Bank of New York Mellon Corp Purchases 38,159 Shares of BrightSpring Health Services, Inc. (NASDAQ:BTSG)

Key Points

• Bank of New York Mellon Corp increased its stake in BrightSpring Health Services by 24.3%, resulting in ownership of 195,372 shares valued at approximately $3.53 million.
• BrightSpring Health Services reported quarterly earnings of $0.19 EPS, exceeding estimates, while revenue rose by 25.9% year-over-year, reaching $2.88 billion.
• Research analysts have a current consensus rating of "Moderate Buy" for BrightSpring Health Services, with a price target averaging $24.90.

Bank of New York Mellon Corp raised its holdings in BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) by 24.3% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 195,372 shares of the company's stock after purchasing an additional 38,159 shares during the quarter. Bank of New York Mellon Corp owned 0.11% of BrightSpring Health Services worth $3,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of the company. Teacher Retirement System of Texas purchased a new position in shares of BrightSpring Health Services during the fourth quarter worth about $234,000. American Century Companies Inc. increased its stake in shares of BrightSpring Health Services by 8.8% in the fourth quarter. American Century Companies Inc. now owns 92,893 shares of the company's stock worth $1,582,000 after buying an additional 7,505 shares during the period. KLP Kapitalforvaltning AS bought a new stake in shares of BrightSpring Health Services in the fourth quarter worth about $206,000. Vanguard Group Inc. increased its position in BrightSpring Health Services by 5.3% during the 4th quarter. Vanguard Group Inc. now owns 5,325,093 shares of the company's stock valued at $90,686,000 after purchasing an additional 268,132 shares during the period. Finally, Norges Bank bought a new position in BrightSpring Health Services in the fourth quarter worth about $26,065,000.

Analysts Set New Price Targets

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

BrightSpring Health Services Price Performance

Shares of BTSG traded up $1.21 during trading hours on Wednesday, reaching $21.31. 4,846,284 shares of the company traded hands, compared to its average volume of 1,739,117. The company has a quick ratio of 1.37, a current ratio of 1.73 and a debt-to-equity ratio of 1.48. The stock has a market capitalization of $3.75 billion, a PE ratio of 76.11 and a beta of 2.30. The stock has a fifty day simple moving average of $22.05 and a 200 day simple moving average of $20.44. BrightSpring Health Services, Inc. has a fifty-two week low of $10.15 and a fifty-two week high of $25.57.

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

Insider Activity at BrightSpring Health Services

In related news, major shareholder Phoenix Aggregator L.P. Kkr sold 13,288,101 shares of the company's stock in a transaction dated Thursday, June 12th. The shares were sold at an average price of $21.15, for a total value of $281,043,336.15. Following the completion of the sale, the insider owned 79,671,883 shares of the company's stock, valued at $1,685,060,325.45. This represents a 14.29% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Jon B. Rousseau sold 531,840 shares of the business's stock in a transaction on Thursday, June 12th. The stock was 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 $25,754,892.75. This trade represents a 30.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 15,919,941 shares of company stock valued at $337,025,856 over the last ninety days. Corporate insiders own 3.40% of the company's stock.

BrightSpring Health Services Company Profile

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.