Federated Hermes Inc. Cuts Position in BrightSpring Health Services, Inc. (NASDAQ:BTSG)

Key Points

• Federated Hermes Inc. reduced its holdings in BrightSpring Health Services by 36.8%, currently owning approximately 0.21% of the company, valued at $6.5 million.
• Wall Street analysts have given BrightSpring Health Services a consensus rating of "Moderate Buy" with an average target price of $24.90, with several firms raising their price targets.
• Insider transactions showed significant sell-offs, including Jon B. Rousseau selling 531,840 shares and major shareholder Phoenix Aggregator L.P. selling over 13 million shares, impacting their ownership percentages.

Federated Hermes Inc. lowered its stake in shares of BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) by 36.8% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 361,940 shares of the company's stock after selling 210,496 shares during the quarter. Federated Hermes Inc. owned about 0.21% of BrightSpring Health Services worth $6,547,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Quarry LP purchased a new stake in shares of BrightSpring Health Services during the fourth quarter valued at $29,000. IFP Advisors Inc lifted its position in BrightSpring Health Services by 273,666.7% during the 1st quarter. IFP Advisors Inc now owns 8,213 shares of the company's stock worth $149,000 after acquiring an additional 8,210 shares during the period. Highland Capital Management LLC purchased a new stake in BrightSpring Health Services during the 1st quarter valued at about $181,000. Envestnet Asset Management Inc. acquired a new position in shares of BrightSpring Health Services in the fourth quarter valued at about $188,000. Finally, KLP Kapitalforvaltning AS purchased a new position in shares of BrightSpring Health Services in the fourth quarter worth about $206,000.

BrightSpring Health Services Stock Performance

Shares of BTSG stock traded up $0.15 during mid-day trading on Friday, hitting $20.61. 702,255 shares of the stock were exchanged, compared to its average volume of 2,053,574. BrightSpring Health Services, Inc. has a 12-month low of $11.38 and a 12-month high of $25.57. The company has a debt-to-equity ratio of 1.43, a quick ratio of 1.37 and a current ratio of 1.76. The stock has a market capitalization of $3.65 billion, a price-to-earnings ratio of 66.63 and a beta of 2.25. The stock's fifty day simple moving average is $21.62 and its two-hundred day simple moving average is $20.52.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last announced its earnings results on Friday, August 1st. The company reported $0.22 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.19 by $0.03. The business had revenue of $3.15 billion for the quarter, compared to analyst estimates of $2.99 billion. BrightSpring Health Services had a net margin of 0.55% and a return on equity of 9.29%. The company's revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period last year, the firm posted $0.10 earnings per share. On average, analysts forecast that BrightSpring Health Services, Inc. will post 0.59 EPS for the current year.

Analyst Ratings Changes

Several brokerages recently weighed in on BTSG. Wells Fargo & Company increased their price target on shares of BrightSpring Health Services from $25.00 to $27.00 and gave the stock an "overweight" rating in a report on Tuesday, May 13th. Cowen reiterated a "buy" rating on shares of BrightSpring Health Services in a research note on Monday. TD Cowen began coverage on shares of BrightSpring Health Services in a report on Monday, June 23rd. They set a "buy" rating and a $37.00 target price for the company. Wall Street Zen lowered shares of BrightSpring Health Services from a "strong-buy" rating to a "buy" rating in a report on Saturday, July 26th. Finally, Morgan Stanley lifted their price objective on BrightSpring Health Services from $20.00 to $25.00 and gave the company an "overweight" rating in a research note on Friday, May 9th. One analyst has rated the stock with a hold rating and twelve have issued a buy rating to the company. Based on data from MarketBeat, BrightSpring Health Services presently has an average rating of "Moderate Buy" and a consensus price target of $24.90.

Insider Activity at BrightSpring Health Services

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

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.