Bausch + Lomb (NYSE:BLCO) Shares Gap Down After Earnings Miss

Bausch + Lomb Corporation (NYSE:BLCO)’s share price gapped down before the market opened on Wednesday following a weaker than expected earnings announcement. The stock had previously closed at $17.73, but opened at $16.76. Bausch + Lomb shares last traded at $17.2710, with a volume of 263,497 shares.

The company reported $0.32 EPS for the quarter, missing the consensus estimate of $0.35 by ($0.03). Bausch + Lomb had a negative net margin of 6.13% and a positive return on equity of 2.42%. The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.38 billion. During the same quarter in the prior year, the business posted $0.25 earnings per share. The business’s revenue for the quarter was up 9.8% on a year-over-year basis.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the company. The Goldman Sachs Group reissued a “neutral” rating and issued a $19.00 target price on shares of Bausch + Lomb in a research report on Friday, January 9th. Wells Fargo & Company lifted their price target on shares of Bausch + Lomb from $16.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, November 14th. Citigroup upgraded shares of Bausch + Lomb from a “neutral” rating to a “buy” rating and set a $20.00 price objective on the stock in a research report on Thursday, December 11th. Weiss Ratings restated a “sell (d-)” rating on shares of Bausch + Lomb in a report on Wednesday, January 21st. Finally, Royal Bank Of Canada lifted their target price on shares of Bausch + Lomb from $19.00 to $21.00 and gave the stock an “outperform” rating in a research report on Tuesday, January 27th. Four research analysts have rated the stock with a Buy rating, nine have issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat.com, Bausch + Lomb currently has an average rating of “Hold” and a consensus target price of $17.42.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the business. Oaktree Capital Management LP purchased a new stake in shares of Bausch + Lomb in the 2nd quarter worth $32,801,000. Handelsbanken Fonder AB purchased a new position in Bausch + Lomb during the second quarter valued at $202,000. Goldentree Asset Management LP grew its holdings in Bausch + Lomb by 14.9% during the second quarter. Goldentree Asset Management LP now owns 2,583,185 shares of the company’s stock valued at $33,524,000 after purchasing an additional 334,916 shares during the period. Kazazian Asset Management LLC purchased a new stake in Bausch + Lomb in the second quarter worth about $722,000. Finally, Fountainhead AM LLC bought a new position in shares of Bausch + Lomb in the second quarter worth about $193,000. Hedge funds and other institutional investors own 11.07% of the company’s stock.

Bausch + Lomb Price Performance

The company has a quick ratio of 0.98, a current ratio of 1.51 and a debt-to-equity ratio of 0.76. The stock has a market cap of $6.12 billion, a P/E ratio of -19.85, a P/E/G ratio of 0.99 and a beta of 0.61. The firm has a 50 day moving average price of $17.02 and a 200 day moving average price of $15.80.

Bausch + Lomb Company 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.