Bausch Health Companies (NYSE:BHC) Trading 8.7% Higher on Better-Than-Expected Earnings

Shares of Bausch Health Companies Inc. (NYSE:BHC - Get Free Report) were up 8.7% during trading on Thursday following a stronger than expected earnings report. The company traded as high as $8.92 and last traded at $8.88. Approximately 647,530 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 2,907,976 shares. The stock had previously closed at $8.17.

The company reported $1.12 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.03 by $0.09. Bausch Health Companies had a negative net margin of 5.12% and a negative return on equity of 742.06%. The firm had revenue of $2.51 billion for the quarter, compared to analyst estimates of $2.42 billion. During the same quarter in the previous year, the firm posted $1.03 EPS. The business's revenue for the quarter was up 12.2% on a year-over-year basis.

Analysts Set New Price Targets

A number of research analysts have issued reports on BHC shares. Jefferies Financial Group cut their price objective on Bausch Health Companies from $13.00 to $9.00 and set a "buy" rating for the company in a report on Wednesday, August 7th. Evercore ISI raised shares of Bausch Health Companies to a "hold" rating in a research note on Tuesday, October 15th. Raymond James began coverage on shares of Bausch Health Companies in a research note on Wednesday, July 10th. They issued a "market perform" rating and a $8.00 target price for the company. StockNews.com upgraded Bausch Health Companies from a "hold" rating to a "buy" rating in a research report on Friday, October 25th. Finally, Truist Financial dropped their price target on Bausch Health Companies from $8.00 to $7.00 and set a "hold" rating for the company in a report on Thursday, July 25th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Bausch Health Companies has an average rating of "Hold" and an average price target of $7.33.

Insider Activity at Bausch Health Companies

In other news, EVP Seana Carson sold 13,370 shares of the company's stock in a transaction on Friday, September 6th. The stock was sold at an average price of $6.21, for a total transaction of $83,027.70. Following the transaction, the executive vice president now owns 435,198 shares of the company's stock, valued at $2,702,579.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 8.12% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Bausch Health Companies

Several large investors have recently bought and sold shares of the business. Inspire Investing LLC bought a new stake in Bausch Health Companies in the first quarter valued at about $935,000. Vanguard Group Inc. raised its position in shares of Bausch Health Companies by 1.0% in the 4th quarter. Vanguard Group Inc. now owns 11,599,131 shares of the company's stock valued at $93,025,000 after acquiring an additional 111,363 shares during the period. Mackenzie Financial Corp boosted its stake in Bausch Health Companies by 111.0% during the 2nd quarter. Mackenzie Financial Corp now owns 2,381,888 shares of the company's stock worth $16,612,000 after acquiring an additional 1,252,834 shares during the last quarter. Clearline Capital LP acquired a new position in Bausch Health Companies during the second quarter valued at approximately $6,881,000. Finally, Blair William & Co. IL increased its stake in Bausch Health Companies by 5.0% in the first quarter. Blair William & Co. IL now owns 84,245 shares of the company's stock valued at $894,000 after purchasing an additional 4,000 shares in the last quarter. 78.65% of the stock is currently owned by institutional investors and hedge funds.

Bausch Health Companies Stock Up 12.6 %

The company's fifty day simple moving average is $7.41 and its two-hundred day simple moving average is $7.05. The company has a market capitalization of $3.32 billion, a price-to-earnings ratio of -7.31 and a beta of 0.77.

Bausch Health Companies Company Profile

Bausch Health Companies Inc operates as a diversified specialty pharmaceutical and medical device company in the United States and internationally. It develops, manufactures, and markets a range of products primarily in gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals, over-the-counter (OTC) products, aesthetic medical devices, and eye health.