Bausch Health Companies (NYSE:BHC) Trading 8.7% Higher on Strong Earnings

Bausch Health Companies Inc. (NYSE:BHC)’s share price traded up 8.7% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $8.92 and last traded at $8.88. 647,530 shares changed hands during trading, a decline of 78% from the average session 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. The company had revenue of $2.51 billion during the quarter, compared to analyst estimates of $2.42 billion. Bausch Health Companies had a negative return on equity of 742.06% and a negative net margin of 5.12%. The firm’s quarterly revenue was up 12.2% on a year-over-year basis. During the same quarter last year, the company earned $1.03 earnings per share.

Analyst Ratings Changes

Several research analysts recently weighed in on BHC shares. Evercore ISI upgraded shares of Bausch Health Companies to a “hold” rating in a research report on Tuesday, October 15th. StockNews.com upgraded shares of Bausch Health Companies from a “hold” rating to a “buy” rating in a research report on Friday, October 25th. Raymond James assumed coverage on shares of Bausch Health Companies in a research report on Wednesday, July 10th. They issued a “market perform” rating and a $8.00 target price for the company. Scotiabank reduced their target price on Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating on the stock in a research note on Friday, August 2nd. Finally, Royal Bank of Canada dropped their price target on Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating for the company 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 two have issued a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $7.33.

Insider Buying and Selling

In other Bausch Health Companies news, EVP Seana Carson sold 13,370 shares of the business’s stock in a transaction on 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 directly owns 435,198 shares of the company’s stock, valued at $2,702,579.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 8.12% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Bausch Health Companies

A number of large investors have recently bought and sold shares of the stock. Headlands Technologies LLC purchased a new stake in shares of Bausch Health Companies during the second quarter valued at approximately $35,000. MQS Management LLC bought a new stake in Bausch Health Companies during the 2nd quarter valued at $71,000. Certuity LLC bought a new stake in Bausch Health Companies during the 2nd quarter valued at $75,000. Bfsg LLC boosted its position in Bausch Health Companies by 46.7% during the 2nd quarter. Bfsg LLC now owns 11,450 shares of the company’s stock valued at $80,000 after buying an additional 3,643 shares during the period. Finally, Kendall Capital Management bought a new stake in Bausch Health Companies in the 2nd quarter worth $87,000. 78.65% of the stock is owned by hedge funds and other institutional investors.

Bausch Health Companies Stock Up 12.7 %

The stock has a market cap of $3.32 billion, a PE ratio of -7.31 and a beta of 0.77. The business’s 50-day simple moving average is $7.41 and its 200-day simple moving average is $7.05.

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.