Clearline Capital LP Purchases Shares of 987,206 Bausch Health Companies Inc. (NYSE:BHC)

Clearline Capital LP acquired a new position in shares of Bausch Health Companies Inc. (NYSE:BHC) in the 2nd quarter, Holdings Channel reports. The fund acquired 987,206 shares of the company’s stock, valued at approximately $6,881,000.

Other large investors have also recently made changes to their positions in the company. Salem Investment Counselors Inc. purchased a new stake in Bausch Health Companies during the 1st quarter valued at about $32,000. Headlands Technologies LLC purchased a new position in shares of Bausch Health Companies in the second quarter worth about $35,000. MQS Management LLC acquired a new stake in shares of Bausch Health Companies during the second quarter worth about $71,000. Certuity LLC purchased a new stake in Bausch Health Companies in the second quarter valued at approximately $75,000. Finally, Bfsg LLC increased its holdings in Bausch Health Companies by 46.7% in the 2nd quarter. Bfsg LLC now owns 11,450 shares of the company’s stock worth $80,000 after buying an additional 3,643 shares during the period. 78.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

BHC has been the subject of several research reports. Raymond James assumed coverage on shares of Bausch Health Companies in a research note on Wednesday, July 10th. They set a “market perform” rating and a $8.00 price objective for the company. Jefferies Financial Group decreased their target price on shares of Bausch Health Companies from $13.00 to $9.00 and set a “buy” rating for the company in a research report on Wednesday, August 7th. Royal Bank of Canada cut their price target on Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating on the stock in a research report on Friday, August 2nd. Piper Sandler cut Bausch Health Companies from a “neutral” rating to an “underweight” rating and decreased their price objective for the company from $9.00 to $3.00 in a report on Friday, August 2nd. Finally, Scotiabank dropped their target price on Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating on the stock in a report on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $7.33.

Insider Buying and Selling

In other news, EVP Seana Carson sold 13,370 shares of Bausch Health Companies stock in a transaction dated Friday, September 6th. The shares were sold at an average price of $6.21, for a total value of $83,027.70. Following the sale, the executive vice president now owns 435,198 shares in the company, valued at $2,702,579.58. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 8.12% of the stock is owned by insiders.

Bausch Health Companies Stock Performance

BHC opened at $8.26 on Friday. The company has a fifty day moving average of $6.34 and a two-hundred day moving average of $7.29. Bausch Health Companies Inc. has a fifty-two week low of $3.96 and a fifty-two week high of $11.46. The stock has a market capitalization of $2.98 billion, a price-to-earnings ratio of -6.66 and a beta of 0.75.

Bausch Health Companies (NYSE:BHC) last posted its quarterly earnings data on Thursday, August 1st. The company reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.89 by $0.09. Bausch Health Companies had a negative return on equity of 742.06% and a negative net margin of 5.12%. The business had revenue of $2.40 billion during the quarter, compared to analysts’ expectations of $2.33 billion. During the same period in the previous year, the business earned $0.81 earnings per share. On average, equities research analysts forecast that Bausch Health Companies Inc. will post 3.61 earnings per share for the current year.

Bausch Health Companies 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.