Stock Traders Buy High Volume of Bausch Health Companies Call Options (NYSE:BHC)

Bausch Health Companies Inc. (NYSE:BHC) was the recipient of unusually large options trading on Wednesday. Investors purchased 6,463 call options on the stock. This represents an increase of 61% compared to the average volume of 4,017 call options.

Bausch Health Companies Stock Performance

Shares of BHC stock traded up $0.69 during trading on Wednesday, hitting $7.87. The company had a trading volume of 3,978,307 shares, compared to its average volume of 3,112,888. The firm has a market capitalization of $2.84 billion, a P/E ratio of -6.03 and a beta of 0.75. Bausch Health Companies has a one year low of $3.96 and a one year high of $11.46. The stock’s 50-day moving average price is $6.24 and its 200 day moving average price is $7.35.

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

Analyst Ratings Changes

Several equities research analysts recently weighed in on the company. StockNews.com lowered Bausch Health Companies from a “buy” rating to a “hold” rating in a report on Tuesday. Royal Bank of Canada reduced their price objective on shares of Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating for the company in a report on Friday, August 2nd. Jefferies Financial Group lowered their price target on Bausch Health Companies from $13.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. 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. Finally, Piper Sandler cut shares of Bausch Health Companies from a “neutral” rating to an “underweight” rating and decreased their price target for the company from $9.00 to $3.00 in a research note on Friday, August 2nd. One equities research analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, Bausch Health Companies currently has a consensus rating of “Hold” and a consensus target price of $7.33.

Insider Buying and Selling

In related news, EVP Seana Carson sold 13,370 shares of the company’s 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 completion of the sale, the executive vice president now owns 435,198 shares of the company’s stock, valued at $2,702,579.58. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 8.12% of the stock is currently owned by company insiders.

Institutional Trading of Bausch Health Companies

Several large investors have recently made changes to their positions in the company. Norges Bank bought a new stake in Bausch Health Companies in the fourth quarter worth about $31,121,000. Hillsdale Investment Management Inc. increased its holdings in shares of Bausch Health Companies by 1,050.8% in the 1st quarter. Hillsdale Investment Management Inc. now owns 3,409,383 shares of the company’s stock worth $36,135,000 after buying an additional 3,113,123 shares during the last quarter. SG Americas Securities LLC lifted its stake in Bausch Health Companies by 3,080.9% during the first quarter. SG Americas Securities LLC now owns 2,200,526 shares of the company’s stock worth $23,348,000 after purchasing an additional 2,131,347 shares during the last quarter. Crestline Management LP bought a new position in Bausch Health Companies during the fourth quarter valued at approximately $16,040,000. Finally, Mackenzie Financial Corp boosted its position in Bausch Health Companies by 111.0% during the second quarter. Mackenzie Financial Corp now owns 2,381,888 shares of the company’s stock valued at $16,612,000 after buying an additional 1,252,834 shares during the period. 78.65% of the stock is currently owned by institutional investors and hedge funds.

About Bausch Health Companies

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.