Bausch + Lomb (NYSE:BLCO) Shares Up 5.1% - Here's What Happened

Key Points

• Bausch + Lomb shares experienced a 5.1% increase in price, reaching $14.80 during mid-day trading, with a significant decline in trading volume compared to the average.
• Equities analysts have mostly rated Bausch + Lomb as a "Hold," with price targets ranging from $13.00 to $16.00, reflecting mixed sentiment towards the stock's performance.
• CEO Brent L. Saunders acquired 22,000 shares of company stock in May, increasing his ownership, which highlights insider confidence in the firm's prospects.

Bausch + Lomb Corporation (NYSE:BLCO - Get Free Report) shares rose 5.1% during mid-day trading on Friday . The stock traded as high as $14.86 and last traded at $14.80. Approximately 161,031 shares traded hands during mid-day trading, a decline of 80% from the average daily volume of 791,824 shares. The stock had previously closed at $14.08.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the stock. Evercore ISI upped their price objective on shares of Bausch + Lomb from $15.50 to $16.00 and gave the company an "outperform" rating in a report on Tuesday, July 8th. Zacks Research raised Bausch + Lomb to a "hold" rating in a research note on Tuesday. Citigroup upped their price target on Bausch + Lomb from $13.00 to $15.00 and gave the stock a "neutral" rating in a research note on Wednesday, July 9th. Morgan Stanley upped their target price on Bausch + Lomb from $12.00 to $13.00 and gave the stock an "equal weight" rating in a research report on Friday, August 1st. Finally, Needham & Company LLC reaffirmed a "hold" rating on shares of Bausch + Lomb in a research report on Thursday, April 24th. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Bausch + Lomb presently has a consensus rating of "Hold" and an average target price of $15.56.

Bausch + Lomb Price Performance

The business's fifty day moving average is $13.33 and its 200-day moving average is $13.71. The company has a debt-to-equity ratio of 0.76, a current ratio of 1.55 and a quick ratio of 0.98. The firm has a market cap of $5.19 billion, a PE ratio of -18.80, a P/E/G ratio of 1.44 and a beta of 0.62.

Bausch + Lomb (NYSE:BLCO - Get Free Report) last issued its quarterly earnings results on Wednesday, July 30th. The company reported $0.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.06 by $0.01. Bausch + Lomb had a negative net margin of 5.58% and a positive return on equity of 2.33%. The company had revenue of $1.28 billion during the quarter, compared to analyst estimates of $1.25 billion. During the same quarter last year, the business posted $0.13 EPS. Bausch + Lomb's quarterly revenue was up 5.1% compared to the same quarter last year. On average, research analysts predict that Bausch + Lomb Corporation will post 0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Brent L. Saunders acquired 22,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was bought at an average price of $11.28 per share, with a total value of $248,160.00. Following the acquisition, the chief executive officer owned 719,156 shares in the company, valued at $8,112,079.68. The trade was a 3.16% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.76% of the company's stock.

Hedge Funds Weigh In On Bausch + Lomb

Several large investors have recently modified their holdings of the business. Trexquant Investment LP grew its stake in Bausch + Lomb by 5.8% during the first quarter. Trexquant Investment LP now owns 20,255 shares of the company's stock valued at $294,000 after acquiring an additional 1,108 shares in the last quarter. Woodline Partners LP grew its position in shares of Bausch + Lomb by 0.5% during the 1st quarter. Woodline Partners LP now owns 312,823 shares of the company's stock valued at $4,536,000 after purchasing an additional 1,436 shares in the last quarter. Blue Trust Inc. grew its position in shares of Bausch + Lomb by 58.5% during the 2nd quarter. Blue Trust Inc. now owns 4,502 shares of the company's stock valued at $59,000 after purchasing an additional 1,662 shares in the last quarter. Ridgewood Investments LLC purchased a new position in shares of Bausch + Lomb during the 2nd quarter valued at $26,000. Finally, Gabelli Funds LLC grew its position in shares of Bausch + Lomb by 0.5% during the 2nd quarter. Gabelli Funds LLC now owns 444,000 shares of the company's stock valued at $5,776,000 after purchasing an additional 2,000 shares in the last quarter. Hedge funds and other institutional investors own 11.07% of the company's stock.

Bausch + Lomb Company Profile

Bausch + Lomb Corporation operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, South Korea, and internationally. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical. The Vision Care segment provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses; and contact lens care products comprising over-the-counter eye drops, eye vitamins, and mineral supplements that address various conditions, such as eye allergies, conjunctivitis, dry eye, and redness relief.

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