BrightSpring Health Services (NASDAQ:BTSG) Downgraded to Buy Rating by Wall Street Zen

Key Points

• BrightSpring Health Services has been downgraded by Wall Street Zen from a "strong-buy" rating to a "buy" rating.
• Despite the downgrade, other analysts such as Wells Fargo and TD Cowen have increased their target prices for the stock, with consensus now at $24.90.
• Insider trading activity has been notable, with major shareholder Phoenix Aggregator L.P. selling over 2 million shares recently, signaling possible changes in investor sentiment or strategy.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "strong-buy" rating to a "buy" rating in a research note issued on Saturday.

Several other analysts have also recently issued reports on BTSG. Wells Fargo & Company upped their price objective on BrightSpring Health Services from $25.00 to $27.00 and gave the stock an "overweight" rating in a report on Tuesday, May 13th. TD Cowen assumed coverage on BrightSpring Health Services in a report on Monday, June 23rd. They set a "buy" rating and a $37.00 price target on the stock. Morgan Stanley increased their target price on BrightSpring Health Services from $20.00 to $25.00 and gave the stock an "overweight" rating in a research note on Friday, May 9th. Finally, Mizuho set a $26.00 target price on BrightSpring Health Services in a research note on Monday, May 5th. One equities research analyst has rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $24.90.

BrightSpring Health Services Trading Down 0.6%

Shares of NASDAQ:BTSG opened at $20.53 on Friday. The stock has a 50 day moving average of $22.20 and a 200 day moving average of $20.37. The company has a market cap of $3.61 billion, a PE ratio of 73.32 and a beta of 2.30. The company has a current ratio of 1.73, a quick ratio of 1.37 and a debt-to-equity ratio of 1.48. BrightSpring Health Services has a 12-month low of $10.15 and a 12-month high of $25.57.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last announced its quarterly earnings data on Friday, May 2nd. The company reported $0.19 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.09 by $0.10. BrightSpring Health Services had a return on equity of 7.76% and a net margin of 0.49%. The company had revenue of $2.88 billion during the quarter, compared to the consensus estimate of $2.74 billion. During the same period in the previous year, the company posted $0.12 EPS. The firm's revenue was up 25.9% on a year-over-year basis. As a group, equities research analysts expect that BrightSpring Health Services will post 0.59 EPS for the current year.

Insider Transactions at BrightSpring Health Services

In related news, major shareholder Phoenix Aggregator L.P. Kkr sold 2,100,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $21.15, for a total transaction of $44,415,000.00. Following the sale, the insider owned 77,096,337 shares of the company's stock, valued at $1,630,587,527.55. This trade represents a 2.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, insider Jon B. Rousseau sold 531,840 shares of the firm's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $21.75, for a total value of $11,567,520.00. Following the sale, the insider directly owned 1,184,133 shares in the company, valued at approximately $25,754,892.75. The trade was a 30.99% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 15,919,941 shares of company stock worth $337,025,856. 3.40% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On BrightSpring Health Services

Several institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC purchased a new position in shares of BrightSpring Health Services in the second quarter worth about $756,000. KLP Kapitalforvaltning AS raised its position in BrightSpring Health Services by 19.8% during the second quarter. KLP Kapitalforvaltning AS now owns 14,500 shares of the company's stock valued at $342,000 after acquiring an additional 2,400 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in BrightSpring Health Services in the second quarter valued at approximately $13,701,000. Voya Investment Management LLC grew its holdings in BrightSpring Health Services by 9.0% in the first quarter. Voya Investment Management LLC now owns 199,711 shares of the company's stock valued at $3,613,000 after purchasing an additional 16,434 shares during the period. Finally, Rhumbline Advisers grew its holdings in BrightSpring Health Services by 4.8% in the first quarter. Rhumbline Advisers now owns 77,100 shares of the company's stock valued at $1,395,000 after purchasing an additional 3,517 shares during the period.

About BrightSpring Health Services

BrightSpring Health Services, Inc operates a home and community-based healthcare services platform in the United States. The company's platform focuses on delivering pharmacy and provider services, including clinical and supportive care in home and community settings to Medicare, Medicaid, and insured populations.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.