Bausch Health Cos (NYSE:BHC) Stock Sees Heavy Put Option Buying

Bausch Health Cos Inc. (NYSE:BHC) was the target of some unusual options trading activity on Thursday. Stock traders acquired 6,766 put options on the company. This represents an increase of 164% compared to the average volume of 2,562 put options.

Bausch Health Cos Stock Performance

BHC stock traded down $0.04 during trading on Thursday, reaching $6.11. The company had a trading volume of 306,645 shares, compared to its average volume of 2,501,388. The company has a market cap of $2.29 billion, a price-to-earnings ratio of -2.07 and a beta of 0.37. Bausch Health Cos has a twelve month low of $4.33 and a twelve month high of $8.00. The firm has a 50-day simple moving average of $6.21 and a 200-day simple moving average of $5.55.

Bausch Health Cos (NYSE:BHC) last issued its quarterly earnings results on Wednesday, July 29th. The company reported $1.26 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.96 by $0.30. Bausch Health Cos had a negative net margin of 10.12% and a negative return on equity of 561.95%. The business had revenue of $2.83 billion for the quarter, compared to analyst estimates of $2.59 billion. Sell-side analysts expect that Bausch Health Cos will post 4.35 earnings per share for the current year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. Weiss Ratings raised shares of Bausch Health Cos from a “sell (d-)” rating to a “sell (d)” rating in a research report on Friday, July 31st. Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $9.00 price target on shares of Bausch Health Cos in a report on Thursday. Zacks Research raised Bausch Health Cos from a “hold” rating to a “strong-buy” rating in a research report on Monday, September 21st. Wall Street Zen upgraded Bausch Health Cos from a “buy” rating to a “strong-buy” rating in a report on Saturday, August 1st. Finally, Jefferies Financial Group upgraded Bausch Health Cos to a “hold” rating in a report on Wednesday, July 22nd. One analyst has rated the stock with a Strong Buy rating, five have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $8.00.

Insider Buying and Selling at Bausch Health Cos

In other news, insider Aimee Lenar sold 36,827 shares of Bausch Health Cos stock in a transaction that occurred on Wednesday, August 19th. The shares were sold at an average price of $7.03, for a total value of $258,893.81. Following the transaction, the insider owned 334,853 shares of the company’s stock, valued at $2,354,016.59. The trade was a 9.91% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Corporate insiders own 20.67% of the company’s stock.

Hedge Funds Weigh In On Bausch Health Cos

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Paulson & CO. Inc. acquired a new stake in shares of Bausch Health Cos during the second quarter worth about $361,151,000. Dimensional Fund Advisors LP increased its holdings in Bausch Health Cos by 10.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 3,604,818 shares of the company’s stock worth $19,456,000 after buying an additional 350,823 shares during the period. The Manufacturers Life Insurance Company purchased a new position in Bausch Health Cos during the 2nd quarter worth approximately $1,167,000. MFN Partners Management LP purchased a new position in Bausch Health Cos during the 2nd quarter worth approximately $29,580,000. Finally, Royal Bank of Canada lifted its stake in Bausch Health Cos by 24.9% during the 1st quarter. Royal Bank of Canada now owns 11,363,498 shares of the company’s stock valued at $61,362,000 after acquiring an additional 2,262,894 shares during the period. Hedge funds and other institutional investors own 78.65% of the company’s stock.

Bausch Health Cos Company Profile

Bausch Health Companies Inc is a multinational specialty pharmaceutical company headquartered in Laval, Quebec. The company develops, manufactures and markets prescription medicines, branded and generic pharmaceuticals, over-the-counter products and medical devices across a range of therapeutic areas.

Its business includes Salix Pharmaceuticals, which focuses on gastrointestinal treatments; Ortho Dermatologics, which develops prescription therapies for dermatological conditions; and Solta Medical, which provides energy-based medical and aesthetic devices.