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 ($114.5k this quarter). Holder counts are more reliable. Shares outstanding: 373.5m as of 2026-04-24, 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 ≈ $5.43. Options: 15 managers hold calls ($15.3m notional), 14 hold puts ($23.9m).
Trends to Q1 2026
Institutional holders
Managers reporting a position, each quarter
Numbers
| Quarter | Holders |
|---|---|
| Q3 2022 | 282 |
| Q4 2022 | 262 |
| Q1 2023 | 236 |
| Q2 2023 | 232 |
| Q3 2023 | 224 |
| Q4 2023 | 234 |
| Q1 2024 | 236 |
| Q2 2024 | 234 |
| Q3 2024 | 210 |
| Q4 2024 | 225 |
| Q1 2025 | 229 |
| Q2 2025 | 211 |
| Q3 2025 | 217 |
| Q4 2025 | 235 |
| Q1 2026 | 226 |
Buyers vs sellers
Managers adding to or starting a position, vs cutting or selling out
Numbers
| Quarter | Bought or added | Cut or sold out |
|---|---|---|
| Q2 2024 | 98 | 112 |
| Q3 2024 | 70 | 120 |
| Q4 2024 | 84 | 100 |
| Q1 2025 | 100 | 94 |
| Q2 2025 | 86 | 106 |
| Q3 2025 | 91 | 89 |
| Q4 2025 | 128 | 79 |
| Q1 2026 | 105 | 92 |
Calls vs puts
Options held, notional value, last 4 quarters. P/C = puts ÷ calls
Numbers
| Quarter | Calls | Puts | P/C |
|---|---|---|---|
| Q2 2025 | $14.4m | $46.6m | 3.23 |
| Q3 2025 | $15.4m | $33.0m | 2.15 |
| Q4 2025 | $15.2m | $33.1m | 2.18 |
| Q1 2026 | $15.3m | $23.9m | 1.57 |
Biggest buyers
| Nuveen, LLC | Added | +3.5m |
| ACADIAN ASSET MANAGEMENT LLC | Added | +2.7m |
| GEODE CAPITAL MANAGEMENT, LLC | Added | +2.5m |
| ROYAL BANK OF CANADA | Added | +2.3m |
| GENDELL JEFFREY L | Added | +1.7m |
| Walleye Capital LLC | Added | +1.2m |
| TORONTO DOMINION BANK | Added | +475.1k |
| Qube Research & Technologies Ltd | Added | +474.7k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC | Added | +466.2k |
| UBS Group AG | Added | +434.4k |
Biggest sellers
| NATIONAL BANK OF CANADA /FI/ | Reduced | -4.9m |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP | Reduced | -1.5m |
| MILLENNIUM MANAGEMENT LLC | Reduced | -1.4m |
| OAKTREE CAPITAL MANAGEMENT LP | Sold out | -1.3m |
| TWO SIGMA ADVISERS, LP | Sold out | -1.1m |
| D. E. Shaw & Co., Inc. | Reduced | -1.1m |
| BANK OF AMERICA CORP /DE/ | Reduced | -923.4k |
| JANE STREET GROUP, LLC | Sold out | -682.2k |
| MARSHALL WACE, LLP | Sold out | -604.5k |
| CITADEL ADVISORS LLC | Reduced | -575.1k |
Biggest calls
| GROUP ONE TRADING LLC | Reduced | $3.2m593.8k shares |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Added | $3.0m554.8k shares |
| SIG North Trading, ULC | Added | $2.6m487.8k shares |
| Fore Capital, LLC | Added | $2.2m400.0k shares |
| SIMPLEX TRADING, LLC | Reduced | $1.5m269.7k shares |
| CITADEL ADVISORS LLC | Added | $851.6k157.7k shares |
| Sequoia Financial Advisors, LLC | Added | $794.9k147.2k shares |
| NATIONAL BANK OF CANADA /FI/ | Added | $442.6k819 shares |
| Walleye Trading LLC | Reduced | $267.3k49.5k shares |
| IMC-Chicago, LLC | Added | $207.4k38.4k shares |
Biggest puts
| SUSQUEHANNA INTERNATIONAL GROUP, LLP | Reduced | $8.2m1.5m shares |
| Lombard Odier Asset Management (USA) Corp | Unchanged | $3.6m666.0k shares |
| GROUP ONE TRADING LLC | Reduced | $3.4m626.5k shares |
| CITADEL ADVISORS LLC | Reduced | $2.8m520.5k shares |
| BARCLAYS PLC | New | $2.2m400.0k shares |
| JANE STREET GROUP, LLC | Added | $922.3k170.8k shares |
| SIG North Trading, ULC | Reduced | $787.3k145.8k shares |
