Bausch Health Companies (NYSE:BHC) Trading 8.7% Higher After Better-Than-Expected Earnings

Bausch Health Companies Inc. (NYSE:BHC) shot up 8.7% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $8.92 and last traded at $8.88. 647,530 shares were traded 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, beating the consensus estimate of $1.03 by $0.09. Bausch Health Companies had a negative return on equity of 850.93% and a negative net margin of 1.88%. The firm had revenue of $2.51 billion for the quarter, compared to analysts’ expectations of $2.42 billion. During the same period last year, the firm earned $1.03 EPS. The firm’s revenue was up 12.2% compared to the same quarter last year.

Wall Street Analysts Forecast Growth

BHC has been the subject of a number of research reports. Scotiabank decreased their price target on Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating for the company in a research note on Friday, August 2nd. Raymond James assumed coverage on shares of Bausch Health Companies in a research report on Wednesday, July 10th. They issued a “market perform” rating and a $8.00 price target on the stock. StockNews.com upgraded shares of Bausch Health Companies from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Royal Bank of Canada lifted their price objective on shares of Bausch Health Companies from $10.00 to $11.00 and gave the stock a “sector perform” rating in a research note on Friday. Finally, Truist Financial cut their target price 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. One analyst has rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $7.75.

Insider Transactions at Bausch Health Companies

In other Bausch Health Companies news, EVP Seana Carson sold 13,370 shares of Bausch Health Companies stock in a transaction that occurred 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 completion of the sale, the executive vice president now directly owns 435,198 shares in the company, valued at $2,702,579.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 8.12% of the company’s stock.

Hedge Funds Weigh In On Bausch Health Companies

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

Bausch Health Companies Stock Performance

The firm has a market capitalization of $3.59 billion, a price-to-earnings ratio of -20.38 and a beta of 0.77. The business’s 50 day moving average is $7.47 and its 200-day moving average is $7.06.

Bausch Health Companies Company Profile

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.