5 Stocks to Sell Now According to Billionaire Larry Robbins

03. Bausch Health Companies (NYSE:BHC)

Number of Hedge Fund Holders as of Q2 2022: 39

Founded in 1959, Bausch Health Companies Inc. (NYSE:BHC) is a Quebec, Canada-based pharmaceutical company with a $2.66 billion market capitalization. On September 9, analyst David Amsellem with Piper Sandler decreased his price target for Bausch Health from $7 to $6 while maintaining a Neutral rating on the shares.

Glenview Capital sold all of its shares of Bausch Health Companies Inc. (NYSE:BHC) during Q2, totaling 9.2 million, valued at $211.5 million.

In its Q2 2022 investor letter, Miller Value Partners Opportunity Trust Fund mentioned Bausch Health Companies Inc. (NYSE:BHC) and explained its insights for the company. Here is what the fund said:

“Bausch Health Companies Inc. (NYSE:BHC) declined during the quarter as the company consummated its Bausch+Lomb IPO at valuations far below expectations, reported disappointing Q1 2022 results, and delayed its plan to spin out its Solta (aesthetics) business due to difficult market conditions. While the company spun off 10% of Bausch+Lomb (BCLO) they retained 90% of the company which they intend to distribute once they have met their target leverage ratio of 6.5-6.7x. The future spin-off value of the Bausch+Lomb piece represents a value of $12.55 per share, 39% above where Bausch Health is currently trading. The company recently appointed John Paulsen as Chair of the Board, which should accelerate value realization.”