T. Rowe Price Small-Cap Value Fund with 2,546,726 shares, about 5.5% of the class, which is notable because single‑fund holdings above 5% can affect liquidity and shareholder voting dynamics.
Key near‑term items to watch include any rebalancing by the fund or additional disclosures before the next reporting date that would change the 10.2% aggregate stake.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
AVANOS MEDICAL INC
(Name of Issuer)
COMMON STOCK
(Title of Class of Securities)
05350V106
(CUSIP Number)
09/30/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
05350V106
1
Names of Reporting Persons
T. Rowe Price Investment Management, Inc.
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
MARYLAND
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
4,683,148.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
4,713,494.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
4,713,494.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
10.2 %
12
Type of Reporting Person (See Instructions)
IA
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
AVANOS MEDICAL INC
(b)
Address of issuer's principal executive offices:
5405 WINDWARD PARKWAY, SUITE 100 SOUTH, ALPHARETTA, GA, 30004
Item 2.
(a)
Name of person filing:
T. Rowe Price Investment Management, Inc.
(b)
Address or principal business office or, if none, residence:
1307 Point Street, Baltimore, MD 21231
(c)
Citizenship:
Maryland
(d)
Title of class of securities:
COMMON STOCK
(e)
CUSIP No.:
05350V106
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
4713494
(b)
Percent of class:
10.2 %
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
4683148
(ii) Shared power to vote or to direct the vote:
0
(iii) Sole power to dispose or to direct the disposition of:
4713494
(iv) Shared power to dispose or to direct the disposition of:
0
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required.
Ownership of More than Five Percent on Behalf of Another Person (1) Price Investment Management does not serve as custodian of the assets of any of its clients; accordingly, in each instance only the client or the client's custodian or trustee bank has the right to receive dividends paid with respect to, and proceeds from the sale of, such securities. The ultimate power to direct the receipt of dividends paid with respect to, and the proceeds from the sale of, such securities, is vested in the individual and institutional clients which Price Investment Management serves as investment adviser. Any and all discretionary authority which has been delegated to Price Investment Management may be revoked in whole or in part at any time. Except as may be indicated if this is a joint filing with one of the registered investment companies sponsored by Price Investment Management which it also serves as investment adviser ("T. Rowe Price Funds"), not more than 5% of the class of such securities is owned by any one client subject to the investment advice of Price Investment Management. (2) [T. ROWE PRICE SMALL-CAP VALUE FUND ]: T. ROWE PRICE SMALL-CAP VALUE FUND, of which T. Rowe Price Investment Management, Inc. is the investment adviser, holds the securities reported herein in their investment portfolio managed by T. Rowe Price Investment Management, Inc. and such funds have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities that they hold. T. ROWE PRICE SMALL-CAP VALUE FUND has an interest in 2,546,726 of the class reported herein representing 5.5% of the class.
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. T. Rowe Price Investment Management, Inc. hereby declares and affirms that the filing of Schedule 13G shall not be construed as an admission that Price Investment Management is the beneficial owner of the securities referred to, which beneficial ownership is expressly denied.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
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