Artisan Mid Cap Value Fund’s Views on Baxter International (BAX)

In its third-quarter 2025 capitalist letter, Artisan Mid Cap Value Fund highlighted stocks specified arsenic Baxter International Inc. (NYSE:BAX). Baxter International Inc. (NYSE:BAX) is simply a healthcare institution that offers a portfolio of healthcare products. The one-month instrumentality for Baxter International Inc. (NYSE:BAX) was 7.38%, and its shares mislaid 34.25% implicit the past 52 weeks. On January 2, 2026, Baxter International Inc. (NYSE:BAX) banal closed astatine $19.50 per share, with a marketplace capitalization of $10.024 billion.

Artisan Mid Cap Value Fund stated the pursuing regarding Baxter International Inc. (NYSE:BAX) successful its 3rd 4th 2025 capitalist letter:

"In Q3, the portfolio’s banal enactment was broadly antagonistic crossed sectors, reflective of the broader show headwinds discussed earlier, but our biggest root of underperformance was the wellness attraction sector, which had 3 of our 4 biggest detractors. These included Centene, Align Technology and Baxter International Inc. (NYSE:BAX). Health attraction has been 1 of the worst-performing sectors implicit the past twelvemonth arsenic argumentation uncertainty has caused it to beryllium shunned. Baxter is simply a wellness attraction institution that provides indispensable products successful renal care, medicine delivery, precocious surgery, objective nutrition, pharma and acute therapies. Shares person languished successful the station COVID years arsenic maturation has disappointed owed to a operation of factors, including supply-chain issues and a delayed normalization of process volumes. Baxter precocious completed a multiyear restructuring effort, selling respective non-core operations, seeking to alteration itself into a much profitable maturation company. After a fewer bumpy years of misstep aft misstep and owed to moving parts related to its restructuring that has apt added disorder among investors, the stock’s valuation has go progressively charismatic based connected our sum-of-parts analysis. A caller CEO was appointed successful July, but caller management’s crippled program has yet to beryllium communicated, truthful determination is presently an accusation deficit, which whitethorn beryllium contributing to the banal weakness. Though maturation has disappointed, each the company’s net are turned into escaped currency travel due to the fact that it’s a debased capital-intensive business. Baxter is utilizing that escaped currency travel to wage down indebtedness and instrumentality superior to shareholders. The banal present trades astatine a single-digit aggregate connected guardant earnings, adjacent its cheapest levels ever."