| SIMPLEX TRADING, LLC | Reduced | $560.5k103.8k shares |
| Walleye Trading LLC | Added | $494.1k91.5k shares |
| Crawford Fund Management, LLC | Reduced | $486.0k90.0k 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 Q1 2026
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 |
|---|---|---|---|---|---|
| Q2 2024 | 0 | — | 0 | — | — |
| Q3 2024 | 0 | — | 1 | $83.0k | $83.0k |
| Q4 2024 | 0 | — | 1 | $3.7k | $3.7k |
| Q1 2025 | 0 | — | 0 | — | — |
| Q2 2025 | 1 | $35.9m | 0 | — | — |
| Q3 2025 | 1 | $333.8m | 2 | $219.6k | $97.7k |
| Q4 2025 | 0 | — | 0 | — | — |
| Q1 2026 | 0 | — | 1 | $115.0k | $115.0k |
| Date | Insider | Trade | Value |
|---|---|---|---|
| 2026-03-03 | Carson Seana EVP, General Counsel | Sold plan | $25.5k4.4k shares |
| 2026-03-02 | Carson Seana EVP, General Counsel | Sold plan | $39.6k6.9k shares |
| 2026-02-27 | Carson Seana EVP, General Counsel | Sold plan | $49.9k8.4k shares |
Their holding: how much the trade added to or took from the insider's holding (direct, or the trust or fund named). The same trade is sometimes reported by more than one insider, such as a fund and the director who represents it; totals count it once. A value is left blank where the reported price is far from the market price (usually a typo).
Holders, Q1 2026
| Manager | Shares | Change |
|---|---|---|
| PAULSON & CO. INC. 12.71% of their portfolio | 73.3m $395.6m | Unchanged |
| GOLDENTREE ASSET MANAGEMENT LP 11.09% of their portfolio | 34.7m $187.0m | Unchanged |
| ROYAL BANK OF CANADA 0.01% of their portfolio | 11.4m $61.4m | Added +2.3m |
| NOMURA HOLDINGS INC 0.40% of their portfolio | 9.0m $48.5m | Added +286.8k |
| HEALTHCARE OF ONTARIO PENSION PLAN TRUST FUND 0.07% of their portfolio | 8.0m $43.2m | Reduced -452.1k |
| VANGUARD CAPITAL MANAGEMENT LLC 0.00% of their portfolio | 7.4m $40.0m | First filing |
| MFN Partners Management, LP 0.68% of their portfolio | 6.0m $32.4m | Unchanged |
| Kohlberg Kravis Roberts & Co. L.P. 0.53% of their portfolio | 5.2m $28.3m | Unchanged |
| GOLDMAN SACHS GROUP INC 0.00% of their portfolio | 5.2m $28.1m | Added +64.3k |
| ING GROEP NV 0.17% of their portfolio | 5.0m $27.0m | Unchanged |
| Hudson Bay Capital Management LP 0.16% of their portfolio | 5.0m $27.0m | Unchanged |
| ACADIAN ASSET MANAGEMENT LLC 0.04% of their portfolio | 4.9m $26.3m | Added +2.7m |
| GEODE CAPITAL MANAGEMENT, LLC 0.00% of their portfolio | 4.2m $31.4m | Added +2.5m |
| Nuveen, LLC 0.01% of their portfolio | 3.8m $20.5m | Added +3.5m |
| DIMENSIONAL FUND ADVISORS LP 0.00% of their portfolio | 3.6m $19.5m | Added +350.8k |
| MACQUARIE GROUP LTD 0.10% of their portfolio | 3.2m $17.6m | Unchanged |
| GENDELL JEFFREY L 0.22% of their portfolio | 3.0m $16.0m | Added +1.7m |
| VANGUARD FIDUCIARY TRUST CO 0.00% of their portfolio | 2.2m $12.0m | First filing |
| CHARLES SCHWAB INVESTMENT MANAGEMENT INC 0.00% of their portfolio | 2.2m $11.9m | Added +163.8k |
| PRIVATE MANAGEMENT GROUP INC 0.26% of their portfolio | 1.7m $9.2m | Reduced -189.4k |
| TWO SIGMA INVESTMENTS, LP 0.01% of their portfolio | 1.6m $8.5m | Reduced -84.5k |
| RENAISSANCE TECHNOLOGIES LLC 0.01% of their portfolio | 1.6m $8.5m | Added +143.6k |
| Point72 Asset Management, L.P. 0.01% of their portfolio | 1.4m $7.3m | Reduced -9.5k |
| ARROWSTREET CAPITAL, LIMITED PARTNERSHIP 0.00% of their portfolio | 1.2m $6.5m | Reduced -1.5m |
