Traders Purchase Large Volume of Bausch Health Companies Put Options (NYSE:BHC)

Bausch Health Companies Inc. (NYSE:BHC) was the target of unusually large options trading activity on Monday. Investors bought 5,611 put options on the stock. This represents an increase of approximately 50% compared to the typical daily volume of 3,735 put options.

Bausch Health Companies Stock Up 10.8 %

NYSE:BHC opened at $7.00 on Tuesday. The stock has a market cap of $2.53 billion, a PE ratio of -5.65 and a beta of 0.75. Bausch Health Companies has a fifty-two week low of $3.96 and a fifty-two week high of $11.46. The firm’s fifty day simple moving average is $6.24 and its 200-day simple moving average is $7.38.

Bausch Health Companies (NYSE:BHC) last issued its quarterly earnings data on Thursday, August 1st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.09. Bausch Health Companies had a negative net margin of 5.12% and a negative return on equity of 742.06%. The firm had revenue of $2.40 billion for the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the prior year, the company earned $0.81 EPS. Equities analysts anticipate that Bausch Health Companies will post 3.61 earnings per share for the current year.

Wall Street Analyst Weigh In

Several brokerages recently commented on BHC. Royal Bank of Canada cut their price target on shares of Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating on the stock 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 report on Saturday, September 7th. Scotiabank cut their price objective on shares of Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating on the stock in a research note on Friday, August 2nd. Raymond James assumed coverage on shares of Bausch Health Companies in a research note on Wednesday, July 10th. They issued a “market perform” rating and a $8.00 price objective on the stock. Finally, Piper Sandler lowered shares of Bausch Health Companies from a “neutral” rating to an “underweight” rating and dropped their price target for the company from $9.00 to $3.00 in a research report on Friday, August 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat, Bausch Health Companies currently has an average rating of “Hold” and a consensus target price of $7.33.

Insiders Place Their Bets

In other Bausch Health Companies news, EVP Seana Carson sold 13,370 shares of the business’s stock in a transaction on Friday, September 6th. The shares were sold at an average price of $6.21, for a total value of $83,027.70. Following the sale, the executive vice president now owns 435,198 shares in the company, valued at approximately $2,702,579.58. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 8.12% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of BHC. Clearline Capital LP acquired a new stake in shares of Bausch Health Companies during the second quarter worth approximately $6,881,000. Mackenzie Financial Corp raised its stake in shares of Bausch Health Companies by 111.0% during the second quarter. Mackenzie Financial Corp now owns 2,381,888 shares of the company’s stock valued at $16,612,000 after purchasing an additional 1,252,834 shares in the last quarter. The Manufacturers Life Insurance Company raised its position in Bausch Health Companies by 2.0% in the second quarter. The Manufacturers Life Insurance Company now owns 246,808 shares of the company’s stock worth $1,719,000 after acquiring an additional 4,944 shares in the last quarter. Maverick Capital Ltd. bought a new stake in Bausch Health Companies in the second quarter worth about $1,606,000. Finally, MQS Management LLC bought a new stake in Bausch Health Companies in the second quarter worth about $71,000. Hedge funds and other institutional investors own 78.65% of the company’s stock.

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.