Merck & Co., Inc.
MX ˙ BMV ˙ US58933Y1055
SecurityMX:MRK / Merck & Co., Inc.
InstitutionSmead Capital Management, Inc.
Latest Disclosed Ownership2,471,398 shares
Latest Disclosed Value $ 297,284,542
Smead Capital Management, Inc. reports 12.93% decrease in ownership of MRK / Merck & Co., Inc.

On May 14, 2026 - Smead Capital Management, Inc. filed a 13F-HR form disclosing ownership of 2,471,398 shares of Merck & Co., Inc. (MX:MRK) valued at $297,284,542 USD as of March 31, 2026. The entity filed a previous 13F-HR on February 9, 2026 disclosing 2,838,300 shares of Merck & Co., Inc.. This represents a change in shares of -12.93% during the quarter.

Institutional Ownership: 13F and NPORT Filings

The Security and Class in the table below are shown exactly as filed by the investor. We do our best to track continuity of investments through acquisitions, and this will be reflected in the table as changes in names. In addition to descriptive data, performance of the investment is shown over time. To calculate quarterly performance, we first calculate cost basis of the shares purchased during the quarter, then use that to calculate gross profit. Quarterly return is Gross Profit / Starting Portfolio value.

Note that cost basis is calculated and stored in thousands, so small quarterly changes in shares frequently result in a cost basis of zero.

