Goldentree Asset Management LP Reduces Stock Holdings in Bausch + Lomb Co. (NYSE:BLCO)

Goldentree Asset Management LP trimmed its position in Bausch + Lomb Co. (NYSE:BLCO) by 34.2% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 3,355,437 shares of the company’s stock after selling 1,745,693 shares during the period. Bausch + Lomb comprises 5.2% of Goldentree Asset Management LP’s investment portfolio, making the stock its 5th biggest position. Goldentree Asset Management LP’s holdings in Bausch + Lomb were worth $64,600,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Blue Trust Inc. grew its holdings in shares of Bausch + Lomb by 14,052.2% in the second quarter. Blue Trust Inc. now owns 3,255 shares of the company’s stock valued at $47,000 after acquiring an additional 3,232 shares in the last quarter. Squarepoint Ops LLC bought a new position in Bausch + Lomb in the 2nd quarter valued at $173,000. Charles Schwab Investment Management Inc. grew its stake in Bausch + Lomb by 80.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 29,755 shares of the company’s stock valued at $576,000 after purchasing an additional 13,302 shares during the period. Renaissance Capital LLC increased its position in shares of Bausch + Lomb by 57.2% during the 2nd quarter. Renaissance Capital LLC now owns 36,286 shares of the company’s stock valued at $527,000 after purchasing an additional 13,210 shares during the last quarter. Finally, Cubist Systematic Strategies LLC bought a new stake in shares of Bausch + Lomb during the 2nd quarter worth $580,000. Hedge funds and other institutional investors own 11.07% of the company’s stock.

Bausch + Lomb Price Performance

Shares of NYSE BLCO opened at $19.97 on Friday. The company has a current ratio of 1.57, a quick ratio of 0.95 and a debt-to-equity ratio of 0.69. Bausch + Lomb Co. has a fifty-two week low of $13.16 and a fifty-two week high of $21.69. The stock has a fifty day moving average of $19.80 and a 200-day moving average of $17.12.

Bausch + Lomb (NYSE:BLCO) last posted its earnings results on Wednesday, October 30th. The company reported $0.17 earnings per share for the quarter, beating analysts’ consensus estimates of $0.16 by $0.01. Bausch + Lomb had a positive return on equity of 3.17% and a negative net margin of 7.86%. The business had revenue of $1.20 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the previous year, the firm earned $0.22 EPS. The company’s quarterly revenue was up 18.8% compared to the same quarter last year. Sell-side analysts forecast that Bausch + Lomb Co. will post 0.6 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on BLCO. Evercore ISI upgraded shares of Bausch + Lomb from an “in-line” rating to an “outperform” rating and increased their price target for the company from $19.00 to $25.00 in a research report on Tuesday, October 15th. Wells Fargo & Company raised their price target on shares of Bausch + Lomb from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Deutsche Bank Aktiengesellschaft lifted their price target on shares of Bausch + Lomb from $14.00 to $18.00 and gave the stock a “hold” rating in a report on Thursday, August 1st. Needham & Company LLC reissued a “hold” rating on shares of Bausch + Lomb in a research report on Thursday, October 31st. Finally, HC Wainwright boosted their target price on Bausch + Lomb from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Five research analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $20.91.

Bausch + Lomb Profile

Bausch + Lomb Corporation operates as an eye health company in the United States, Puerto Rico, China, France, Japan, Germany, the United Kingdom, Canada, Russia, Spain, Italy, Mexico, Poland, South Korea, and internationally. It operates in three segments: Vision Care, Pharmaceuticals, and Surgical. The Vision Care segment provides contact lens that covers the spectrum of wearing modalities, including daily disposable and frequently replaced contact lenses; and contact lens care products comprising over-the-counter eye drops, eye vitamins, and mineral supplements that address various conditions, such as eye allergies, conjunctivitis, dry eye, and redness relief.