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

Piper Sandler cut shares of Bausch Health Companies (NYSE:BHC) from a neutral rating to an underweight rating in a research report sent to investors on Friday morning, MarketBeat.com reports. They currently have $3.00 price objective on the stock, down from their previous price objective of $9.00.

Other analysts have also recently issued research reports about the stock. Royal Bank of Canada reduced 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 note on Tuesday, April 23rd. Raymond James started coverage on shares of Bausch Health Companies in a report on Wednesday, July 10th. They set a market perform rating and a $8.00 target price for the company. Truist Financial reduced 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. Finally, StockNews.com raised Bausch Health Companies from a hold rating to a buy rating in a research report on Saturday, July 27th. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Hold and an average target price of $8.17.

Bausch Health Companies Stock Down 7.2 %

Shares of NYSE:BHC opened at $5.23 on Friday. The company has a 50-day moving average price of $6.65 and a 200 day moving average price of $7.90. Bausch Health Companies has a 52 week low of $3.96 and a 52 week high of $11.46. The company has a market cap of $1.89 billion, a P/E ratio of -4.21 and a beta of 0.77.

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

Institutional Trading of Bausch Health Companies

A number of hedge funds have recently added to or reduced their stakes in BHC. Vanguard Group Inc. boosted its position in shares of Bausch Health Companies by 1.0% in the first quarter. Vanguard Group Inc. now owns 11,713,993 shares of the company’s stock worth $124,285,000 after acquiring an additional 114,862 shares during the last quarter. Norges Bank acquired a new position in shares of Bausch Health Companies in the 4th quarter valued at $31,121,000. Natixis grew its stake in shares of Bausch Health Companies by 14.3% during the 1st quarter. Natixis now owns 3,652,200 shares of the company’s stock valued at $38,707,000 after buying an additional 456,000 shares during the period. Hillsdale Investment Management Inc. increased its holdings in shares of Bausch Health Companies by 1,050.8% during the 1st quarter. Hillsdale Investment Management Inc. now owns 3,409,383 shares of the company’s stock worth $36,135,000 after buying an additional 3,113,123 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its position in shares of Bausch Health Companies by 0.5% in the 4th quarter. Dimensional Fund Advisors LP now owns 2,866,886 shares of the company’s stock worth $22,992,000 after buying an additional 15,495 shares during the period. 78.65% of the stock is owned by institutional investors and hedge funds.

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.