Arrowstreet Capital Limited Partnership Sells 1,528,438 Shares of Bausch Health Cos Inc. $BHC

Key Points

• Arrowstreet Capital cut its Bausch Health stake by 56.1%, selling 1,528,438 shares in the first quarter and retaining 1,195,217 shares valued at approximately $6.46 million.
• Other institutional investors increased exposure, including Paulson & Co., Goldman Sachs and Millennium Management; institutions collectively own 78.65% of Bausch Health’s outstanding shares.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $8.00, despite Bausch Health beating quarterly earnings and revenue estimates.

Arrowstreet Capital Limited Partnership trimmed its stake in shares of Bausch Health Cos Inc. (NYSE:BHC - Free Report) by 56.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,195,217 shares of the company's stock after selling 1,528,438 shares during the quarter. Arrowstreet Capital Limited Partnership owned approximately 0.32% of Bausch Health Cos worth $6,461,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also added to or reduced their stakes in BHC. Norges Bank bought a new position in shares of Bausch Health Cos in the 4th quarter valued at $25,592,000. MUFG Securities EMEA plc bought a new stake in Bausch Health Cos during the 2nd quarter worth $22,644,000. Paulson & CO. Inc. grew its position in Bausch Health Cos by 3.5% during the 4th quarter. Paulson & CO. Inc. now owns 73,255,869 shares of the company's stock worth $509,128,000 after acquiring an additional 2,500,000 shares during the last quarter. Goldman Sachs Group Inc. increased its holdings in Bausch Health Cos by 65.7% in the 4th quarter. Goldman Sachs Group Inc. now owns 5,143,641 shares of the company's stock worth $35,748,000 after purchasing an additional 2,038,813 shares in the last quarter. Finally, Millennium Management LLC boosted its stake in shares of Bausch Health Cos by 290.8% during the fourth quarter. Millennium Management LLC now owns 1,836,137 shares of the company's stock valued at $12,758,000 after purchasing an additional 1,366,268 shares in the last quarter. Institutional investors own 78.65% of the company's stock.

Wall Street Analyst Weigh In

BHC has been the subject of several recent research reports. Zacks Research downgraded Bausch Health Cos from a "hold" rating to a "strong sell" rating in a research note on Friday, July 24th. Jefferies Financial Group raised shares of Bausch Health Cos to a "hold" rating in a report on Wednesday, July 22nd. Royal Bank Of Canada decreased their price target on shares of Bausch Health Cos from $10.00 to $9.00 and set a "sector perform" rating for the company in a research report on Monday, April 27th. Weiss Ratings raised shares of Bausch Health Cos from a "sell (d-)" rating to a "sell (d)" rating in a research note on Friday. Finally, Wall Street Zen upgraded shares of Bausch Health Cos from a "buy" rating to a "strong-buy" rating in a report on Saturday. Five investment analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. According to data from MarketBeat.com, Bausch Health Cos presently has a consensus rating of "Reduce" and an average target price of $8.00.

Insider Activity at Bausch Health Cos

In related news, Director Frank D. Lee sold 24,456 shares of the company's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $5.43, for a total transaction of $132,796.08. Following the sale, the director owned 49,339 shares in the company, valued at $267,910.77. This represents a 33.14% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.67% of the stock is currently owned by insiders.

Bausch Health Cos Trading Up 0.1%

BHC opened at $6.90 on Monday. Bausch Health Cos Inc. has a twelve month low of $4.33 and a twelve month high of $8.69. The company has a fifty day moving average of $4.99 and a 200-day moving average of $5.46. The stock has a market cap of $2.58 billion, a PE ratio of -2.33 and a beta of 0.42. The company has a quick ratio of 1.08, a current ratio of 1.44 and a debt-to-equity ratio of 54.68.

Bausch Health Cos (NYSE:BHC - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.96 by $0.30. Bausch Health Cos had a negative net margin of 10.12% and a negative return on equity of 561.95%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.59 billion. On average, sell-side analysts predict that Bausch Health Cos Inc. will post 4.05 EPS for the current year.

About Bausch Health Cos

Bausch Health Cos Inc, formerly known as Valeant Pharmaceuticals International, is a global specialty pharmaceutical company headquartered in Laval, Quebec, Canada. The company operates through two primary segments: Ophthalmology, led by its Bausch + Lomb franchise, and Diversified Brands, which encompasses prescription dermatology, gastrointestinal, neurology and branded pharmaceutical products. Bausch Health develops, manufactures and markets a range of therapeutic and over-the-counter offerings designed to address conditions such as cataracts, dry eye, glaucoma, acne, rosacea, migraine and gastrointestinal disorders.

The Ophthalmology segment under the Bausch + Lomb name provides products for eye health, including prescription drops, contact lens care solutions, intraocular lenses, surgical instruments and diagnostic devices.

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