Bausch Health Companies (NYSE:BHC) Shares Gap Up – Here’s What Happened

Shares of Bausch Health Companies Inc. (NYSE:BHC) gapped up before the market opened on Monday . The stock had previously closed at $7.95, but opened at $8.37. Bausch Health Companies shares last traded at $8.30, with a volume of 227,635 shares traded.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Raymond James began 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. Royal Bank of Canada lowered 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 report on Friday, August 2nd. Jefferies Financial Group cut their price objective on Bausch Health Companies from $13.00 to $9.00 and set a “buy” rating on the stock in a report on Wednesday, August 7th. StockNews.com upgraded Bausch Health Companies from a “hold” rating to a “buy” rating in a report on Wednesday, September 25th. 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 equities research analyst has rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Bausch Health Companies has a consensus rating of “Hold” and an average price target of $7.33.

Bausch Health Companies Price Performance

The company has a market cap of $3.00 billion, a PE ratio of -6.73 and a beta of 0.77. The company has a 50-day moving average price of $6.71 and a two-hundred day moving average price of $7.18.

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

Insider Activity at Bausch Health Companies

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 transaction, the executive vice president now owns 435,198 shares in the company, valued at $2,702,579.58. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 8.12% of the company’s stock.

Institutional Trading of Bausch Health Companies

Hedge funds have recently made changes to their positions in the stock. Creative Planning boosted its holdings in Bausch Health Companies by 16.9% in the third quarter. Creative Planning now owns 55,351 shares of the company’s stock worth $452,000 after purchasing an additional 7,995 shares during the period. Clearline Capital LP acquired a new position in shares of Bausch Health Companies during the second quarter valued at $6,881,000. Mackenzie Financial Corp grew its position in shares of Bausch Health Companies by 111.0% during the second quarter. Mackenzie Financial Corp now owns 2,381,888 shares of the company’s stock worth $16,612,000 after acquiring an additional 1,252,834 shares during the last quarter. The Manufacturers Life Insurance Company increased its holdings in shares of Bausch Health Companies by 2.0% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 246,808 shares of the company’s stock worth $1,719,000 after acquiring an additional 4,944 shares during the period. Finally, Maverick Capital Ltd. bought a new stake in Bausch Health Companies in the 2nd quarter valued at about $1,606,000. Institutional investors and hedge funds own 78.65% of the company’s stock.

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.