Bank of America Corp DE Invests $127.47 Million in BrightSpring Health Services, Inc. $BTSG

Key Points

• Bank of America acquired 1.83 million BrightSpring shares worth approximately $127.5 million, giving it a 0.92% stake in the healthcare services company.
• BrightSpring reported strong quarterly results, with adjusted earnings of $0.45 per share versus the $0.40 consensus estimate and revenue of $3.87 billion, up 23% year over year.
• Analysts remain broadly bullish: the stock has an overall “Buy” rating and an average price target of $70.71, compared with its reported opening price of $56.60.

Bank of America Corp DE bought a new stake in BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm bought 1,827,855 shares of the company's stock, valued at approximately $127,475,000. Bank of America Corp DE owned about 0.92% of BrightSpring Health Services as of its most recent SEC filing.

Several other institutional investors also recently added to or reduced their stakes in the business. Allworth Financial LP bought a new position in BrightSpring Health Services during the second quarter valued at about $28,000. GHP Investment Advisors Inc. acquired a new stake in shares of BrightSpring Health Services during the 1st quarter worth approximately $31,000. Kilter Group LLC acquired a new stake in shares of BrightSpring Health Services during the 2nd quarter worth approximately $50,000. Meeder Asset Management Inc. bought a new stake in shares of BrightSpring Health Services during the first quarter valued at approximately $52,000. Finally, Harbor Investment Advisory LLC bought a new stake in shares of BrightSpring Health Services during the second quarter valued at approximately $91,000.

BrightSpring Health Services Price Performance

BTSG opened at $56.60 on Friday. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.59 and a quick ratio of 1.22. The stock has a market capitalization of $11.20 billion, a P/E ratio of 34.10, a price-to-earnings-growth ratio of 0.69 and a beta of 1.84. The company's 50 day simple moving average is $63.24 and its 200-day simple moving average is $56.87. BrightSpring Health Services, Inc. has a one year low of $26.28 and a one year high of $73.75.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last announced its quarterly earnings data on Friday, July 31st. The company reported $0.45 EPS for the quarter, topping analysts' consensus estimates of $0.40 by $0.05. The firm had revenue of $3.87 billion during the quarter, compared to analyst estimates of $3.66 billion. BrightSpring Health Services had a return on equity of 16.73% and a net margin of 2.55%.The company's revenue was up 23.0% on a year-over-year basis. During the same period last year, the company earned $0.22 earnings per share. Sell-side analysts anticipate that BrightSpring Health Services, Inc. will post 1.82 earnings per share for the current fiscal year.

Analyst Ratings Changes

BTSG has been the topic of a number of recent research reports. The Goldman Sachs Group assumed coverage on shares of BrightSpring Health Services in a research note on Monday, June 8th. They set a "buy" rating and a $71.00 price target on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of BrightSpring Health Services in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reaffirmed a "buy" rating and set a $70.00 price objective on shares of BrightSpring Health Services in a report on Monday, August 3rd. Wells Fargo & Company upped their target price on shares of BrightSpring Health Services from $61.00 to $78.00 and gave the company an "overweight" rating in a research note on Monday, July 13th. 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 research note on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $70.71.

About BrightSpring Health Services

BrightSpring Health Services, Inc is a provider of home- and community-based health services and pharmacy services in the United States. The company supports individuals who require assistance with daily living, clinical care, rehabilitation, behavioral health services, or other long-term and post-acute care.

Its businesses include home health, hospice, personal care, residential and community living services, behavioral health programs, primary care, and rehabilitation. Through its PharMerica pharmacy business, BrightSpring provides institutional and specialty pharmacy services, including medication dispensing and related clinical support for long-term care facilities and other healthcare settings.

BrightSpring serves patients and clients across the United States through a network of local operations and care professionals.

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