BAUSCH HEALTH COS INC BHC
COM · Common Stock · CUSIP 071734107 · ISIN CA0717341071
- SectorHealth care
- IndustryPharmaceutical Preparations
- FilingsSEC EDGAR
* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once. Holder counts are more reliable. Shares outstanding: 364.3m as of 2023-07-28, from the company's own SEC filing; the percentage can still exceed 100%: lent-out shares are counted by the lender and the buyer, and some reports overlap without saying so. Implied quarter-end price ≈ $7.99. Options: 25 managers hold calls ($67.8m notional), 15 hold puts ($166.7m).
Trends to Q2 2023
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 282 |
| Q4 2022 | 262 |
| Q1 2023 | 236 |
| Q2 2023 | 232 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q4 2022 | 90 | 166 |
| Q1 2023 | 82 | 137 |
| Q2 2023 | 95 | 108 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q3 2022 | $196.7m | $84.9m | 0.43 |
| Q4 2022 | $71.2m | $133.2m | 1.87 |
| Q1 2023 | $75.7m | $289.8m | 3.83 |
| Q2 2023 | $67.8m | $166.7m | 2.46 |
Biggest buyers
| NOMURA HOLDINGS INC | Added | +6.0m |
| GOLDENTREE ASSET MANAGEMENT LP | Added | +3.5m |
| GLENVIEW CAPITAL MANAGEMENT, LLC | New | +1.8m |
| Rokos Capital Management LLP | New | +1.8m |
| CITADEL ADVISORS LLC | Added | +1.7m |
| TORONTO DOMINION BANK | Added | +1.2m |
| Finepoint Capital LP | New | +1.2m |
| Soleus Capital Management, L.P. | New | +1.2m |
| Southpoint Capital Advisors LP | New | +1.0m |
| WHITEBOX ADVISORS LLC | Added | +834.0k |
Biggest sellers
| Hudson Bay Capital Management LP | Reduced | -10.2m |
| Mizuho Markets Cayman LP | Sold out | -7.0m |
| MIZUHO MARKETS AMERICAS LLC | Sold out | -7.0m |
| MORGAN STANLEY | Reduced | -5.8m |
| NATIXIS | Reduced | -4.6m |
| UBS Group AG | Reduced | -4.4m |
| Jefferies Financial Group Inc. | Reduced | -1.9m |
| D. E. Shaw & Co., Inc. | Reduced | -1.4m |
| RENAISSANCE TECHNOLOGIES LLC | Sold out | -1.1m |
| BANK OF MONTREAL /CAN/ | Reduced | -1.1m |
Biggest calls
| CITADEL ADVISORS LLC | Added | $15.9m2.0m shares |
| Balyasny Asset Management L.P. | New | $8.0m1.0m shares |
| Caption Management, LLC | Reduced | $5.9m740.7k shares |
| GROUP ONE TRADING LLC | Added | $5.1m639.4k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $3.8m472.6k shares |
| BANK OF AMERICA CORP /DE/ | Added | $3.2m400.0k shares |
| Lombard Odier Asset Management (USA) Corp | New | $3.2m400.0k shares |
| D. E. Shaw & Co., Inc. | Unchanged | $3.0m380.0k shares |
| SIMPLEX TRADING, LLC | Added | $3.0m371.2k shares |
| Walleye Trading LLC | Reduced | $2.7m342.8k shares |
Biggest puts
| Lombard Odier Asset Management (USA) Corp | Reduced | $49.6m6.2m shares |
| CITADEL ADVISORS LLC | Added | $39.9m5.0m shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $25.4m3.2m shares |
| Hudson Bay Capital Management LP | Reduced | $24.0m3.0m shares |
| WOLVERINE TRADING, LLC | Added | $10.1m1.3m shares |
| Caption Management, LLC | Added | $5.1m636.6k shares |
| NOMURA HOLDINGS INC | New | $4.3m534.0k shares |
| MARSHALL WACE, LLP | New | $3.0m375.5k shares |
| Parallax Volatility Advisers, L.P. | Added | $2.9m367.6k shares |
| BANK OF MONTREAL /CAN/ | Unchanged | $1.0m125.5k shares |
Options at notional value: the value of the shares the contracts control, as filers report them, not what the options cost. Not included in the holders, shares or buying above.
