King Street Capital Management L.P. Acquires New Stake in Bausch + Lomb Co. (NYSE:BLCO)

King Street Capital Management L.P. bought a new stake in Bausch + Lomb Co. (NYSE:BLCO - Free Report) during the 3rd quarter, according to its most recent Form 13F filing with the SEC. The firm bought 732,065 shares of the company's stock, valued at approximately $14,122,000. Bausch + Lomb accounts for about 9.3% of King Street Capital Management L.P.'s holdings, making the stock its 5th biggest holding. King Street Capital Management L.P. owned about 0.21% of Bausch + Lomb at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in BLCO. Clearline Capital LP lifted its position in shares of Bausch + Lomb by 136.8% during the 2nd quarter. Clearline Capital LP now owns 712,055 shares of the company's stock worth $10,339,000 after buying an additional 411,404 shares during the last quarter. Whitebox Advisors LLC lifted its holdings in shares of Bausch + Lomb by 28.2% in the second quarter. Whitebox Advisors LLC now owns 1,545,946 shares of the company's stock worth $22,447,000 after acquiring an additional 339,643 shares during the last quarter. Barclays PLC acquired a new stake in shares of Bausch + Lomb in the 3rd quarter valued at approximately $5,797,000. Point72 DIFC Ltd bought a new stake in shares of Bausch + Lomb during the 3rd quarter valued at approximately $4,331,000. Finally, Point72 Asset Management L.P. grew its holdings in shares of Bausch + Lomb by 31.0% during the 2nd quarter. Point72 Asset Management L.P. now owns 647,156 shares of the company's stock valued at $9,397,000 after purchasing an additional 153,000 shares during the last quarter. 11.07% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of brokerages recently weighed in on BLCO. Evercore ISI upgraded Bausch + Lomb from an "in-line" rating to an "outperform" rating and boosted their price objective for the stock from $19.00 to $25.00 in a research report on Tuesday, October 15th. Royal Bank of Canada boosted their price target on Bausch + Lomb from $20.00 to $23.00 and gave the stock an "outperform" rating in a report on Tuesday, October 22nd. Stifel Nicolaus raised their price objective on shares of Bausch + Lomb from $16.00 to $19.00 and gave the company a "hold" rating in a report on Monday, September 23rd. HC Wainwright lifted their target price on shares of Bausch + Lomb from $22.00 to $23.00 and gave the stock a "buy" rating in a research report on Thursday, October 31st. Finally, Needham & Company LLC restated a "hold" rating on shares of Bausch + Lomb in a research report on Thursday, October 31st. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average price target of $20.82.

Bausch + Lomb Stock Down 12.1 %

Shares of Bausch + Lomb stock traded down $2.49 during trading hours on Wednesday, reaching $18.16. The company's stock had a trading volume of 3,074,311 shares, compared to its average volume of 559,676. Bausch + Lomb Co. has a one year low of $13.16 and a one year high of $21.69. The company has a market capitalization of $6.40 billion, a P/E ratio of -17.30, a P/E/G ratio of 1.93 and a beta of 0.43. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.95 and a current ratio of 1.57. The stock's fifty day simple moving average is $19.90 and its two-hundred day simple moving average is $17.46.

Bausch + Lomb (NYSE:BLCO - Get Free Report) last announced its quarterly earnings data on Wednesday, October 30th. The company reported $0.17 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.16 by $0.01. Bausch + Lomb had a positive return on equity of 3.17% and a negative net margin of 7.86%. The firm had revenue of $1.20 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same quarter in the prior year, the company earned $0.22 EPS. The business's revenue for the quarter was up 18.8% on a year-over-year basis. On average, research analysts forecast that Bausch + Lomb Co. will post 0.6 earnings per share for the current year.

Bausch + Lomb 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.