Assenagon Asset Management S.A. Acquires New Stake in BrightSpring Health Services, Inc. $BTSG

Key Points

• Assenagon Asset Management opened a new stake in BrightSpring Health Services, buying 31,482 shares valued at about $1.34 million in the first quarter.
• BrightSpring reported better-than-expected Q1 results, with earnings of $0.39 per share and revenue of $3.61 billion, both topping analyst estimates. Revenue rose 25.6% year over year.
• Analyst sentiment remains bullish, with two Strong Buy and sixteen Buy ratings; the consensus price target is $61.27, while TD Cowen recently raised its target to $81.

Assenagon Asset Management S.A. bought a new position in BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 31,482 shares of the company's stock, valued at approximately $1,341,000.

Other large investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its position in shares of BrightSpring Health Services by 30.5% during the fourth quarter. Vanguard Group Inc. now owns 12,533,656 shares of the company's stock worth $469,385,000 after buying an additional 2,928,953 shares during the period. The Manufacturers Life Insurance Company grew its holdings in shares of BrightSpring Health Services by 936.4% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 2,276,583 shares of the company's stock valued at $53,705,000 after acquiring an additional 2,056,920 shares in the last quarter. State Street Corp grew its holdings in shares of BrightSpring Health Services by 99.5% in the 4th quarter. State Street Corp now owns 4,033,149 shares of the company's stock valued at $151,041,000 after acquiring an additional 2,011,095 shares in the last quarter. Jane Street Group LLC increased its position in shares of BrightSpring Health Services by 855.4% in the second quarter. Jane Street Group LLC now owns 2,076,730 shares of the company's stock valued at $48,990,000 after acquiring an additional 1,859,369 shares during the last quarter. Finally, 8 Knots Management LLC bought a new stake in BrightSpring Health Services during the third quarter worth about $51,244,000.

Insider Activity

In related news, 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 value of $7,637,500.00. Following the completion of the sale, the insider directly owned 1,194,503 shares in the company, valued at approximately $70,177,051.25. The trade was a 9.82% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Lisa A. Nalley sold 35,000 shares of the stock in a transaction that occurred on Friday, June 5th. The stock was 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 $7,751,945. This represents a 20.96% decrease in their position. The SEC filing for this sale provides additional information. 2.80% of the stock is owned by insiders.

BrightSpring Health Services Trading Up 0.2%

Shares of NASDAQ:BTSG opened at $69.85 on Thursday. BrightSpring Health Services, Inc. has a 12-month low of $19.01 and a 12-month high of $70.72. The business has a 50 day moving average of $58.84 and a 200-day moving average of $46.96. 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 stock has a market cap of $13.78 billion, a PE ratio of 49.54, a P/E/G ratio of 0.90 and a beta of 1.79.

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

Analyst Ratings Changes

BTSG has been the topic of several recent analyst reports. Leerink Partners reaffirmed an "outperform" rating and set a $49.00 price target on shares of BrightSpring Health Services in a research report on Wednesday, March 18th. KeyCorp boosted their target price on shares of BrightSpring Health Services from $55.00 to $60.00 and gave the stock an "overweight" rating in a report on Monday, May 4th. Stephens increased their price target on shares of BrightSpring Health Services from $53.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, May 4th. UBS Group lifted their price objective on shares of BrightSpring Health Services from $53.00 to $55.00 and gave the company a "buy" rating in a research report on Wednesday, March 18th. Finally, TD Cowen upped their target price on shares of BrightSpring Health Services from $65.00 to $81.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Two equities research analysts have rated the stock with a Strong Buy rating and sixteen have assigned a Buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $61.27.

About BrightSpring Health Services

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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