Dodge & Cox files 13G/A for Baxter with 11.2% ownership

Rhea-AI Filing Summary

Dodge & Cox filed Amendment No. 4 to a Schedule 13G reporting a significant passive stake in Baxter International (BAX). The firm beneficially owns 57,396,370 shares, representing 11.2% of Baxter’s common stock. It has sole voting power over 54,118,570 shares and sole dispositive power over 57,396,370 shares.

Dodge & Cox is identified as an investment adviser and certifies the shares were acquired and are held in the ordinary course of business and not to change or influence control. Its clients have rights to receive dividends and sale proceeds. The Dodge & Cox Stock Fund holds 38,623,700 shares, or 7.5% of the class. The reported event date is 09/30/2025.

Insights

Equity ownership analyst

Large passive stake disclosed; routine ownership update.

Dodge & Cox reports beneficial ownership of 57,396,370 Baxter shares, or 11.2%, with sole voting power over 54,118,570 and sole dispositive power over 57,396,370. The filing is a Schedule 13G/A, which denotes a passive investment posture.

The certification states the position was acquired and is held in the ordinary course and not to influence control. Clients of Dodge & Cox are entitled to dividends and sale proceeds; the Dodge & Cox Stock Fund holds 38,623,700 shares, or 7.5%.

The event date is 09/30/2025. Actual trading implications depend on holder decisions; the document does not specify future actions.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 4)

BAXTER INTERNATIONAL INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

071813109

(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. 071813109

1

Names of Reporting Persons

Dodge & Cox

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

CALIFORNIA

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 54,118,570.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 57,396,370.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

57,396,370.00

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)

11.2 %

12

Type of Reporting Person (See Instructions)

IA

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BAXTER INTERNATIONAL INC.
(b)	Address of issuer's principal executive offices: One Baxter Parkway, Deerfield, Illinois 60015
Item 2.
(a)	Name of person filing: Dodge & Cox
(b)	Address or principal business office or, if none, residence: 555 California Street 40th Floor, San Francisco, CA 94104
(c)	Citizenship: California, USA
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 071813109
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: 57,396,370
(b)	Percent of class: 11.2 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 54,118,570
	(ii) Shared power to vote or to direct the vote: 0
	(iii) Sole power to dispose or to direct the disposition of: 57,396,370
	(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. The clients of Dodge & Cox, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or power to direct the receipt of dividends from, and the proceeds from the sale of, BAXTER INTERNATIONAL INC. Dodge & Cox Stock Fund, an investment company registered under the Investment Company Act of 1940, has an interest of 38,623,700 or 7.5%, of the class of securities reported herein.
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.

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.

Dodge & Cox

Signature:	/S/ Katherine M. Primas
Name/Title:	Chief Compliance Officer
Date:	11/13/2025

FAQ

What stake did Dodge & Cox report in Baxter International (BAX)?

Dodge & Cox reported beneficial ownership of 57,396,370 shares, representing 11.2% of Baxter’s common stock.

How much voting and dispositive power does Dodge & Cox have over BAX shares?

It has sole voting power over 54,118,570 shares and sole dispositive power over 57,396,370 shares.

What is the event date associated with this Schedule 13G/A for BAX?

The event date is 09/30/2025.

Is Dodge & Cox’s Baxter stake a passive investment?

Yes. The certification states the shares were acquired and are held in the ordinary course of business and not to influence control.

Which Dodge & Cox fund holds a significant portion of BAX, and how much?

The Dodge & Cox Stock Fund holds 38,623,700 shares, or 7.5% of the class.

What is Dodge & Cox’s filer classification in this 13G/A?

It is classified as an Investment Adviser (IA).