Mackenzie Financial Corp Reduces Stock Position in 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 trimmed its position in shares of Bright Horizons Family Solutions Inc. (NYSE:BFAM - Free Report) by 65.3% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 50,506 shares of the company's stock after selling 94,923 shares during the period. Mackenzie Financial Corp owned approximately 0.09% of Bright Horizons Family Solutions worth $6,416,000 as of its most recent SEC filing.

A number of other large investors also recently added to or reduced their stakes in the company. LPL Financial LLC lifted its stake in Bright Horizons Family Solutions by 16.8% during the first quarter. LPL Financial LLC now owns 46,787 shares of the company's stock worth $5,944,000 after purchasing an additional 6,719 shares in the last quarter. Inspire Advisors LLC acquired a new position in Bright Horizons Family Solutions during the first quarter worth $816,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Bright Horizons Family Solutions by 3.4% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 13,595 shares of the company's stock worth $1,727,000 after purchasing an additional 447 shares in the last quarter. Accretive Wealth Partners LLC lifted its stake in Bright Horizons Family Solutions by 11.5% during the first quarter. Accretive Wealth Partners LLC now owns 8,380 shares of the company's stock worth $1,017,000 after purchasing an additional 866 shares in the last quarter. Finally, Cetera Investment Advisers lifted its stake in Bright Horizons Family Solutions by 13.8% during the first quarter. Cetera Investment Advisers now owns 6,175 shares of the company's stock worth $784,000 after purchasing an additional 749 shares in the last quarter.

Analyst Ratings Changes

A number of research firms have recently weighed in on BFAM. Jefferies Financial Group lowered Bright Horizons Family Solutions from a "buy" rating to a "hold" rating and cut their price objective for the stock from $146.00 to $135.00 in a research report on Monday, June 23rd. Morgan Stanley cut their price objective on Bright Horizons Family Solutions from $106.00 to $100.00 and set an "underweight" rating on the stock in a research report on Monday, July 28th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $137.75.

Insiders Place Their Bets

In other Bright Horizons Family Solutions news, COO Mary Lou Burke sold 1,000 shares of the company's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $128.99, for a total value of $128,990.00. Following the completion of the transaction, the chief operating officer owned 28,449 shares in the company, valued at $3,669,636.51. This represents a 3.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Mary Ann Tocio sold 2,500 shares of the firm's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $128.49, for a total value of $321,225.00. Following the transaction, the director directly owned 20,257 shares in the company, valued at approximately $2,602,821.93. The trade was a 10.99% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 14,282 shares of company stock worth $1,852,623. 1.21% of the stock is owned by corporate insiders.

Bright Horizons Family Solutions Stock Down 1.1%

NYSE:BFAM traded down $1.36 during trading hours on Monday, hitting $123.74. The company's stock had a trading volume of 921,615 shares, compared to its average volume of 595,769. The stock has a market capitalization of $7.08 billion, a P/E ratio of 35.64 and a beta of 1.34. The stock has a fifty day moving average of $120.82 and a 200-day moving average of $122.07. 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 Inc. has a 52-week low of $103.75 and a 52-week high of $141.90.

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

Bright Horizons Family Solutions Profile

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.