Jennison Associates LLC Purchases Shares of 19,354 BrightSpring Health Services, Inc. $BTSG

Key Points

• Jennison Associates disclosed a new Q1 stake in BrightSpring Health Services, buying 19,354 shares worth about $825,000.
• Several other institutional investors also expanded or initiated positions, including SG Americas, Allspring, and the State of Alaska Department of Revenue, signaling broader hedge fund interest in BTSG.
• BrightSpring reported a strong quarter, with EPS of $0.39 beating estimates and revenue of $3.61 billion topping forecasts; the stock has also drawn a mostly bullish analyst outlook with a consensus Buy rating and average target price of $70.12.

Jennison Associates LLC acquired a new stake in shares of BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 19,354 shares of the company's stock, valued at approximately $825,000.

Several other hedge funds also recently made changes to their positions in the business. SG Americas Securities LLC grew its position in BrightSpring Health Services by 1,221.9% in the fourth quarter. SG Americas Securities LLC now owns 183,103 shares of the company's stock worth $6,857,000 after buying an additional 169,251 shares during the last quarter. New York State Teachers Retirement System acquired a new stake in shares of BrightSpring Health Services during the 4th quarter valued at $1,311,000. State of Alaska Department of Revenue lifted its position in shares of BrightSpring Health Services by 540.6% during the 4th quarter. State of Alaska Department of Revenue now owns 68,973 shares of the company's stock valued at $2,582,000 after acquiring an additional 58,206 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its stake in shares of BrightSpring Health Services by 701.8% during the 4th quarter. Allspring Global Investments Holdings LLC now owns 255,902 shares of the company's stock worth $9,827,000 after acquiring an additional 223,988 shares in the last quarter. Finally, Capricorn Fund Managers Ltd bought a new stake in shares of BrightSpring Health Services during the 4th quarter worth $3,745,000.

BrightSpring Health Services Stock Performance

Shares of BrightSpring Health Services stock opened at $69.74 on Thursday. BrightSpring Health Services, Inc. has a 12 month low of $19.01 and a 12 month high of $73.40. 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 $13.76 billion, a PE ratio of 49.46, a price-to-earnings-growth ratio of 0.92 and a beta of 1.79. The business has a fifty day simple moving average of $64.68 and a 200-day simple moving average of $50.43.

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 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%.BrightSpring Health Services's quarterly revenue was up 25.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.14 earnings per share. On average, sell-side analysts anticipate that BrightSpring Health Services, Inc. will post 1.7 EPS for the current fiscal year.

Insider Transactions at BrightSpring Health Services

In other BrightSpring Health Services news, insider Lisa A. Nalley sold 35,000 shares of BrightSpring Health Services stock in a transaction dated Friday, June 5th. The stock was sold at an average price of $58.75, for a total transaction of $2,056,250.00. Following the transaction, the insider owned 131,948 shares of the company's stock, valued at $7,751,945. The trade was a 20.96% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, insider Jon B. Rousseau sold 130,000 shares of the firm'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 transaction of $7,637,500.00. Following the sale, the insider owned 1,194,503 shares of the company's stock, valued at approximately $70,177,051.25. This represents a 9.82% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 2.80% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently commented on BTSG shares. Guggenheim began coverage on BrightSpring Health Services in a report on Monday, July 13th. They set a "buy" rating and a $81.00 target price for the company. Bank of America boosted their price objective on BrightSpring Health Services from $66.00 to $77.00 and gave the stock a "buy" rating in a report on Thursday, July 2nd. TD Cowen upped their price objective 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. Morgan Stanley upped their price objective on shares of BrightSpring Health Services from $71.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Finally, Mizuho raised their target price on shares of BrightSpring Health Services from $52.00 to $61.00 and gave the stock an "outperform" rating in a report on Tuesday, May 5th. One investment analyst has rated the stock with a Strong Buy rating, eighteen have issued a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company 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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