5 Best Healthcare Stocks to Buy According to Larry Robbins’ Glenview Capital

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

Robbins’ Stake Value: $495,559,000
Percentage of Larry Robbins’ 13F Portfolio: 8.39%

Bausch Health Companies Inc. (NYSE: BHC), a pharmaceutical, medical device, and over-the-counter (OTC) company that focuses on eye health, gastroenterology, and dermatology, ranks second on the list of 10 best healthcare stocks to buy according to Larry Robbins’ Glenview Capital.

Bausch Health Companies Inc. (NYSE: BHC) shares have returned  43.66% to investors over the past year. Glenview Capital holds more than 15 million shares in Bausch Health Companies Inc. (NYSE: BHC) worth over $495 million, representing 8.39% of their portfolio. The hedge fund has trimmed stakes in the firm by 5% in the past few months.

In its first-quarter 2021 Investor Letter, Miller Value Partners highlighted a few stocks and Bausch Health Companies Inc. (NYSE: BHC) is one of them. Here is what the fund said:

“Bausch Health Companies (BHC) climbed 55% during the period. Glenview (6% owner) sent a letter to the company in early February arguing the company has not acted to unlock shareholder value and urging the company to sell its eye care business. Shortly after, activist investor Carl Icahn disclosing a 7.83% stake in the company. The company responded to the filing saying that they remain committed to splitting the business into two parts, but are open to pursuing all opportunities. The company reported strong 4Q results with better-than-expected 2021 guidance. 4Q revenue came in at $2,213M slightly ahead of consensus of $2,165M and EPS of $1.34 beat consensus of $1.12. The company guided for 2021 revenue of $8.6-8.8B coming in ahead of expectations of $8.55B with EBITDA of $3.4-3.55B ahead of $3.46B estimated. The company announced the transition of Paul Herendeen to an advisory role to be succeeded by Sam Eldessouky, previously senior vice president, controller and chief accounting officer. Finally, the company announced the sale of Amoun Pharmaceutical for $740M, which was relatively in line with estimates and should help support debt reduction targets ahead of the planned spin-off of Bausch + Lomb eye care business.”