Piper Sandler Lowers Bausch Health Companies (NYSE:BHC) to Underweight

Piper Sandler downgraded shares of Bausch Health Companies (NYSE:BHC) from a neutral rating to an underweight rating in a research note issued to investors on Friday morning, Marketbeat Ratings reports. They currently have $3.00 target price on the stock, down from their prior target price of $9.00.

Several other brokerages have also commented on BHC. Royal Bank of Canada decreased their price objective on shares of Bausch Health Companies from $12.00 to $11.00 and set a sector perform rating for the company in a research report on Tuesday, April 23rd. Raymond James started coverage on shares of Bausch Health Companies in a report on Wednesday, July 10th. They issued a market perform rating and a $8.00 price target on the stock. StockNews.com upgraded shares of Bausch Health Companies from a hold rating to a buy rating in a report on Saturday, July 27th. Finally, Truist Financial cut their price target on shares of Bausch Health Companies from $8.00 to $7.00 and set a hold rating on the stock in a report on Thursday, July 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and a consensus target price of $8.17.

Bausch Health Companies Price Performance

Shares of Bausch Health Companies stock opened at $5.23 on Friday. Bausch Health Companies has a 1 year low of $3.96 and a 1 year high of $11.46. The firm’s 50-day moving average is $6.65 and its two-hundred day moving average is $7.90. The stock has a market cap of $1.89 billion, a price-to-earnings ratio of -4.21 and a beta of 0.77.

Bausch Health Companies (NYSE:BHC) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.89 by $0.09. The business had revenue of $2.40 billion during the quarter, compared to analyst estimates of $2.33 billion. Bausch Health Companies had a negative net margin of 5.12% and a negative return on equity of 813.85%. During the same period in the prior year, the firm posted $0.81 earnings per share. On average, equities analysts expect that Bausch Health Companies will post 3.58 earnings per share for the current year.

Institutional Investors Weigh In On Bausch Health Companies

A number of institutional investors have recently added to or reduced their stakes in BHC. Vanguard Group Inc. grew its stake in Bausch Health Companies by 1.6% in the 3rd quarter. Vanguard Group Inc. now owns 11,487,768 shares of the company’s stock valued at $94,429,000 after acquiring an additional 175,489 shares during the period. SG Americas Securities LLC purchased a new position in Bausch Health Companies in the 4th quarter valued at $555,000. International Assets Investment Management LLC purchased a new position in Bausch Health Companies in the 4th quarter valued at $185,000. Mackenzie Financial Corp lifted its holdings in Bausch Health Companies by 26.9% in the 4th quarter. Mackenzie Financial Corp now owns 1,562,694 shares of the company’s stock valued at $12,543,000 after purchasing an additional 331,462 shares in the last quarter. Finally, Duality Advisers LP raised 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 acquiring an additional 15,001 shares during the period. Institutional investors and hedge funds own 78.65% of the company’s stock.

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.