Major shareholders (over 5%)
Anyone who owns more than 5% of a class of the company's shares has to say so: on Schedule 13D if they may try to influence or control the company, on 13G if they're a passive investor, and update it as the stake changes. Each holder's latest filing, from 19 Dec 2024 on; percentages are of the share class, as the holder worked them out.
| Holder | Stake |
|---|---|
| PAULSON & CO. INC. 13D · may seek influence +10.2 pts · filed 2025-08-14 | 19.1% |
MERUELO ALEX
13D · may seek influence
new · filed 2025-04-07
Stated purposeOn March 31, 2025, Mr. Meruelo spoke with Thomas Appio, the Chief Executive Officer of the Issuer, regarding the market reaction to the Issuer's recently announced debt refinancing as well as the Issuer's future debt maturities and plans to maximize shareholder value. During the course of the conversation, it became clear to the Reporting Person that the Issuer could benefit from the Reporting Person's financial and business experience and, therefore, the Reporting Person expressed his willingness to join the board of directors of the Issuer (the "Board") and to help the Issuer identify other strategic individuals to join the Board. The Reporting Person has since determined to continue to engage with the Issuer with respect to joining the Board and identifying other strategic individuals… Full filing |
10.0% |
| GOLDENTREE ASSET MANAGEMENT LP 13G · passive investor filed 2025-08-14 | 9.5% |
Fell to 5% or below in the last year: NOMURA HOLDINGS INC (4.2%, 2025-11-14)
Insider purchases and sales in Q2 2023
Shares bought or sold by the company's own officers, directors and 10% owners, in the open market or privately, as they reported to the SEC on Form 4 (due within two business days of the trade). Grants, option exercises, shares withheld for tax and gifts aren't included.
Officers and directors buying vs selling
Number of people, by quarter (10% owners not included)
Numbers
| Quarter | Buying | Bought | Selling | Sold | Sold under a plan |
|---|---|---|---|---|---|
| Q3 2021 | 0 | — | 0 | — | — |
| Q4 2021 | 1 | $1.5m | 0 | — | — |
| Q1 2022 | 0 | — | 2 | — | — |
| Q2 2022 | 0 | — | 1 | — | — |
| Q3 2022 | 0 | — | 0 | — | — |
| Q4 2022 | 0 | — | 0 | — | — |
| Q1 2023 | 0 | — | 1 | $14.5k | — |
| Q2 2023 | 0 | — | 0 | — | — |
None reported in Q2 2023.
Holders, Q2 2023
| Manager | Shares | Change |
|---|---|---|
| ICAHN CARL C 1.79% of their portfolio | 34.7m $277.8m | Unchanged |
| PAULSON & CO. INC. 20.65% of their portfolio | 26.4m $211.5m | Unchanged |
| GOLDENTREE ASSET MANAGEMENT LP 14.55% of their portfolio | 20.1m $160.4m | Added +3.5m |
| FRANKLIN RESOURCES INC 0.06% of their portfolio | 16.6m $132.6m | Reduced -29.6k |
| BANK OF MONTREAL /CAN/ 0.04% of their portfolio | 15.1m $120.7m | Reduced -1.1m |
| NATIONAL BANK OF CANADA /FI/ 0.21% of their portfolio | 13.2m $103.1m | Added +39.1k |
| Hudson Bay Capital Management LP 0.93% of their portfolio | 11.5m $92.0m | Reduced -10.2m |
| VANGUARD GROUP INC 0.00% of their portfolio | 11.3m $90.5m | Added +185.2k |
| NOMURA HOLDINGS INC 0.92% of their portfolio | 11.3m $90.3m | Added +6.0m |
| Laurion Capital Management LP 3.46% of their portfolio | 10.1m $80.6m | Added +242.0k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.36% of their portfolio | 10.0m $80.0m | Unchanged |
| ING GROEP NV 0.46% of their portfolio | 7.5m $60.0m | Reduced -45.0k |
| MFN Partners Management, LP 1.56% of their portfolio | 6.0m $48.0m | Unchanged |
| Kohlberg Kravis Roberts & Co. L.P. 1.30% of their portfolio | 5.2m $41.9m | Unchanged |
