Bausch Health Companies Inc. (NYSE:BHC) Sees Significant Decline in Short Interest

Bausch Health Companies Inc. (NYSE:BHC) was the recipient of a large drop in short interest in the month of March. As of March 31st, there was short interest totalling 22,500,000 shares, a drop of 5.4% from the March 15th total of 23,780,000 shares. Approximately 6.3% of the shares of the stock are short sold. Based on an average daily volume of 2,640,000 shares, the short-interest ratio is presently 8.5 days.

Bausch Health Companies Stock Performance

NYSE BHC opened at $8.66 on Thursday. Bausch Health Companies has a 52-week low of $5.57 and a 52-week high of $11.46. The company has a market capitalization of $3.16 billion, a P/E ratio of -5.35 and a beta of 0.85. The company has a fifty day moving average of $9.27 and a 200-day moving average of $8.15.

Bausch Health Companies (NYSE:BHC) last posted its quarterly earnings data on Thursday, February 22nd. The company reported $1.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.01 by $0.14. Bausch Health Companies had a negative net margin of 6.76% and a positive return on equity of 5,147.48%. The company had revenue of $2.41 billion during the quarter, compared to the consensus estimate of $2.29 billion. During the same period in the previous year, the firm posted $1.02 EPS. The firm’s revenue was up 9.8% compared to the same quarter last year. As a group, analysts forecast that Bausch Health Companies will post 3.95 EPS for the current fiscal year.

Institutional Trading of Bausch Health Companies

A number of hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada lifted its stake in Bausch Health Companies by 227.2% in the fourth quarter. Royal Bank of Canada now owns 11,743,558 shares of the company’s stock worth $94,183,000 after purchasing an additional 8,154,938 shares during the last quarter. Nomura Holdings Inc. lifted its stake in Bausch Health Companies by 67.7% in the third quarter. Nomura Holdings Inc. now owns 18,086,000 shares of the company’s stock worth $148,667,000 after purchasing an additional 7,303,015 shares during the last quarter. Mizuho Markets Americas LLC bought a new stake in Bausch Health Companies in the third quarter worth $57,540,000. Goldentree Asset Management LP lifted its stake in Bausch Health Companies by 19.6% in the third quarter. Goldentree Asset Management LP now owns 23,987,462 shares of the company’s stock worth $197,177,000 after purchasing an additional 3,931,234 shares during the last quarter. Finally, Norges Bank bought a new stake in Bausch Health Companies in the fourth quarter worth $31,121,000. 78.65% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have commented on BHC shares. StockNews.com raised shares of Bausch Health Companies from a “hold” rating to a “buy” rating in a report on Wednesday, February 7th. Royal Bank of Canada reissued a “sector perform” rating and issued a $12.00 price target on shares of Bausch Health Companies in a report on Friday, April 12th. Finally, Jefferies Financial Group cut their price target on shares of Bausch Health Companies from $16.00 to $14.00 and set a “buy” rating for the company in a report on Tuesday, February 20th.

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.