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

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

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

Analyst Ratings Changes

BHC has been the subject of a number of recent research reports. Jefferies Financial Group decreased their price target on shares of Bausch Health Companies from $13.00 to $9.00 and set a “buy” rating for the company in a research note on Wednesday, August 7th. Evercore ISI raised shares of Bausch Health Companies to a “hold” rating in a research report on Tuesday, October 15th. StockNews.com upgraded Bausch Health Companies from a “hold” rating to a “buy” rating in a research note on Friday, October 25th. Piper Sandler downgraded shares of Bausch Health Companies from a “neutral” rating to an “underweight” rating and lowered their target price for the company from $9.00 to $3.00 in a report on Friday, August 2nd. Finally, Raymond James started coverage on shares of Bausch Health Companies in a report on Wednesday, July 10th. They set a “market perform” rating and a $8.00 price target on the stock. One analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and an average price target of $7.33.

Insider Buying and Selling at Bausch Health Companies

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 transaction of $83,027.70. Following the sale, the executive vice president now directly owns 435,198 shares of the company’s stock, valued at $2,702,579.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 8.12% of the company’s stock.

Institutional Investors Weigh In On Bausch Health Companies

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC bought a new position in shares of Bausch Health Companies in the second quarter worth $35,000. MQS Management LLC bought a new position in Bausch Health Companies in the 2nd quarter worth about $71,000. Certuity LLC purchased a new position in Bausch Health Companies during the 2nd quarter valued at about $75,000. Bfsg LLC increased its position in shares of Bausch Health Companies by 46.7% during the second quarter. Bfsg LLC now owns 11,450 shares of the company’s stock valued at $80,000 after buying an additional 3,643 shares during the period. Finally, Kendall Capital Management purchased a new stake in shares of Bausch Health Companies in the second quarter worth about $87,000. Institutional investors own 78.65% of the company’s stock.

Bausch Health Companies Stock Up 12.7 %

The business’s 50-day moving average price is $7.41 and its 200 day moving average price is $7.05. The company has a market capitalization of $3.32 billion, a P/E ratio of -7.31 and a beta of 0.77.

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.