Bausch + Lomb (NYSE:BLCO) Shares Gap Down – Here’s What Happened

Bausch + Lomb Co. (NYSE:BLCO) gapped down before the market opened on Thursday . The stock had previously closed at $15.67, but opened at $15.18. Bausch + Lomb shares last traded at $14.97, with a volume of 520,241 shares changing hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the stock. Citigroup cut shares of Bausch + Lomb from a “buy” rating to a “neutral” rating and reduced their target price for the company from $24.00 to $22.00 in a report on Wednesday, December 11th. Wells Fargo & Company reduced their price objective on Bausch + Lomb from $26.00 to $24.00 and set an “overweight” rating for the company in a research note on Thursday, January 16th. Stifel Nicolaus lowered their target price on Bausch + Lomb from $19.00 to $18.00 and set a “hold” rating on the stock in a research report on Wednesday, January 29th. HC Wainwright restated a “buy” rating and set a $23.00 price objective on shares of Bausch + Lomb in a research report on Tuesday, February 18th. Finally, Royal Bank of Canada decreased their price objective on Bausch + Lomb from $22.00 to $18.00 and set an “outperform” rating on the stock in a report on Thursday, February 20th. One research analyst has rated the stock with a sell rating, six have given a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $20.00.

Bausch + Lomb Stock Performance

The company has a debt-to-equity ratio of 0.72, a current ratio of 1.60 and a quick ratio of 1.01. The business has a 50-day moving average of $16.34 and a 200-day moving average of $18.11. The company has a market capitalization of $5.06 billion, a P/E ratio of -15.72, a P/E/G ratio of 0.85 and a beta of 0.49.

Bausch + Lomb (NYSE:BLCO) last issued its quarterly earnings results on Wednesday, February 19th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.23 by $0.02. The company had revenue of $1.28 billion for the quarter, compared to the consensus estimate of $1.26 billion. Bausch + Lomb had a negative net margin of 6.62% and a positive return on equity of 3.35%. The firm’s revenue was up 9.1% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.24 EPS. On average, sell-side analysts anticipate that Bausch + Lomb Co. will post 0.74 EPS for the current year.

Institutional Investors Weigh In On Bausch + Lomb

A number of institutional investors and hedge funds have recently modified their holdings of the business. Alberta Investment Management Corp increased its stake in Bausch + Lomb by 36.0% in the fourth quarter. Alberta Investment Management Corp now owns 3,008,193 shares of the company’s stock worth $54,328,000 after purchasing an additional 796,400 shares during the period. Whitebox Advisors LLC grew its holdings in shares of Bausch + Lomb by 16.1% in the fourth quarter. Whitebox Advisors LLC now owns 1,443,101 shares of the company’s stock worth $26,062,000 after purchasing an additional 199,856 shares during the last quarter. Arrowstreet Capital Limited Partnership increased its stake in Bausch + Lomb by 51.5% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,218,431 shares of the company’s stock worth $21,996,000 after buying an additional 414,138 shares during the period. King Street Capital Management L.P. lifted its holdings in Bausch + Lomb by 55.2% during the 4th quarter. King Street Capital Management L.P. now owns 1,136,321 shares of the company’s stock valued at $20,522,000 after buying an additional 404,256 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD bought a new stake in Bausch + Lomb during the 4th quarter valued at about $14,122,000. 11.07% of the stock is owned by institutional investors.

About Bausch + Lomb

Bausch + Lomb Corporation operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, South Korea, and internationally. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical. The Vision Care segment provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses; and contact lens care products comprising over-the-counter eye drops, eye vitamins, and mineral supplements that address various conditions, such as eye allergies, conjunctivitis, dry eye, and redness relief.