Bausch Health Companies (NYSE:BHC) Shares Gap Up Following Earnings Beat

Bausch Health Companies Inc. (NYSE:BHC) gapped up prior to trading on Thursday following a stronger than expected earnings report. The stock had previously closed at $6.03, but opened at $6.45. Bausch Health Companies shares last traded at $6.23, with a volume of 364,380 shares trading hands.

The company reported $0.98 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.09. Bausch Health Companies had a negative net margin of 5.12% and a negative return on equity of 813.85%. The firm had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.33 billion. During the same quarter last year, the business posted $0.81 EPS.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on BHC shares. Royal Bank of Canada decreased their target price on shares of Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating for the company in a research note on Friday. Raymond James started 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 target price for the company. Piper Sandler lowered shares of Bausch Health Companies from a “neutral” rating to an “underweight” rating and decreased their target price for the company from $9.00 to $3.00 in a research note on Friday. Truist Financial decreased their target price on shares of Bausch Health Companies from $8.00 to $7.00 and set a “hold” rating for the company in a research note on Thursday, July 25th. Finally, Scotiabank decreased their target price on shares of Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating for the company in a research note on Friday. One analyst has rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $8.17.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. increased its holdings in shares of Bausch Health Companies by 1.6% during the 3rd quarter. Vanguard Group Inc. now owns 11,487,768 shares of the company’s stock worth $94,429,000 after purchasing an additional 175,489 shares during the period. SG Americas Securities LLC bought a new position in shares of Bausch Health Companies during the 4th quarter worth about $555,000. International Assets Investment Management LLC bought a new position in shares of Bausch Health Companies during the 4th quarter worth about $185,000. Mackenzie Financial Corp increased its holdings in shares of Bausch Health Companies by 26.9% during the 4th quarter. Mackenzie Financial Corp now owns 1,562,694 shares of the company’s stock worth $12,543,000 after purchasing an additional 331,462 shares during the period. Finally, Duality Advisers LP increased its holdings in shares of Bausch Health Companies by 20.4% during the 4th quarter. Duality Advisers LP now owns 88,449 shares of the company’s stock worth $709,000 after purchasing an additional 15,001 shares during the period. Institutional investors own 78.65% of the company’s stock.

Bausch Health Companies Trading Down 7.7 %

The firm’s fifty day moving average price is $6.68 and its 200-day moving average price is $7.92.

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.