Stock Repurchase Program Declared by Bausch Health Companies (TSE:BHC)

Key Points

• Bausch Health authorized a C$70 million stock buyback, allowing it to repurchase up to 1.9% of outstanding shares through open-market purchases.
• BHC shares rose 9% to C$9.67 during Wednesday trading, while the company reported quarterly revenue of C$4.19 billion and earnings of C$2.52 per share.
• Analyst sentiment remained neutral: Jefferies upgraded the stock to “hold,” and all three analysts tracked by MarketBeat rated it a Hold.

Bausch Health Companies (TSE:BHC - Get Free Report) declared that its Board of Directors has initiated a stock buyback program on Wednesday, October 28th, RTT News reports. The company plans to repurchase C$70 million in shares. This buyback authorization authorizes the company to reacquire up to 1.9% of its stock through open market purchases. Share buyback programs are typically a sign that the company's board of directors believes its stock is undervalued.

Bausch Health Companies Trading Up 9.0%

Shares of TSE:BHC traded up C$0.80 during midday trading on Wednesday, reaching C$9.67. The company's stock had a trading volume of 1,065,868 shares, compared to its average volume of 538,670. Bausch Health Companies has a fifty-two week low of C$6.10 and a fifty-two week high of C$11.08. The company has a debt-to-equity ratio of -1,173.29, a quick ratio of 0.58 and a current ratio of 1.44. The firm has a 50 day moving average price of C$8.65 and a two-hundred day moving average price of C$7.93. The firm has a market capitalization of C$3.62 billion, a price-to-earnings ratio of -3.29, a PEG ratio of 0.21 and a beta of 0.82.

Bausch Health Companies (TSE:BHC - Get Free Report) last issued its earnings results on Wednesday, October 28th. The company reported C$2.52 earnings per share for the quarter. Bausch Health Companies had a positive return on equity of 87.57% and a negative net margin of 12.02%. The business had revenue of C$4.19 billion during the quarter. As a group, analysts forecast that Bausch Health Companies will post 5.55 earnings per share for the current year.

Wall Street Analyst Weigh In

Separately, Jefferies Financial Group raised shares of Bausch Health Companies to a "hold" rating in a research report on Wednesday, July 22nd. Three analysts have rated the stock with a Hold rating. According to data from MarketBeat.com, the company has a consensus rating of "Hold".

About Bausch Health Companies

Bausch Health Companies Inc NYSE: BHCTSX: BHC is a global diversified pharmaceutical company enriching lives through our relentless drive to deliver better health care outcomes. We develop, manufacture and market a range of products primarily in gastroenterology, hepatology, neuroscience, dermatology, dentistry, aesthetics, international pharmaceuticals and eye health, through our controlling interest in Bausch + Lomb. Our ambition is to be a globally integrated healthcare company, trusted and valued by patients, HCPs, employees and investors.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.