Goldentree Asset Management LP Grows Stock Position in Bausch Health Companies Inc. (NYSE:BHC)

Goldentree Asset Management LP increased its position in Bausch Health Companies Inc. (NYSE:BHC) by 31.0% in the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 29,395,745 shares of the company’s stock after acquiring an additional 6,958,717 shares during the period. Bausch Health Companies comprises about 19.1% of Goldentree Asset Management LP’s investment portfolio, making the stock its biggest holding. Goldentree Asset Management LP owned 0.08% of Bausch Health Companies worth $239,552,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of BHC. Mackenzie Financial Corp increased its holdings in Bausch Health Companies by 111.0% during the second quarter. Mackenzie Financial Corp now owns 2,381,888 shares of the company’s stock valued at $16,612,000 after buying an additional 1,252,834 shares during the last quarter. Clearline Capital LP bought a new stake in shares of Bausch Health Companies during the 2nd quarter valued at $6,881,000. LMR Partners LLP purchased a new stake in shares of Bausch Health Companies in the 3rd quarter worth $3,264,000. Intact Investment Management Inc. bought a new position in Bausch Health Companies in the 3rd quarter worth $1,543,000. Finally, Vanguard Group Inc. raised its holdings in Bausch Health Companies by 1.0% in the 1st quarter. Vanguard Group Inc. now owns 11,713,993 shares of the company’s stock worth $124,285,000 after purchasing an additional 114,862 shares during the period. Institutional investors own 78.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Royal Bank of Canada boosted their price target on Bausch Health Companies from $10.00 to $11.00 and gave the company a “sector perform” rating in a report on Friday, November 1st. Piper Sandler lowered shares of Bausch Health Companies from a “neutral” rating to an “underweight” rating and reduced their target price for the stock from $9.00 to $3.00 in a report on Friday, August 2nd. Scotiabank decreased their target price on shares of Bausch Health Companies from $10.00 to $8.50 and set a “sector perform” rating on the stock in a research note on Friday, August 2nd. Evercore ISI upgraded shares of Bausch Health Companies to a “hold” rating in a research report on Tuesday, October 15th. Finally, Jefferies Financial Group decreased their price objective on shares of Bausch Health Companies from $13.00 to $9.00 and set a “buy” rating on the stock in a research report on Wednesday, August 7th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and two have assigned a buy rating to the company’s stock. According to MarketBeat, Bausch Health Companies has an average rating of “Hold” and a consensus price target of $7.75.

Bausch Health Companies Price Performance

Shares of BHC opened at $8.12 on Friday. The firm has a market cap of $2.92 billion, a P/E ratio of -16.92 and a beta of 0.74. Bausch Health Companies Inc. has a 1 year low of $3.96 and a 1 year high of $11.46. The company has a 50 day simple moving average of $8.40 and a two-hundred day simple moving average of $7.13.

Bausch Health Companies (NYSE:BHC) last posted its earnings results on Wednesday, October 30th. The company reported $1.12 earnings per share for the quarter, beating the consensus estimate of $1.02 by $0.10. The company had revenue of $2.51 billion during the quarter, compared to analysts’ expectations of $2.42 billion. Bausch Health Companies had a negative net margin of 1.88% and a negative return on equity of 755.86%. Bausch Health Companies’s quarterly revenue was up 12.2% on a year-over-year basis. During the same period last year, the company posted $1.03 earnings per share. On average, sell-side analysts anticipate that Bausch Health Companies Inc. will post 3.74 earnings per share for the current year.

Insider Activity

In other news, EVP Seana Carson sold 13,370 shares of the stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $6.21, for a total transaction of $83,027.70. Following the completion of the transaction, the executive vice president now directly owns 435,198 shares in the company, valued at approximately $2,702,579.58. This represents a 2.98 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 8.12% 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.