Bausch Health Cos (NYSE:BHC) Trading 4.8% Higher – Here’s Why

Bausch Health Cos Inc. (NYSE:BHC) shares shot up 4.8% on Tuesday . The stock traded as high as $6.74 and last traded at $6.6780. Approximately 478,732 shares changed hands during mid-day trading, a decline of 81% from the average daily volume of 2,540,489 shares. The stock had previously closed at $6.37.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on the company. Zacks Research raised Bausch Health Cos from a “strong sell” rating to a “hold” rating in a research report on Thursday, August 20th. Wall Street Zen upgraded shares of Bausch Health Cos from a “buy” rating to a “strong-buy” rating in a research note on Saturday, August 1st. Weiss Ratings raised Bausch Health Cos from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, July 31st. Finally, Jefferies Financial Group upgraded Bausch Health Cos to a “hold” rating in a research note on Wednesday, July 22nd. Six research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $8.00.

Bausch Health Cos Trading Up 3.1%

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 firm has a market capitalization of $2.46 billion, a price-to-earnings ratio of -2.22 and a beta of 0.38. The company has a 50 day moving average price of $5.56 and a two-hundred day moving average price of $5.49.

Bausch Health Cos (NYSE:BHC) last issued its quarterly earnings results 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 return on equity of 561.95% and a negative net margin of 10.12%.The firm had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.59 billion. On average, research analysts forecast that Bausch Health Cos Inc. will post 4.35 EPS for the current year.

Insider Activity at Bausch Health Cos

In other news, insider Aimee J. Lenar sold 36,827 shares of the firm’s stock in a transaction 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 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 transaction was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 20.67% of the company’s stock.

Institutional Investors Weigh In On Bausch Health Cos

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Amundi lifted its holdings in Bausch Health Cos by 39.9% during the 2nd quarter. Amundi now owns 33,546 shares of the company’s stock worth $165,000 after buying an additional 9,563 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Bausch Health Cos in the second quarter valued at approximately $2,565,000. Bank of America Corp DE acquired a new stake in Bausch Health Cos during the second quarter worth approximately $2,816,000. Paulson & CO. Inc. purchased a new stake in shares of Bausch Health Cos during the 2nd quarter worth approximately $361,151,000. Finally, Man Group plc purchased a new stake in shares of Bausch Health Cos during the 2nd quarter worth approximately $7,157,000. 78.65% of the stock is currently owned by institutional investors and hedge funds.

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.