Bausch Health Cos (NYSE:BHC) Shares Gap Down Following Weak Earnings

Key Points

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Bausch Health Cos Inc. (NYSE:BHC - Get Free Report)'s stock price gapped down prior to trading on Thursday following a weaker than expected earnings announcement. The stock had previously closed at $6.39, but opened at $5.77. Bausch Health Cos shares last traded at $5.94, with a volume of 1,350,447 shares traded.

The company reported $0.90 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.97 by ($0.07). The firm had revenue of $2.57 billion for the quarter, compared to the consensus estimate of $2.47 billion. Bausch Health Cos had a negative return on equity of 522.39% and a net margin of 0.99%.

Analyst Upgrades and Downgrades

BHC has been the subject of several analyst reports. Wall Street Zen upgraded Bausch Health Cos from a "hold" rating to a "buy" rating in a report on Saturday. Royal Bank Of Canada raised their price objective on Bausch Health Cos from $8.50 to $10.00 and gave the company a "sector perform" rating in a report on Friday, May 2nd. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $7.38.

Insider Buying and Selling

In other Bausch Health Cos news, Director John Paulson purchased 3,564,059 shares of Bausch Health Cos stock in a transaction that occurred on Friday, June 13th. The stock was acquired at an average price of $5.94 per share, for a total transaction of $21,170,510.46. Following the completion of the acquisition, the director owned 32,791,702 shares of the company's stock, valued at approximately $194,782,709.88. This trade represents a 12.19% increase in their position. The purchase was disclosed in a filing with the SEC, which is accessible through this link. Insiders bought a total of 6,352,667 shares of company stock worth $35,870,767 in the last three months. Company insiders own 8.05% of the company's stock.

Hedge Funds Weigh In On Bausch Health Cos

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Y Intercept Hong Kong Ltd bought a new position in Bausch Health Cos during the second quarter worth about $165,000. Alpha Wealth Funds LLC bought a new position in Bausch Health Cos during the second quarter worth about $65,000. Stratos Wealth Advisors LLC acquired a new stake in Bausch Health Cos during the second quarter worth approximately $67,000. TD Asset Management Inc boosted its holdings in shares of Bausch Health Cos by 5.0% during the second quarter. TD Asset Management Inc now owns 889,912 shares of the company's stock worth $5,922,000 after acquiring an additional 42,236 shares during the period. Finally, Atria Wealth Solutions Inc. boosted its holdings in shares of Bausch Health Cos by 20.7% during the second quarter. Atria Wealth Solutions Inc. now owns 37,014 shares of the company's stock worth $261,000 after acquiring an additional 6,348 shares during the period. Institutional investors own 78.65% of the company's stock.

Bausch Health Cos Stock Down 3.1%

The company has a market cap of $2.11 billion, a P/E ratio of 21.96 and a beta of 0.41. The business has a fifty day moving average price of $5.98 and a 200-day moving average price of $6.10.

About Bausch Health Cos

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.