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Disclosed Equity Positions (from 13F/NPORT Filings)
File
Date		 Effective
Date		Form Security Class ID Avg Price
Paid (Est)		 Reported
Shares		 ΔShares ΔShares
(%)		 Reported
Value
(x1000)		 ΔValue
(%)		 Alloc
(%)		 ΔAlloc ΔAlloc (%) Cost Basis
(x1000)		 Unrealized
Gain/Loss
(x1000)
2026-05-14 2026-03-31 13F MERCK COM 58933Y105 2,471,398 -366,902 -12.93 297,285 -0.49 6.4668
2026-02-09 2025-12-31 13F MERCK COM 58933Y105 2,838,300 -196,374 -6.47 298,759 17.30 6.1995
2025-11-10 2025-09-30 13F MERCK COM 58933Y105 3,034,674 -232,644 -7.12 254,700 -1.52 4.9204
2025-08-14 2025-06-30 13F MERCK COM 58933Y105 3,267,318 -67,248 -2.02 258,641 -13.59 5.1783
2025-05-14 2025-03-31 13F MERCK COM 58933Y105 3,334,566 34,356 1.04 299,311 -8.83 5.1310
2025-02-12 2024-12-31 13F MERCK COM 58933Y105 3,300,210 -80,259 -2.37 328,305 -14.48 5.0898
2024-11-07 2024-09-30 13F MERCK COM 58933Y105 3,380,469 421,646 14.25 383,886 4.80 5.4763
2024-08-09 2024-06-30 13F MERCK COM 58933Y105 2,958,823 -88,152 -2.89 366,302 -8.89 5.7187
2024-07-16 2024-03-31 13F/A-1 MERCK COM 58933Y105 3,046,975 124,503 4.26 402,048 26.19 6.2725
2024-05-10 2024-03-31 13F MERCK COM 58933Y105 3,046,975 124,503 402,048 6.2725
2024-01-31 2023-12-31 13F MERCK COM 58933Y105 2,922,472 11,572 0.40 318,608 6.32 5.7053
2023-11-13 2023-09-30 13F MERCK COM 58933Y105 2,910,900 -99,873 -3.32 299,677 -13.74 6.1150
2023-08-11 2023-06-30 13F MERCK COM 58933Y105 3,010,773 -37,019 -1.21 347,413 7.14 6.8979
2023-05-12 2023-03-31 13F MERCK COM 58933Y105 3,047,792 69,193 2.32 324,255 -1.88 6.4618
2023-02-10 2022-12-31 13F MERCK COM 58933Y105 2,978,599 255,497 9.38 330,476 40.92 7.0690
2022-11-10 2022-09-30 13F MERCK COM 58933Y105 2,723,102 43,226 1.61 234,514 -4.02 6.0975
2022-08-12 2022-06-30 13F MERCK COM 58933Y105 2,679,876 157,342 6.24 244,324 18.05 6.2481
2022-05-13 2022-03-31 13F MERCK COM 58933Y105 2,522,534 391,023 18.34 206,974 26.70 4.7986
2022-02-14 2021-12-31 13F MERCK COM 58933Y105 2,131,511 397,372 22.91 163,359 25.42 4.2478
2021-11-12 2021-09-30 13F MERCK COM 58933Y105 1,734,139 38,828 2.29 130,251 -1.21 4.4566
2021-07-30 2021-06-30 13F MERCK COM 58933Y105 1,695,311 207,316 13.93 131,844 14.94 4.6163
2021-05-04 2021-03-31 13F MERCK & CO. COM 58933Y105 1,487,995 784,822 111.61 114,710 99.43 5.0487
2021-02-03 2020-12-31 13F MERCK & CO. COM 58933Y105 703,173 -31,624 -4.30 57,520 -5.63 3.3255
2020-11-04 2020-09-30 13F MERCK & CO. COM 58933Y105 734,797 -77,238 -9.51 60,951 -2.94 3.8614
2020-08-10 2020-06-30 13F MERCK & CO. COM 58933Y105 812,035 -69,272 -7.86 62,795 -7.39 3.9618
2020-04-30 2020-03-31 13F MERCK & CO. COM 58933Y105 881,307 -44,098 -4.77 67,808 -19.44 4.8102
2020-01-30 2019-12-31 13F MERCK COM 58933Y105 925,405 12,298 1.35 84,166 9.50 3.7433
2019-10-25 2019-09-30 13F MERCK COM 58933Y105 913,107 -26,217 -2.79 76,865 -2.41 3.7553
2019-07-26 2019-06-30 13F MERCK COM 58933Y105 939,324 -23,697 -2.46 78,762 -1.66 3.7908
2019-05-09 2019-03-31 13F MERCK COM 58933Y105 963,021 -24,965 -2.53 80,094 6.10 4.0649
2019-02-04 2018-12-31 13F MERCK COM 58933Y105 987,986 -40,399 -3.93 75,492 3.48 3.9454
2018-10-23 2018-09-30 13F MERCK COM 58933Y105 1,028,385 -27,597 -2.61 72,954 13.82 3.2946
2018-07-23 2018-06-30 13F MERCK COM 58933Y105 1,055,982 -19,619 -1.82 64,098 9.40 3.0520
2018-05-04 2018-03-31 13F MERCK COM 58933Y105 1,075,601 -666 -0.06 58,588 -3.26 2.8382
2018-02-12 2017-12-31 13F MERCK COM 58933Y105 1,076,267 -50,731 -4.50 60,562 -16.07 2.7583
2017-11-06 2017-09-30 13F MERCK COM 58933Y105 1,126,998 -15,051 -1.32 72,162 -1.41 3.4358
2017-07-27 2017-06-30 13F MERCK COM 58933Y105 1,142,049 -26,841 -2.30 73,194 -1.45 3.5279
2017-05-11 2017-03-31 13F MERCK COM 58933Y105 1,168,890 -23,192 -1.95 74,271 5.83 3.7406
2017-02-08 2016-12-31 13F MERCK COM 58933Y105 1,192,082 -152,998 -11.37 70,178 -16.40 3.5607
2016-11-07 2016-09-30 13F MERCK COM 58933Y105 1,345,080 -83,148 -5.82 83,946 2.02 3.9975
2016-08-05 2016-06-30 13F MERCK COM 58933Y105 1,428,228 -87,553 -5.78 82,280 2.59 3.8646
2016-05-04 2016-03-31 13F Merck COM 58933Y105 1,515,781 -119,515 -7.31 80,200 11.62 3.4638
2016-02-03 2015-12-31 13F MERCK & CO INC COM 58933Y105 1,635,296 418,764 34.42 71,848 19.58 3.2046
2015-11-09 2015-09-30 13F MERCK & CO INC COM 58933Y105 1,216,532 272,284 28.84 60,085 11.77 3.2062
2015-07-27 2015-06-30 13F MERCK & CO INC COM 58933Y105 944,248 99,528 11.78 53,756 10.71 3.5095
2015-05-08 2015-03-31 13F MERCK & CO INC Com 58933Y105 844,720 844,720 0.00 48,554 3.5727
2015-02-03 2014-12-31 13F MERCK & CO INC Com 58933Y105 0 -806,073 -100.00 0 -100.00
2014-11-07 2014-09-30 13F MERCK & CO INC Com 58933Y105 806,073 13,899 1.75 47,784 4.27 5.1522
2014-08-05 2014-06-30 13F Merck Com 58933Y105 792,174 36,433 4.82 45,827 6.82 4.9911
2014-05-08 2014-03-31 13F Merck Com 58933Y105 755,741 93,027 14.04 42,903 29.35 5.1688
2014-02-07 2013-12-31 13F Merck Com 58933Y105 662,714 191,802 40.73 33,168 47.95 4.5678
2013-11-07 2013-09-30 13F Merck Com 58933Y105 470,912 73,159 18.39 22,419 21.35 3.6357
2013-08-08 2013-06-30 13F MERCK Com 58933Y105 397,753 397,753 18,475 3.7410
Legend
Shares
The total number of shares held by the institution at the end of the reporting period (the effective date). This is provided in the filing.
Value
The total value of the shares as of the effective date. This is provided in the filing.
Avg. Share Price
The weighted average share price of the shares held by the institution. We use FIFO accounting to determine this price
Class
This is the security class as indicated by the filer. There are a variety of values for this field. Common values include "EC" = equity common, "EP" - equity preferred
Allocation (%)
The percent of the institution's portfolio that this position represents. This is provided in NPORT filings. For 13F filings, we calculate it.
Change in Allocation
The change in allocation from the prior reporting period. This is calculated as current allocation - prior allocation.
Change in Allocation (%)
The percent change in allocation from the prior reporting period. This is calculated as (current allocation - prior allocation) / prior allocation.
Cost Basis
The total cost of the shares held. This is calculated as reported shares * avg. share price
Unrealized Gain/Loss
This is the market value of the position as of the effective date minus the cost basis.