| Jefferies Financial Group Inc. 0.60% of their portfolio | 3.5m $28.0m | Reduced -1.9m |
| NATIXIS 0.23% of their portfolio | 3.4m $27.2m | Reduced -4.6m |
| D. E. Shaw & Co., Inc. 0.04% of their portfolio | 3.3m $26.2m | Reduced -1.4m |
| NORGES BANK 0.00% of their portfolio | 3.1m $25.1m | Added +64.2k |
| BNP PARIBAS FINANCIAL MARKETS 0.05% of their portfolio | 3.0m $24.1m | Added +2.0k |
| DIMENSIONAL FUND ADVISORS LP 0.01% of their portfolio | 2.7m $21.9m | Added +309.5k |
| Segantii Capital Management Ltd 1.18% of their portfolio | 2.5m $20.0m | Unchanged |
| TORONTO DOMINION BANK 0.01% of their portfolio | 2.4m $19.3m | Added +1.2m |
| CITADEL ADVISORS LLC 0.02% of their portfolio | 2.2m $17.3m | Added +1.7m |
| GLENVIEW CAPITAL MANAGEMENT, LLC 0.38% of their portfolio | 1.8m $14.1m | New |
| Rokos Capital Management LLP 0.28% of their portfolio | 1.8m $14.1m | New |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 1.8m $14.0m | Added +279.2k |
| Invesco Ltd. 0.00% of their portfolio | 1.5m $12.2m | Added +132.4k |
| GAMCO INVESTORS, INC. ET AL 0.12% of their portfolio | 1.4m $11.3m | Added +38.7k |
| MILLENNIUM MANAGEMENT LLC 0.01% of their portfolio | 1.3m $10.4m | Added +36.5k |
| Clearline Capital LP 1.21% of their portfolio | 1.2m $9.3m | Added +258.9k |
| Finepoint Capital LP 3.22% of their portfolio | 1.2m $9.3m | New |
| ROYAL BANK OF CANADA 0.00% of their portfolio | 1.2m $9.3m | Added +73.4k |
| Soleus Capital Management, L.P. 1.03% of their portfolio | 1.2m $9.2m | New |
| CANADA PENSION PLAN INVESTMENT BOARD 0.01% of their portfolio | 1.1m $9.2m | Unchanged |
| MACKENZIE FINANCIAL CORP 0.01% of their portfolio | 1.1m $9.1m | Added +45.8k |
| WHITEBOX ADVISORS LLC 0.42% of their portfolio | 1.1m $8.7m | Added +834.0k |
| UMB Bank, n.a. 0.13% of their portfolio | 1.1m $8.5m | Unchanged |
| PRIVATE MANAGEMENT GROUP INC 0.36% of their portfolio | 1.1m $8.5m | Reduced -6.2k |
| HIGHLAND PEAK CAPITAL, LLC 5.55% of their portfolio | 1.0m $8.0m | Added +472.9k |
| Southpoint Capital Advisors LP 0.17% of their portfolio | 1.0m $8.0m | New |
| TD Asset Management Inc 0.01% of their portfolio | 967.7k $7.8m | Added +17.1k |
| BARCLAYS PLC 0.00% of their portfolio | 954.2k $7.6m | Added +634.6k |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 829.1k $6.6m | Reduced -165.8k |
| Chou Associates Management Inc. 7.24% of their portfolio | 715.0k $5.7m | Unchanged |
| MORGAN STANLEY 0.00% of their portfolio | 667.0k $5.3m | Reduced -5.8m |
| JANE STREET GROUP, LLC 0.01% of their portfolio | 631.1k $5.0m | Added +14.4k |
| Public Sector Pension Investment Board 0.04% of their portfolio | 618.9k $5.0m | Added +16.2k |
| Man Group plc 0.02% of their portfolio | 614.3k $4.9m | New |
| VAN ECK ASSOCIATES CORP 0.01% of their portfolio | 610.6k $4.9m | Added +254.1k |
| Swiss National Bank 0.00% of their portfolio | 601.3k $4.8m | Reduced -27.6k |
| Balyasny Asset Management L.P. 0.01% of their portfolio | 577.7k $4.6m | New |
| CREDIT SUISSE AG/ 0.00% of their portfolio | 566.5k $4.5m | Added +92.6k |
| Redwood Investment Management, LLC 0.39% of their portfolio | 497.5k $3.8m | Added +48.6k |
| GROUP ONE TRADING LLC 0.16% of their portfolio | 475.5k $3.8m | New |
| EMG Holdings, L.P. 2.24% of their portfolio | 463.0k $3.7m | Added +100.0k |
| BOOTHBAY FUND MANAGEMENT, LLC 0.11% of their portfolio | 442.9k $3.5m | Added +194.4k |
| Lombard Odier Asset Management (USA) Corp 0.37% of their portfolio | 415.0k $3.3m | New |
| BIGLARI CAPITAL CORP. 0.42% of their portfolio | 395.0k $3.2m | Unchanged |
