Bausch Health Companies (NYSE:BHC) Trading Up 8.7% on Earnings Beat

Bausch Health Companies Inc. (NYSE:BHC) shot up 8.7% during trading on Thursday following a better than expected earnings announcement. The stock traded as high as $8.92 and last traded at $8.88. 647,530 shares changed hands during mid-day trading, a decline of 78% from the average session volume of 2,907,976 shares. The stock had previously closed at $8.17.

The company reported $1.12 EPS for the quarter, topping analysts’ consensus estimates of $1.03 by $0.09. The company had revenue of $2.51 billion during the quarter, compared to the consensus estimate of $2.42 billion. Bausch Health Companies had a negative net margin of 5.12% and a negative return on equity of 742.06%. Bausch Health Companies’s revenue for the quarter was up 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.03 earnings per share.

Analyst Upgrades and Downgrades

BHC has been the subject of a number of research analyst reports. Piper Sandler cut shares of Bausch Health Companies from a “neutral” rating to an “underweight” rating and decreased their price target for the stock from $9.00 to $3.00 in a report on Friday, August 2nd. Scotiabank decreased their target price on Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating for the company in a report on Friday, August 2nd. StockNews.com raised shares of Bausch Health Companies from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Truist Financial decreased their price objective on shares of Bausch Health Companies from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday, July 25th. Finally, Jefferies Financial Group cut their price objective on shares of Bausch Health Companies from $13.00 to $9.00 and set a “buy” rating on the stock in a research note on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $7.33.

Insider Activity

In other Bausch Health Companies news, EVP Seana Carson sold 13,370 shares of the company’s stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $6.21, for a total value of $83,027.70. Following the completion of the transaction, the executive vice president now owns 435,198 shares in the company, valued at approximately $2,702,579.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 8.12% of the company’s stock.

Institutional Trading of Bausch Health Companies

Several institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in shares of Bausch Health Companies by 1.0% in the first quarter. Vanguard Group Inc. now owns 11,713,993 shares of the company’s stock valued at $124,285,000 after purchasing an additional 114,862 shares during the period. Natixis raised its holdings in shares of Bausch Health Companies by 14.3% during the first quarter. Natixis now owns 3,652,200 shares of the company’s stock valued at $38,707,000 after acquiring an additional 456,000 shares during the last quarter. Hillsdale Investment Management Inc. lifted its position in shares of Bausch Health Companies by 1,050.8% in the first quarter. Hillsdale Investment Management Inc. now owns 3,409,383 shares of the company’s stock valued at $36,135,000 after acquiring an additional 3,113,123 shares in the last quarter. Dimensional Fund Advisors LP raised its stake in Bausch Health Companies by 12.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,165,512 shares of the company’s stock valued at $22,063,000 after purchasing an additional 341,936 shares during the last quarter. Finally, Mackenzie Financial Corp boosted its position in shares of Bausch Health Companies by 111.0% during the 2nd quarter. Mackenzie Financial Corp now owns 2,381,888 shares of the company’s stock valued at $16,612,000 after acquiring an additional 1,252,834 shares during the last quarter. 78.65% of the stock is owned by institutional investors and hedge funds.

Bausch Health Companies Stock Up 9.7 %

The company’s 50-day moving average price is $7.36 and its 200-day moving average price is $7.04. The firm has a market cap of $3.23 billion, a price-to-earnings ratio of -7.16 and a beta of 0.77.

About Bausch Health Companies

Bausch Health Companies Inc operates as a diversified specialty pharmaceutical and medical device company in the United States and internationally. It develops, manufactures, and markets a range of products primarily in gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals, over-the-counter (OTC) products, aesthetic medical devices, and eye health.