| Walleye Capital LLC 0.04% of their portfolio | 1.2m $6.4m | Added +1.2m |
| MORGAN STANLEY 0.00% of their portfolio | 1.2m $6.2m | Added +98.7k |
| DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.01% of their portfolio | 1.1m $6.0m | Added +329.2k |
| Qube Research & Technologies Ltd 0.01% of their portfolio | 1.1m $6.0m | Added +474.7k |
| UBS Group AG 0.00% of their portfolio | 1.0m $5.6m | Added +434.4k |
| BANK OF MONTREAL /CAN/ 0.00% of their portfolio | 929.4k $5.0m | Added +97.2k |
| CITADEL ADVISORS LLC 0.00% of their portfolio | 912.2k $4.9m | Reduced -575.1k |
| TD Asset Management Inc 0.00% of their portfolio | 893.6k $4.8m | Added +53.0k |
| O'SHAUGHNESSY ASSET MANAGEMENT, LLC 0.02% of their portfolio | 797.5k $4.3m | Added +466.2k |
| Vanguard Global Advisers, LLC 0.00% of their portfolio | 795.8k $4.3m | First filing |
| GAMCO INVESTORS, INC. ET AL 0.04% of their portfolio | 748.7k $4.0m | Reduced -125.7k |
| BNP PARIBAS ASSET MANAGEMENT Holding S.A. 0.00% of their portfolio | 684.0k $3.7m | Added +28.9k |
| Bridgewater Associates, LP 0.02% of their portfolio | 670.4k $3.6m | Added +180.9k |
| TORONTO DOMINION BANK 0.01% of their portfolio | 623.1k $3.4m | Added +475.1k |
| D. E. Shaw & Co., Inc. 0.00% of their portfolio | 621.8k $3.4m | Reduced -1.1m |
| BANK OF AMERICA CORP /DE/ 0.00% of their portfolio | 584.1k $3.2m | Reduced -923.4k |
| WHITEBOX ADVISORS LLC 0.04% of their portfolio | 564.7k $3.0m | Added +20.2k |
| Man Group plc 0.01% of their portfolio | 527.7k $2.8m | Reduced -74.5k |
| Swiss National Bank 0.00% of their portfolio | 514.2k $2.8m | Unchanged |
| CANADA PENSION PLAN INVESTMENT BOARD 0.00% of their portfolio | 491.2k $2.7m | Reduced -318.5k |
| Jump Financial, LLC 0.04% of their portfolio | 461.4k $2.5m | Reduced -315.4k |
| JPMORGAN CHASE & CO 0.00% of their portfolio | 453.8k $2.3m | Added +200.2k |
| MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio | 436.8k $2.4m | Reduced -1.4m |
| PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO 0.01% of their portfolio | 429.2k $2.3m | Added +227.5k |
| Mitsubishi UFJ Trust & Banking Corp 0.01% of their portfolio | 394.2k $2.1m | Added +27.5k |
| NATIONAL BANK OF CANADA /FI/ 0.00% of their portfolio | 383.7k $2.0m | Reduced -4.9m |
| Lido Advisors, LLC 0.01% of their portfolio | 371.6k $2.0m | Unchanged |
| Legal & General Group Plc 0.00% of their portfolio | 331.7k $1.8m | Reduced -10.0k |
| MACKENZIE FINANCIAL CORP 0.00% of their portfolio | 320.4k $1.7m | Added +9.5k |
| CIBC Asset Management Inc 0.00% of their portfolio | 250.8k $1.4m | Added +8.6k |
| VAN ECK ASSOCIATES CORP 0.00% of their portfolio | 238.0k $1.3m | Added +31.6k |
| MANUFACTURERS LIFE INSURANCE COMPANY, THE 0.00% of their portfolio | 237.0k $1.3m | Reduced -3.4k |
| BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp 0.01% of their portfolio | 225.1k $1.2m | Added +85.5k |
| VANGUARD ASSET MANAGEMENT, Ltd 0.00% of their portfolio | 223.2k $1.2m | First filing |
| RITHOLTZ WEALTH MANAGEMENT 0.02% of their portfolio | 222.5k $1.2m | Added +142.7k |
| Universal- Beteiligungs- und Servicegesellschaft mbH 0.00% of their portfolio | 217.3k $1.2m | Added +46.1k |
| BNP PARIBAS FINANCIAL MARKETS 0.00% of their portfolio | 210.9k $1.1m | Added +157.7k |
