The Manufacturers Life Insurance Company Buys Shares of 237,211 Bausch Health Cos Inc. $BHC

Key Points

• The Manufacturers Life Insurance Company acquired 237,211 Bausch Health shares worth approximately $1.17 million, while institutional investors collectively owned 78.65% of the company.
• Analyst sentiment remains cautious: six analysts rate BHC as a Hold and one as Sell, resulting in a consensus “Reduce” rating and an average price target of $8.00.
• Bausch Health exceeded quarterly expectations, reporting $1.26 in EPS versus $0.96 expected and revenue of $2.83 billion versus $2.59 billion forecast, despite negative net margin and return on equity.

The Manufacturers Life Insurance Company acquired a new position in shares of Bausch Health Cos Inc. (NYSE:BHC - Free Report) in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 237,211 shares of the company's stock, valued at approximately $1,167,000. The Manufacturers Life Insurance Company owned approximately 0.06% of Bausch Health Cos 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 the stock. Tacita Capital Inc bought a new position in Bausch Health Cos in the second quarter valued at about $29,000. Caption Management LLC boosted its stake in shares of Bausch Health Cos by 101.1% during the fourth quarter. Caption Management LLC now owns 4,464 shares of the company's stock valued at $31,000 after purchasing an additional 405,789 shares in the last quarter. Caitong International Asset Management Co. Ltd grew its holdings in shares of Bausch Health Cos by 12,589.7% during the fourth quarter. Caitong International Asset Management Co. Ltd now owns 4,949 shares of the company's stock worth $34,000 after purchasing an additional 4,910 shares during the last quarter. Northwestern Mutual Wealth Management Co. grew its holdings in shares of Bausch Health Cos by 6,661.2% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 5,409 shares of the company's stock worth $35,000 after purchasing an additional 5,329 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its stake in shares of Bausch Health Cos by 65.9% in the second quarter. Russell Investments Group Ltd. now owns 7,819 shares of the company's stock valued at $51,000 after buying an additional 3,106 shares during the period. Institutional investors own 78.65% of the company's stock.

Analyst Upgrades and Downgrades

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

Insider Activity at Bausch Health Cos

In other news, insider Aimee Lenar sold 36,827 shares of the business's stock in a transaction that occurred on Wednesday, August 19th. The stock was sold at an average price of $7.03, for a total transaction of $258,893.81. Following the completion of the sale, the insider owned 334,853 shares in the company, valued at $2,354,016.59. The trade was a 9.91% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through 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.

Bausch Health Cos Trading Down 3.3%

BHC opened at $6.54 on Friday. The company has a fifty day moving average price of $5.70 and a two-hundred day moving average price of $5.51. Bausch Health Cos Inc. has a 1-year low of $4.33 and a 1-year high of $8.00. The company has a market cap of $2.45 billion, a P/E ratio of -2.21 and a beta of 0.37. The company has a current ratio of 1.44, a quick ratio of 1.08 and a debt-to-equity ratio of 54.68.

Bausch Health Cos (NYSE:BHC - Get Free Report) last released its quarterly earnings data on Wednesday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, topping analysts' consensus estimates 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 company had revenue of $2.83 billion for the quarter, compared to analysts' expectations of $2.59 billion. Analysts predict that Bausch Health Cos Inc. will post 4.35 EPS for the current fiscal year.

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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