2. Bausch Health Companies Inc. (NYSE:BHC)
Glenview Capital’s Stake Value: $435,831,000
Percentage of Glenview Capital’s 13F Portfolio: 7.98%
Number of Hedge Fund Holders: 39
Bausch Health Companies Inc. (NYSE:BHC) is one of the best stocks to buy according to Larry Robbins, with the billionaire holding 15.6 million shares of the company, worth $435.8 million. Bausch Health Companies Inc. (NYSE:BHC) is a Canadian pharmaceutical company, offering branded drugs for skin diseases, gastrointestinal disorders, eye health, and neurology.
In Q3 2021, 39 hedge funds from Insider Monkey’s database of 867 elite hedge funds reported owning stakes in Bausch Health Companies Inc. (NYSE:BHC), worth $3.84 billion. This is compared to 45 funds holding stakes amounting to roughly $4 billion in Bausch Health Companies Inc. (NYSE:BHC) in the preceding quarter.
On November 2, Bausch Health Companies Inc. (NYSE:BHC) reported Q3 earnings, posting an EPS of $1.15, beating estimates by $0.08. The $2.11 billion revenue missed estimates by $41.53 million.
JPMorgan analyst Chris Schott on November 3 recommended taking advantage of the post-earnings selloff in shares of Bausch Health Companies Inc. (NYSE:BHC). Schott kept an Overweight rating on the shares with a $38 price target.
Here is what Miller Value Investors has to say about Bausch Health Companies Inc. (NYSE:BHC) in its Q1 2021 investor letter:
“Bausch Health Companies (BHC) climbed 55% during the period. Glenview (6% owner) sent a letter to the company in early February arguing the company has not acted to unlock shareholder value and urging the company to sell its eye care business. Shortly after, activist investor Carl Icahn disclosed a 7.83% stake in the company. The company responded to the filing saying that they remain committed to splitting the business into two parts, but are open to pursuing all opportunities. The company reported strong 4Q results with better-than-expected 2021 guidance. 4Q revenue came in at $2,213M slightly ahead of consensus of $2,165M and EPS of $1.34 beat consensus of $1.12. The company guided for 2021 revenue of $8.6-8.8B coming in ahead of expectations of $8.55B with EBITDA of $3.4-3.55B ahead of $3.46B estimated. The company announced the transition of Paul Herendeen to an advisory role to be succeeded by Sam Eldessouky, previously senior vice president, controller and chief accounting officer. Finally, the company announced the sale of Amoun Pharmaceutical for $740M, which was relatively in line with estimates and should help support debt reduction targets ahead of the planned spin-off of Bausch + Lomb eye care business.”