| CITIGROUP INC 0.00% of their portfolio | 210.9k $1.1m | Added +5.0k |
| SUSQUEHANNA INTERNATIONAL GROUP, LLP 0.00% of their portfolio | 207.2k $1.1m | Reduced -211.6k |
| Invesco Ltd. 0.00% of their portfolio | 198.7k $1.1m | Added +20.1k |
| Range Financial Group LLC 0.35% of their portfolio | 193.9k $1.0m | Added +17.9k |
| PICTON MAHONEY ASSET MANAGEMENT 0.01% of their portfolio | 181.5k $981.6k | Added +90.0k |
| INTACT INVESTMENT MANAGEMENT INC. 0.03% of their portfolio | 175.1k $946.3k | Added +74.6k |
| AMERICAN CENTURY COMPANIES INC 0.00% of their portfolio | 157.1k $849.0k | Added +115.8k |
| WELLS FARGO & COMPANY/MN 0.00% of their portfolio | 149.3k $806.0k | Reduced -190.1k |
| Quadrature Capital Ltd 0.01% of their portfolio | 147.3k $793.8k | Reduced -189.4k |
| BlackRock, Inc. 0.00% of their portfolio | 144.5k $780.5k | Added +8.5k |
| Squarepoint Ops LLC 0.00% of their portfolio | 138.4k $747.5k | Added +59.7k |
| FEDERATED HERMES, INC. 0.00% of their portfolio | 136.3k $736.1k | Added +2.3k |
| WINTON GROUP Ltd 0.02% of their portfolio | 131.2k $708.4k | Added +82.3k |
| CIBC WORLD MARKET INC. 0.00% of their portfolio | 129.8k $701.0k | Added +56.7k |
| LuminArx Capital Management LP 0.51% of their portfolio | 125.0k $675.0k | New |
| BARCLAYS PLC 0.00% of their portfolio | 123.8k $668.4k | Added +103.8k |
| Unifi Asset Management LP 0.34% of their portfolio | 109.7k $592.6k | Added +84.4k |
| Thrivent Financial for Lutherans 0.00% of their portfolio | 106.6k $576.0k | New |
| Trexquant Investment LP 0.00% of their portfolio | 106.3k $574.0k | Reduced -127.2k |
| Y-Intercept (Hong Kong) Ltd 0.01% of their portfolio | 104.4k $563.9k | Reduced -107.8k |
| Engineers Gate Manager LP 0.01% of their portfolio | 100.2k $540.9k | Added +1.8k |
| Russell Investments Group, Ltd. 0.00% of their portfolio | 99.8k $536.9k | Reduced -5.5k |
| Caprock Group, LLC 0.01% of their portfolio | 95.3k $514.6k | Added +45.5k |
| CAPSTONE INVESTMENT ADVISORS, LLC 0.00% of their portfolio | 91.2k $492.6k | Reduced -2.3k |
| Zurcher Kantonalbank (Zurich Cantonalbank) 0.00% of their portfolio | 89.0k $479.4k | Unchanged |
| Poehling Capital Management, INC. 0.10% of their portfolio | 85.6k $462.3k | Reduced -414 |
| Graham Capital Management, L.P. 0.02% of their portfolio | 84.1k $454.1k | Reduced -50.9k |
| TRUIST FINANCIAL CORP 0.00% of their portfolio | 80.5k $434.7k | Added +19.1k |
| BLAIR WILLIAM & CO/IL 0.00% of their portfolio | 78.0k $421.1k | Reduced -20 |
| LPL Financial LLC 0.00% of their portfolio | 76.6k $413.8k | Reduced -67.5k |
| WOLVERINE ASSET MANAGEMENT LLC 0.01% of their portfolio | 75.4k $407.1k | Reduced -7.3k |
| Marex Group Ltd 0.00% of their portfolio | 74.8k $403.8k | Added +44.4k |
| Round Hill Asset Management 0.26% of their portfolio | 73.0k $393.7k | Reduced -652 |
| Lebenthal Global Advisors, LLC 0.06% of their portfolio | 73.0k $394.0k | Reduced -7.8k |
| FRANKLIN RESOURCES INC 0.00% of their portfolio | 72.7k $393.1k | Added +3.2k |
| State of Tennessee, Department of Treasury 0.00% of their portfolio | 71.7k $387.0k | Added +25.2k |
| Alberta Investment Management Corp 0.00% of their portfolio | 70.6k $381.9k | New |
| Cerity Partners LLC 0.00% of their portfolio | 70.4k $380.3k | Added +254 |
| Fore Capital, LLC 0.88% of their portfolio | 70.0k $378.0k | Reduced -50.0k |