Bank of America Corp DE Sells 923,433 Shares of Bausch Health Cos Inc. $BHC

Key Points

• Bank of America cut its Bausch Health position by 61.3% in the first quarter, selling 923,433 shares and retaining 584,125 shares worth approximately $3.15 million.
• Other institutional investors increased their holdings, including Royal Bank of Canada, which raised its stake by 24.9%. Institutional investors collectively own 78.65% of Bausch Health.
• Bausch Health exceeded quarterly earnings and revenue expectations, reporting $1.26 in EPS versus a $0.96 estimate and $2.83 billion in revenue versus a $2.59 billion forecast. Despite the beat, analysts maintain a consensus “Reduce” rating with an $8.00 average price target.

Bank of America Corp DE decreased its position in shares of Bausch Health Cos Inc. (NYSE:BHC - Free Report) by 61.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The firm owned 584,125 shares of the company's stock after selling 923,433 shares during the quarter. Bank of America Corp DE owned approximately 0.16% of Bausch Health Cos worth $3,154,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Dimensional Fund Advisors LP boosted its holdings in shares of Bausch Health Cos by 10.8% in the first quarter. Dimensional Fund Advisors LP now owns 3,604,818 shares of the company's stock worth $19,456,000 after acquiring an additional 350,823 shares during the period. Royal Bank of Canada lifted its holdings in Bausch Health Cos by 24.9% during the 1st quarter. Royal Bank of Canada now owns 11,363,498 shares of the company's stock worth $61,362,000 after purchasing an additional 2,262,894 shares in the last quarter. Hillsdale Investment Management Inc. bought a new position in Bausch Health Cos in the 4th quarter worth about $3,651,000. Renaissance Technologies LLC increased its position in shares of Bausch Health Cos by 10.0% during the first quarter. Renaissance Technologies LLC now owns 1,575,772 shares of the company's stock valued at $8,509,000 after buying an additional 143,581 shares during the period. Finally, Ritholtz Wealth Management lifted its holdings in shares of Bausch Health Cos by 178.8% in the first quarter. Ritholtz Wealth Management now owns 222,459 shares of the company's stock worth $1,201,000 after buying an additional 142,663 shares in the last quarter. Institutional investors own 78.65% of the company's stock.

Bausch Health Cos Stock Performance

Bausch Health Cos stock opened at $6.31 on Monday. Bausch Health Cos Inc. has a fifty-two week low of $4.33 and a fifty-two week high of $8.00. The company has a debt-to-equity ratio of 54.68, a quick ratio of 1.08 and a current ratio of 1.44. The stock has a market cap of $2.36 billion, a P/E ratio of -2.13 and a beta of 0.38. The firm's fifty day moving average price is $5.53 and its 200-day moving average price is $5.49.

Bausch Health Cos (NYSE:BHC - Get Free Report) last released its earnings results on Wednesday, July 29th. The company reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $0.96 by $0.30. The business had revenue of $2.83 billion for the quarter, compared to analysts' expectations of $2.59 billion. Bausch Health Cos had a negative return on equity of 561.95% and a negative net margin of 10.12%. On average, equities research analysts expect that Bausch Health Cos Inc. will post 4.35 earnings per share for the current fiscal year.

Insider Transactions at Bausch Health Cos

In other Bausch Health Cos news, insider Aimee J. Lenar sold 36,827 shares of the stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $7.03, for a total transaction of $258,893.81. Following the transaction, the insider directly owned 334,853 shares in the company, valued at $2,354,016.59. This trade represents a 9.91% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 20.67% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on BHC. Zacks Research raised shares of Bausch Health Cos from a "strong sell" rating to a "hold" rating in a report on Thursday, August 20th. Jefferies Financial Group raised shares of Bausch Health Cos to a "hold" rating in a report on Wednesday, July 22nd. Wall Street Zen raised Bausch Health Cos from a "buy" rating to a "strong-buy" rating in a research note on Saturday, August 1st. Finally, Weiss Ratings raised Bausch Health Cos from a "sell (d-)" rating to a "sell (d)" rating in a research note on Friday, July 31st. Six research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Reduce" and an average price target of $8.00.

Bausch Health Cos Company Profile

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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