1,694,318 Shares in BrightSpring Health Services, Inc. $BTSG Purchased by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon purchased 1.69 million BrightSpring shares worth approximately $118.2 million, giving it a 0.86% stake in the company.
• Analysts remain broadly bullish, with a consensus “Buy” rating and an average price target of $70.71; TD Cowen recently raised its target to $81.
• BrightSpring exceeded quarterly expectations, reporting $0.45 in EPS and $3.87 billion in revenue, up 23% year over year. Two insiders sold shares in June, while insiders retain 2.80% ownership.

Bank of New York Mellon Corp purchased a new stake in BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor purchased 1,694,318 shares of the company's stock, valued at approximately $118,162,000. Bank of New York Mellon Corp owned approximately 0.86% of BrightSpring Health Services as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of BTSG. AQR Capital Management LLC bought a new position in BrightSpring Health Services in the first quarter worth $276,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its position in shares of BrightSpring Health Services by 5.8% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 32,429 shares of the company's stock valued at $587,000 after acquiring an additional 1,780 shares in the last quarter. Millennium Management LLC increased its stake in BrightSpring Health Services by 0.3% in the first quarter. Millennium Management LLC now owns 577,885 shares of the company's stock valued at $10,454,000 after acquiring an additional 1,967 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC raised its position in BrightSpring Health Services by 11.0% in the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 147,280 shares of the company's stock worth $2,664,000 after purchasing an additional 14,586 shares in the last quarter. Finally, Prudential Financial Inc. bought a new position in BrightSpring Health Services during the second quarter worth about $351,000.

Wall Street Analyst Weigh In

BTSG has been the subject of several analyst reports. Stephens raised their target price on BrightSpring Health Services from $53.00 to $64.00 and gave the stock an "overweight" rating in a research report on Monday, May 4th. Wall Street Zen cut BrightSpring Health Services from a "strong-buy" rating to a "buy" rating in a research report on Sunday. KeyCorp reissued an "overweight" rating on shares of BrightSpring Health Services in a report on Monday, August 3rd. Mizuho lifted their price objective on BrightSpring Health Services from $52.00 to $61.00 and gave the company an "outperform" rating in a report on Tuesday, May 5th. Finally, TD Cowen boosted their target price on shares of BrightSpring Health Services from $65.00 to $81.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Two analysts have rated the stock with a Strong Buy rating and eighteen have assigned a Buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Buy" and an average target price of $70.71.

Insider Activity

In other news, insider Lisa A. Nalley sold 35,000 shares of BrightSpring Health Services stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $58.75, for a total transaction of $2,056,250.00. Following the completion of the sale, the insider owned 131,948 shares in the company, valued at $7,751,945. The trade was a 20.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Jon B. Rousseau sold 130,000 shares of the business's stock in a transaction that occurred 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. 2.80% of the stock is owned by company insiders.

BrightSpring Health Services Stock Performance

Shares of NASDAQ BTSG opened at $58.87 on Monday. BrightSpring Health Services, Inc. has a 1-year low of $22.86 and a 1-year high of $73.75. The company has a 50-day moving average of $66.45 and a two-hundred day moving average of $54.18. The company has a market cap of $11.65 billion, a PE ratio of 35.46, a P/E/G ratio of 0.71 and a beta of 1.88. The company has a current ratio of 1.59, a quick ratio of 1.22 and a debt-to-equity ratio of 1.06.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $0.45 EPS for the quarter, beating the consensus estimate of $0.40 by $0.05. BrightSpring Health Services had a net margin of 2.55% and a return on equity of 16.73%. The business had revenue of $3.87 billion for the quarter, compared to analysts' expectations of $3.66 billion. During the same period in the prior year, the firm earned $0.22 earnings per share. BrightSpring Health Services's revenue was up 23.0% compared to the same quarter last year. As a group, equities analysts expect that BrightSpring Health Services, Inc. will post 1.82 earnings per share for the current fiscal year.

BrightSpring Health Services 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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