Mackenzie Financial Corp Sells 94,923 Shares of Bright Horizons Family Solutions Inc. (NYSE:BFAM)

Key Points

• Mackenzie Financial Corp has reduced its stake in Bright Horizons Family Solutions Inc. by 65.3%, now holding approximately 50,506 shares worth $6,416,000.
• Director Mary Ann Tocio sold 2,500 shares valued at $321,225, representing a 10.99% decrease in her ownership.
• Recent analyst ratings show a cautious outlook, with Morgan Stanley lowering its price target from $106.00 to $100.00 and shifting to an "underweight" rating.

Mackenzie Financial Corp lessened its holdings in Bright Horizons Family Solutions Inc. (NYSE:BFAM - Free Report) by 65.3% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 50,506 shares of the company's stock after selling 94,923 shares during the period. Mackenzie Financial Corp owned 0.09% of Bright Horizons Family Solutions worth $6,416,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also modified their holdings of the business. Larson Financial Group LLC lifted its stake in shares of Bright Horizons Family Solutions by 62.2% in the 1st quarter. Larson Financial Group LLC now owns 206 shares of the company's stock valued at $26,000 after purchasing an additional 79 shares during the last quarter. Axxcess Wealth Management LLC increased its holdings in shares of Bright Horizons Family Solutions by 4.1% during the 1st quarter. Axxcess Wealth Management LLC now owns 2,104 shares of the company's stock worth $267,000 after purchasing an additional 82 shares during the period. Bank of Montreal Can increased its holdings in shares of Bright Horizons Family Solutions by 3.6% during the 4th quarter. Bank of Montreal Can now owns 2,912 shares of the company's stock worth $323,000 after purchasing an additional 101 shares during the period. Parallel Advisors LLC increased its holdings in shares of Bright Horizons Family Solutions by 79.9% during the 1st quarter. Parallel Advisors LLC now owns 322 shares of the company's stock worth $41,000 after purchasing an additional 143 shares during the period. Finally, Treasurer of the State of North Carolina increased its holdings in shares of Bright Horizons Family Solutions by 0.6% during the 4th quarter. Treasurer of the State of North Carolina now owns 25,336 shares of the company's stock worth $2,808,000 after purchasing an additional 150 shares during the period.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the stock. Morgan Stanley dropped their price objective on shares of Bright Horizons Family Solutions from $106.00 to $100.00 and set an "underweight" rating on the stock in a report on Monday, July 28th. Jefferies Financial Group downgraded shares of Bright Horizons Family Solutions from a "buy" rating to a "hold" rating and dropped their price objective for the stock from $146.00 to $135.00 in a report on Monday, June 23rd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating, five have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Bright Horizons Family Solutions currently has a consensus rating of "Moderate Buy" and a consensus target price of $137.75.

Insider Activity

In other Bright Horizons Family Solutions news, COO Mary Lou Burke sold 1,000 shares of the business's stock in a transaction dated Friday, August 1st. The shares were sold at an average price of $128.99, for a total value of $128,990.00. Following the transaction, the chief operating officer directly owned 28,449 shares in the company, valued at $3,669,636.51. The trade was a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director David H. Lissy sold 6,282 shares of the business's stock in a transaction dated Wednesday, May 28th. The shares were sold at an average price of $130.10, for a total transaction of $817,288.20. Following the completion of the transaction, the director owned 69,312 shares in the company, valued at approximately $9,017,491.20. This trade represents a 8.31% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 14,282 shares of company stock valued at $1,852,623 in the last ninety days. 1.21% of the stock is currently owned by corporate insiders.

Bright Horizons Family Solutions Price Performance

NYSE BFAM traded up $1.03 on Wednesday, reaching $118.63. The company's stock had a trading volume of 624,078 shares, compared to its average volume of 489,621. The firm has a market cap of $6.79 billion, a PE ratio of 38.93 and a beta of 1.34. The business has a 50-day moving average price of $120.42 and a 200 day moving average price of $122.09. Bright Horizons Family Solutions Inc. has a 52 week low of $103.75 and a 52 week high of $141.90. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.66.

Bright Horizons Family Solutions (NYSE:BFAM - Get Free Report) last posted its earnings results on Thursday, July 31st. The company reported $1.07 earnings per share for the quarter, beating analysts' consensus estimates of $1.00 by $0.07. The business had revenue of $731.57 million for the quarter, compared to analysts' expectations of $724.32 million. Bright Horizons Family Solutions had a net margin of 6.34% and a return on equity of 15.31%. The firm's revenue for the quarter was up 9.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.88 earnings per share. Sell-side analysts expect that Bright Horizons Family Solutions Inc. will post 3.61 EPS for the current year.

About Bright Horizons Family Solutions

Bright Horizons Family Solutions Inc provides early education and childcare, back-up care, educational advisory, and other workplace solutions services for employers and families in the United States, Puerto Rico, the United Kingdom, the Netherlands, Australia, and India. The company operates in three segments: Full Service Center-Based Child Care, Back-Up Care, and Educational Advisory and Other Services.