Bausch + Lomb (NYSE:BLCO) Shares Gap Down After Earnings Miss

Bausch + Lomb Corporation (NYSE:BLCO) gapped down prior to trading on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $17.73, but opened at $16.76. Bausch + Lomb shares last traded at $17.2710, with a volume of 263,497 shares changing hands.

The company reported $0.32 EPS for the quarter, missing analysts’ consensus estimates of $0.35 by ($0.03). Bausch + Lomb had a positive return on equity of 2.42% and a negative net margin of 6.13%.The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.38 billion. During the same quarter in the previous year, the business posted $0.25 EPS. Bausch + Lomb’s revenue was up 9.8% on a year-over-year basis.

Analysts Set New Price Targets

Several research analysts recently weighed in on BLCO shares. Barclays upped their target price on shares of Bausch + Lomb from $16.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, October 31st. Citigroup upgraded Bausch + Lomb from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Thursday, December 11th. HC Wainwright upped their price objective on Bausch + Lomb from $16.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, October 31st. Weiss Ratings reissued a “sell (d-)” rating on shares of Bausch + Lomb in a research note on Wednesday, January 21st. Finally, Evercore set a $18.00 price target on Bausch + Lomb and gave the stock an “in-line” rating in a report on Monday, January 5th. Four research analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $17.42.

Institutional Trading of Bausch + Lomb

A number of large investors have recently added to or reduced their stakes in the company. Goldman Sachs Group Inc. raised its holdings in shares of Bausch + Lomb by 428.7% during the 1st quarter. Goldman Sachs Group Inc. now owns 299,671 shares of the company’s stock worth $4,345,000 after acquiring an additional 242,993 shares in the last quarter. Woodline Partners LP increased its position in Bausch + Lomb by 0.5% in the first quarter. Woodline Partners LP now owns 312,823 shares of the company’s stock worth $4,536,000 after purchasing an additional 1,436 shares during the last quarter. Allianz Asset Management GmbH increased its position in Bausch + Lomb by 136.6% in the second quarter. Allianz Asset Management GmbH now owns 769,000 shares of the company’s stock worth $10,005,000 after purchasing an additional 444,000 shares during the last quarter. FNY Investment Advisers LLC raised its stake in Bausch + Lomb by 93.8% during the second quarter. FNY Investment Advisers LLC now owns 6,200 shares of the company’s stock valued at $80,000 after purchasing an additional 3,000 shares in the last quarter. Finally, Gruss & Co. LLC bought a new position in Bausch + Lomb during the second quarter valued at $130,000. Institutional investors own 11.07% of the company’s stock.

Bausch + Lomb Stock Down 2.6%

The firm has a market cap of $6.12 billion, a P/E ratio of -19.85, a price-to-earnings-growth ratio of 0.99 and a beta of 0.61. The company’s 50-day simple moving average is $17.02 and its 200 day simple moving average is $15.80. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.51 and a quick ratio of 0.98.

About Bausch + Lomb

Bausch + Lomb Corporation operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, South Korea, and internationally. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical. The Vision Care segment provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses; and contact lens care products comprising over-the-counter eye drops, eye vitamins, and mineral supplements that address various conditions, such as eye allergies, conjunctivitis, dry eye, and redness relief.