Bausch Health Cos (NYSE:BHC) Shares Climb 3.4% – Here’s What Happened

Bausch Health Cos Inc. (NYSE:BHC) shares were up 3.4% during mid-day trading on Wednesday. The company traded as high as $6.20 and last traded at $6.2250. Approximately 274,113 shares changed hands during trading, a decline of 89% from the average session volume of 2,503,807 shares. The stock had previously closed at $6.02.

Analysts Set New Price Targets

BHC has been the topic of several research analyst reports. Wall Street Zen upgraded shares of Bausch Health Cos from a “buy” rating to a “strong-buy” rating in a research report on Saturday, August 1st. Zacks Research upgraded shares of Bausch Health Cos from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 21st. Jefferies Financial Group raised shares of Bausch Health Cos to a “hold” rating in a research note on Wednesday, July 22nd. Royal Bank Of Canada reissued a “sector perform” rating and issued a $9.00 price target on shares of Bausch Health Cos in a report on Thursday. Finally, Weiss Ratings raised shares of Bausch Health Cos from a “sell (d-)” rating to a “sell (d)” rating in a report on Friday, July 31st. One research analyst has rated the stock with a Strong Buy rating, five have given a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.00.

Bausch Health Cos Trading Down 1.7%

The firm has a market cap of $2.26 billion, a P/E ratio of -2.04 and a beta of 0.37. The business’s fifty day simple moving average is $6.21 and its 200-day simple moving average is $5.56.

Bausch Health Cos (NYSE:BHC) last issued its quarterly earnings data on Wednesday, July 29th. The company reported $1.26 earnings per share for the quarter, topping analysts’ consensus estimates of $0.96 by $0.30. Bausch Health Cos had a negative return on equity of 561.95% and a negative net margin of 10.12%.The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.59 billion. Analysts anticipate that Bausch Health Cos Inc. will post 4.35 earnings per share for the current year.

Insider Buying and Selling at Bausch Health Cos

In related news, insider Aimee Lenar sold 36,827 shares of the business’s stock in a transaction dated Wednesday, August 19th. The shares were sold at an average price of $7.03, for a total transaction of $258,893.81. Following the sale, the insider owned 334,853 shares of the company’s stock, valued at $2,354,016.59. The trade was a 9.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.67% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bausch Health Cos

Large investors have recently modified their holdings of the stock. Paulson & CO. Inc. purchased a new stake in shares of Bausch Health Cos during the second quarter valued at approximately $361,151,000. Royal Bank of Canada raised its holdings in shares of Bausch Health Cos by 24.9% during the first quarter. Royal Bank of Canada now owns 11,363,498 shares of the company’s stock valued at $61,362,000 after purchasing an additional 2,262,894 shares during the last quarter. MFN Partners Management LP bought a new stake in Bausch Health Cos in the 2nd quarter worth approximately $29,580,000. Dimensional Fund Advisors LP boosted its stake in shares of Bausch Health Cos by 10.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,604,818 shares of the company’s stock worth $19,456,000 after buying an additional 350,823 shares during the last quarter. Finally, Private Management Group Inc. boosted its position in Bausch Health Cos by 16.7% in the fourth quarter. Private Management Group Inc. now owns 1,892,895 shares of the company’s stock worth $13,156,000 after purchasing an additional 271,170 shares during the last quarter. Hedge funds and other institutional investors own 78.65% of the company’s stock.

Bausch Health Cos Company Profile

Bausch Health Companies Inc is a multinational specialty pharmaceutical company headquartered in Laval, Quebec. The company develops, manufactures and markets prescription medicines, branded and generic pharmaceuticals, over-the-counter products and medical devices across a range of therapeutic areas.

Its business includes Salix Pharmaceuticals, which focuses on gastrointestinal treatments; Ortho Dermatologics, which develops prescription therapies for dermatological conditions; and Solta Medical, which provides energy-based medical and aesthetic devices.