King Street Capital Management L.P. Buys New Stake in Bausch + Lomb Co. (NYSE:BLCO)

King Street Capital Management L.P. purchased a new stake in shares of Bausch + Lomb Co. (NYSE:BLCO) during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 732,065 shares of the company’s stock, valued at approximately $14,122,000. Bausch + Lomb makes up about 9.3% of King Street Capital Management L.P.’s investment portfolio, making the stock its 5th biggest position. King Street Capital Management L.P. owned about 0.21% of Bausch + Lomb as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Barclays PLC bought a new stake in shares of Bausch + Lomb in the 3rd quarter valued at approximately $5,797,000. Gordian Capital Singapore Pte Ltd purchased a new position in shares of Bausch + Lomb during the third quarter valued at approximately $289,000. Y Intercept Hong Kong Ltd purchased a new stake in shares of Bausch + Lomb in the third quarter worth approximately $555,000. XTX Topco Ltd bought a new stake in shares of Bausch + Lomb during the 3rd quarter worth approximately $309,000. Finally, State Street Corp boosted its holdings in Bausch + Lomb by 5.6% during the 3rd quarter. State Street Corp now owns 28,450 shares of the company’s stock valued at $549,000 after acquiring an additional 1,510 shares during the period. Institutional investors own 11.07% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on the company. Wells Fargo & Company increased their price objective on Bausch + Lomb from $23.00 to $26.00 and gave the stock an “overweight” rating in a research note on Thursday, October 31st. Needham & Company LLC restated a “hold” rating on shares of Bausch + Lomb in a report on Thursday, October 31st. Citigroup lowered shares of Bausch + Lomb from a “buy” rating to a “neutral” rating and lowered their price objective for the stock from $24.00 to $22.00 in a research note on Wednesday. Royal Bank of Canada raised their target price on shares of Bausch + Lomb from $20.00 to $23.00 and gave the company an “outperform” rating in a research report on Tuesday, October 22nd. Finally, HC Wainwright increased their price objective on shares of Bausch + Lomb from $22.00 to $23.00 and gave the company a “buy” rating in a research note on Thursday, October 31st. Seven research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $20.82.

Bausch + Lomb Stock Up 3.1 %

BLCO stock opened at $20.67 on Wednesday. The firm’s fifty day simple moving average is $19.90 and its 200-day simple moving average is $17.46. The company has a market capitalization of $7.28 billion, a P/E ratio of -19.69, a price-to-earnings-growth ratio of 1.93 and a beta of 0.43. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.57 and a quick ratio of 0.95. Bausch + Lomb Co. has a 12 month low of $13.16 and a 12 month high of $21.69.

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

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.