Bausch + Lomb (NYSE:BLCO) Trading Up 5.1% – Here’s What Happened

Bausch + Lomb Corporation (NYSE:BLCO)’s share price was up 5.1% 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.

Analysts Set New Price Targets

Several brokerages have recently commented on BLCO. Evercore ISI boosted their price objective on Bausch + Lomb from $15.50 to $16.00 and gave the company an “outperform” rating in a research report on Tuesday, July 8th. Wells Fargo & Company lifted their target price on Bausch + Lomb from $12.00 to $15.00 and gave the company an “equal weight” rating in a research note on Thursday, July 31st. Barclays dropped their price target on Bausch + Lomb from $19.00 to $16.00 and set an “equal weight” rating for the company in a research note on Monday, June 9th. Needham & Company LLC reiterated a “hold” rating on shares of Bausch + Lomb in a research report on Thursday, April 24th. Finally, Citigroup upped their target price on shares of Bausch + Lomb from $13.00 to $15.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 9th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $15.56.

Bausch + Lomb Stock Performance

The business’s fifty day moving average is $13.39 and its two-hundred day moving average is $13.66. The stock has a market capitalization of $5.14 billion, a PE ratio of -18.62, a price-to-earnings-growth ratio of 1.48 and a beta of 0.62. The company has a quick ratio of 0.98, a current ratio of 1.55 and a debt-to-equity ratio of 0.76.

Bausch + Lomb (NYSE:BLCO) last issued its quarterly earnings data on Wednesday, July 30th. The company reported $0.07 EPS for the quarter, topping analysts’ consensus estimates 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 business had revenue of $1.28 billion during the quarter, compared to analysts’ expectations of $1.25 billion. During the same period last year, the company posted $0.13 EPS. The business’s revenue was up 5.1% on a year-over-year basis. As a group, research analysts anticipate that Bausch + Lomb Corporation will post 0.74 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Brent L. Saunders acquired 22,000 shares of the stock in a transaction dated Thursday, May 22nd. The stock was acquired at an average cost of $11.28 per share, with a total value of $248,160.00. Following the purchase, the chief executive officer directly owned 719,156 shares of the company’s stock, valued at approximately $8,112,079.68. This trade represents a 3.16% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.76% of the stock is owned by insiders.

Hedge Funds Weigh In On Bausch + Lomb

Large investors have recently modified their holdings of the stock. Ridgewood Investments LLC purchased a new position in Bausch + Lomb during the second quarter worth $26,000. Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Bausch + Lomb by 729.3% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 2,322 shares of the company’s stock worth $30,000 after acquiring an additional 2,042 shares during the last quarter. Blue Trust Inc. boosted its stake 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 worth $59,000 after purchasing an additional 1,662 shares during the period. FNY Investment Advisers LLC grew its holdings in Bausch + Lomb by 93.8% during the 2nd quarter. FNY Investment Advisers LLC now owns 6,200 shares of the company’s stock valued at $80,000 after purchasing an additional 3,000 shares during the last quarter. Finally, National Bank of Canada FI raised its position in Bausch + Lomb by 101.7% in the 1st quarter. National Bank of Canada FI now owns 6,719 shares of the company’s stock worth $97,000 after purchasing an additional 3,387 shares during the period. 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.