Fifth Third Bancorp Purchases 102,363 Shares of BrightSpring Health Services, Inc. $BTSG

Key Points

• Fifth Third Bancorp sharply increased its stake in BrightSpring Health Services, buying 102,363 additional shares and lifting its holdings to 102,496 shares worth about $4.37 million.
• BrightSpring reported better-than-expected Q1 earnings of $0.39 per share on revenue of $3.61 billion, with revenue up 25.6% from a year earlier. The company also reported a net margin of 2.27% and return on equity of 14.63%.
• The stock has been trading near its 52-week high, opening at $70.69 after rising 3.7%, while analysts remain mostly bullish with a consensus Buy rating and average target price of $70.12.

Fifth Third Bancorp increased its holdings in shares of BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) by 76,964.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 102,496 shares of the company's stock after purchasing an additional 102,363 shares during the period. Fifth Third Bancorp owned approximately 0.05% of BrightSpring Health Services worth $4,367,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently modified their holdings of the company. Vanguard Group Inc. boosted its position in BrightSpring Health Services by 30.5% during the 4th quarter. Vanguard Group Inc. now owns 12,533,656 shares of the company's stock worth $469,385,000 after acquiring an additional 2,928,953 shares during the last quarter. The Manufacturers Life Insurance Company grew its holdings in BrightSpring Health Services by 936.4% during the second quarter. The Manufacturers Life Insurance Company now owns 2,276,583 shares of the company's stock worth $53,705,000 after purchasing an additional 2,056,920 shares during the period. State Street Corp raised its stake in BrightSpring Health Services by 99.5% in the fourth quarter. State Street Corp now owns 4,033,149 shares of the company's stock valued at $151,041,000 after buying an additional 2,011,095 shares during the period. Jane Street Group LLC raised its stake in BrightSpring Health Services by 855.4% in the 2nd 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 period. Finally, Invesco Ltd. raised its holdings in BrightSpring Health Services by 13.4% in the 4th quarter. Invesco Ltd. now owns 10,595,232 shares of the company's stock valued at $396,791,000 after acquiring an additional 1,248,107 shares during the period.

BrightSpring Health Services Trading Up 3.7%

Shares of BTSG stock opened at $70.69 on Friday. The company has a market cap of $13.95 billion, a P/E ratio of 50.14, a PEG ratio of 0.89 and a beta of 1.79. BrightSpring Health Services, Inc. has a fifty-two week low of $19.01 and a fifty-two week high of $72.22. The stock has a 50 day simple moving average of $63.76 and a two-hundred day simple moving average of $49.64. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.38 and a current ratio of 1.74.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last posted its quarterly earnings results on Friday, May 1st. The company reported $0.39 earnings per share for the quarter, beating the consensus estimate of $0.29 by $0.10. The firm had revenue of $3.61 billion during the quarter, compared to the consensus estimate of $3.39 billion. BrightSpring Health Services had a net margin of 2.27% and a return on equity of 14.63%. The business's revenue was up 25.6% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.14 earnings per share. Research analysts forecast that BrightSpring Health Services, Inc. will post 1.7 earnings per share for the current year.

Insider Activity

In other news, insider Lisa A. Nalley sold 35,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $58.75, for a total value 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. This represents a 20.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Jon B. Rousseau sold 130,000 shares of the stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $58.75, for a total transaction of $7,637,500.00. Following the completion of the sale, the insider 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 position. The disclosure for this sale is available in the SEC filing. 2.80% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Weiss Ratings upgraded shares of BrightSpring Health Services from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, May 4th. The Goldman Sachs Group started coverage on BrightSpring Health Services in a research note on Monday, June 8th. They set a "buy" rating and a $71.00 target price for the company. BMO Capital Markets set a $70.00 target price on shares of BrightSpring Health Services in a research note on Thursday, May 21st. Zacks Research downgraded BrightSpring Health Services from a "strong-buy" rating to a "hold" rating in a research report on Monday, July 6th. Finally, BTIG Research raised their price target on shares of BrightSpring Health Services from $65.00 to $90.00 and gave the company a "buy" rating in a research note on Monday, June 22nd. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, BrightSpring Health Services currently has a consensus rating of "Buy" and an average target price of $70.12.

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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