Bank of America Forecasts Strong Price Appreciation for BrightSpring Health Services (NASDAQ:BTSG) Stock

Key Points

• Bank of America raised its price target on BrightSpring Health Services to $77 from $66 and kept a buy rating, implying about 12% upside from the current price.
• Several other analysts also turned more bullish, with multiple firms lifting targets and ratings; the overall consensus remains Buy with an average price target of $63.67.
• BrightSpring reported strong quarterly results, beating EPS and revenue estimates with $0.39 EPS and $3.61 billion in revenue, while shares traded near their 52-week high after a modest decline on the day.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) had its target price upped by equities research analysts at Bank of America from $66.00 to $77.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the stock. Bank of America's price target would indicate a potential upside of 12.07% from the company's current price.

Several other brokerages also recently weighed in on BTSG. Stephens upped their target price on shares of BrightSpring Health Services from $53.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, May 4th. Weiss Ratings raised shares of BrightSpring Health Services from a "hold (c)" rating to a "buy (b-)" rating in a research report on Monday, May 4th. Mizuho boosted their price target on shares of BrightSpring Health Services from $52.00 to $61.00 and gave the stock an "outperform" rating in a research note on Tuesday, May 5th. Wells Fargo & Company upped their price objective on BrightSpring Health Services from $50.00 to $61.00 and gave the stock an "overweight" rating in a research report on Monday, May 4th. Finally, KeyCorp increased their price objective on BrightSpring Health Services from $55.00 to $60.00 and gave the company an "overweight" rating in a research note on Monday, May 4th. Two investment analysts have rated the stock with a Strong Buy rating and sixteen have issued a Buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus price target of $63.67.

BrightSpring Health Services Trading Down 1.6%

NASDAQ BTSG traded down $1.14 during trading on Thursday, hitting $68.71. The stock had a trading volume of 395,212 shares, compared to its average volume of 2,754,437. The company has a market capitalization of $13.56 billion, a PE ratio of 48.60, a PEG ratio of 0.90 and a beta of 1.79. The company has a quick ratio of 1.38, a current ratio of 1.74 and a debt-to-equity ratio of 1.24. The firm has a 50 day moving average price of $58.84 and a 200 day moving average price of $46.96. BrightSpring Health Services has a twelve month low of $19.01 and a twelve month high of $70.91.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last issued its quarterly earnings results on Friday, May 1st. The company reported $0.39 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.29 by $0.10. BrightSpring Health Services had a net margin of 2.27% and a return on equity of 14.63%. The company had revenue of $3.61 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same period in the prior year, the firm earned $0.14 earnings per share. The business's revenue for the quarter was up 25.6% compared to the same quarter last year. As a group, equities research analysts forecast that BrightSpring Health Services will post 1.67 earnings per share for the current year.

Insider Buying and Selling

In other news, insider Lisa A. Nalley sold 35,000 shares of the firm's stock in a transaction on Friday, June 5th. The shares were sold at an average price of $58.75, for a total value of $2,056,250.00. Following the sale, the insider directly owned 131,948 shares in the company, valued at approximately $7,751,945. This trade represents a 20.96% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Jon B. Rousseau sold 130,000 shares of BrightSpring Health Services stock in a transaction on Friday, June 5th. The stock was sold at an average price of $58.75, for a total transaction of $7,637,500.00. Following the sale, the insider directly owned 1,194,503 shares of the company's stock, valued at approximately $70,177,051.25. This trade represents a 9.82% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.80% of the company's stock.

Institutional Trading of BrightSpring Health Services

Institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. increased its holdings in shares of BrightSpring Health Services by 30.5% in the 4th quarter. Vanguard Group Inc. now owns 12,533,656 shares of the company's stock valued at $469,385,000 after acquiring an additional 2,928,953 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in BrightSpring Health Services by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,662,236 shares of the company's stock worth $399,302,000 after purchasing an additional 478,436 shares during the last quarter. Invesco Ltd. lifted its stake in BrightSpring Health Services by 13.4% during the fourth quarter. Invesco Ltd. now owns 10,595,232 shares of the company's stock worth $396,791,000 after purchasing an additional 1,248,107 shares during the last quarter. T. Rowe Price Investment Management Inc. boosted its holdings in BrightSpring Health Services by 21.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,123,865 shares of the company's stock valued at $229,339,000 after purchasing an additional 1,091,757 shares in the last quarter. Finally, Alliancebernstein L.P. boosted its holdings in BrightSpring Health Services by 12.1% in the second quarter. Alliancebernstein L.P. now owns 5,450,085 shares of the company's stock valued at $128,568,000 after purchasing an additional 588,642 shares in the last quarter.

BrightSpring Health Services Company Profile

BrightSpring Health Services NASDAQ: BTSG is a leading provider of home and community-based care and workforce solutions aimed at seniors, individuals with disabilities and those facing behavioral health challenges. The company's operations encompass a broad spectrum of services, including personal care, skilled nursing, therapy, habilitation and supported living, as well as specialized behavioral health programs delivered through both clinical and non-clinical channels.

Through its network of subsidiary brands, BrightSpring offers integrated care in the patient's home environment, fostering independence and improving quality of life.

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