5 Best Canadian Stocks Under $10

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1. Bausch Health Companies Inc. (NYSE:BHC)

Number of Hedge Fund Holders: 32

Share Price as of July 25: $9.51

Bausch Health Companies Inc. (NYSE:BHC) is a diversified pharmaceutical company that focuses on gastroenterology, hepatology, neurology, dermatology, international pharmaceuticals, and eye health. Bausch Health Companies Inc. (NYSE:BHC) is one of the top Canadian stocks to consider. 

On July 7, the company announced a financing agreement via its subsidiary, Bausch Receivables Funding LP, securing a $600 million facility with investment firm KKR. The facility provides additional liquidity for Bausch Health Companies Inc. (NYSE:BHC) over approximately five years and will be utilized for general corporate purposes. This financing comes as Bausch Health Companies Inc. (NYSE:BHC) prepares to complete the spin-out of Bausch + Lomb Corporation (NYSE:BLCO), its eye health company which went public in 2020.

According to Insider Monkey’s first quarter database, Bausch Health Companies Inc. (NYSE:BHC) was part of 32 hedge fund portfolios, compared to 41 in the prior quarter. John Paulson’s Paulson & Co is the largest stakeholder of the company, with 26.4 million shares worth $214.15 million. 

Here is what Miller Value Partners Opportunity Trust Fund has to say about Bausch Health Companies Inc. (NYSE:BHC) in its Q2 2022 investor letter:

“Bausch Health Companies Inc. (NYSE:BHC) declined during the quarter as the company consummated its Bausch+Lomb IPO at valuations far below expectations, reported disappointing Q1 2022 results, and delayed its plan to spin out its Solta (aesthetics) business due to difficult market conditions. While the company spun off 10% of Bausch+Lomb (BCLO) they retained 90% of the company which they intend to distribute once they have met their target leverage ratio of 6.5-6.7x. The future spin-off value of the Bausch+Lomb piece represents a value of $12.55 per share, 39% above where Bausch Health is currently trading. The company recently appointed John Paulsen as Chair of the Board, which should accelerate value realization.”

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