| OBSIDIAN CIO, LLC 0.98% of their portfolio | 343.5k $2.7m | Added +66.3k |
| ARES MANAGEMENT LLC 0.05% of their portfolio | 325.7k $2.6m | Unchanged |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 316.0k $3.0m | Added +6.7k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 310.1k $2.5m | Added +212.9k |
| Alberta Investment Management Corp 0.02% of their portfolio | 302.3k $2.4m | Reduced -95.1k |
| Legal & General Group Plc 0.00% of their portfolio | 294.8k $2.4m | Added +6.3k |
| CIBC Asset Management Inc 0.01% of their portfolio | 267.9k $2.1m | Added +1.4k |
| TOBAM 0.16% of their portfolio | 266.8k $2.1m | Reduced -41.7k |
| BlackRock Inc. 0.00% of their portfolio | 249.2k $2.0m | Reduced -107.4k |
| THOMPSON INVESTMENT MANAGEMENT, INC. 0.29% of their portfolio | 224.5k $1.8m | Added +1.2k |
| Avidity Partners Management LP 0.06% of their portfolio | 215.1k $1.7m | New |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 212.0k $1.7m | Added +1.9k |
| Caption Management, LLC 0.26% of their portfolio | 183.2k $1.5m | New |
| NORTHERN TRUST CORP 0.00% of their portfolio | 167.6k $1.3m | Reduced -10.8k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.01% of their portfolio | 158.4k $1.3m | Added +3.7k |
| WOLVERINE ASSET MANAGEMENT LLC 0.02% of their portfolio | 155.5k $1.2m | Unchanged |
| Fiera Capital Corp 0.00% of their portfolio | 135.9k $1.1m | Unchanged |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.00% of their portfolio | 134.6k $1.1m | Reduced -34.2k |
| Financial Sense Advisors, Inc. 0.44% of their portfolio | 120.2k $962.0k | Reduced -1.0k |
| GTS SECURITIES LLC 0.03% of their portfolio | 116.4k $930.9k | First filing |
| Round Hill Asset Management 0.57% of their portfolio | 116.0k $928.1k | Reduced -956 |
| TWO SIGMA ADVISERS, LP 0.00% of their portfolio | 109.0k $872.0k | Reduced -45.9k |
| BLAIR WILLIAM & CO/IL 0.00% of their portfolio | 107.7k $862.0k | Added +20.2k |
| DUALITY ADVISERS, LP 0.11% of their portfolio | 107.5k $859.6k | Reduced -42.7k |
| NEUBERGER BERMAN GROUP LLC 0.00% of their portfolio | 105.5k $844.3k | Reduced -17.1k |
| SG Americas Securities, LLC 0.01% of their portfolio | 104.7k $838.0k | New |
| AMERIPRISE FINANCIAL INC 0.00% of their portfolio | 104.6k $836.8k | Added +688 |
| Bank of New York Mellon Corp 0.00% of their portfolio | 103.8k $830.6k | Reduced -1.6k |
| Gifford Fong Associates 0.19% of their portfolio | 100.0k $800.0k | Unchanged |
| HighVista Strategies LLC 0.36% of their portfolio | 98.4k $786.8k | New |
| GABELLI FUNDS LLC 0.01% of their portfolio | 93.0k $744.0k | Unchanged |
| ACADIAN ASSET MANAGEMENT LLC 0.00% of their portfolio | 92.9k $743.0k | Reduced -79.3k |
| Poehling Capital Management, INC. 0.24% of their portfolio | 88.4k $707.2k | Reduced -751 |
| Bridgewater Associates, LP 0.00% of their portfolio | 87.7k $702.2k | Added +12.5k |
| Nebula Research & Development LLC 0.47% of their portfolio | 78.2k $625.5k | Added +64.7k |
| Ergoteles LLC 0.03% of their portfolio | 74.4k $595.1k | New |
| AXA S.A. 0.00% of their portfolio | 74.1k $593.2k | Reduced -102.3k |
| Northwest & Ethical Investments L.P. 0.02% of their portfolio | 72.9k $583.2k | Reduced -2.6k |
| Prescott Group Capital Management, L.L.C. 0.13% of their portfolio | 71.3k $571.0k | New |
| Creative Planning 0.00% of their portfolio | 69.0k $551.9k | Reduced -97 |
| X-Square Capital, LLC 0.36% of their portfolio | 67.6k $541.0k | Reduced -2.9k |
| CANADA LIFE ASSURANCE Co 0.00% of their portfolio | 64.0k $513.0k | Added +6.4k |