State of New Jersey Common Pension Fund D Makes New $2.56 Million Investment in BrightSpring Health Services, Inc. $BTSG

Key Points

• State of New Jersey Common Pension Fund D established a new stake in BrightSpring, buying 68,363 shares worth about $2.56 million in the fourth quarter.
• Corporate insiders sold a total of 285,000 shares (~$11.73 million) in the last 90 days — including CFO Jennifer Phipps and Jon B. Rousseau — reducing insider ownership to 2.80%.
• BrightSpring beat quarterly expectations with $0.39 EPS vs. $0.29 expected and revenue of $3.61 billion (up 25.6% YoY), while analysts have raised targets and the consensus rating is a Buy (average price target ~$56.29).

State of New Jersey Common Pension Fund D acquired a new position in BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) in the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 68,363 shares of the company's stock, valued at approximately $2,560,000.

Several other institutional investors have also recently made changes to their positions in BTSG. NBC Securities Inc. bought a new position in shares of BrightSpring Health Services in the 4th quarter worth approximately $29,000. Salomon & Ludwin LLC bought a new position in shares of BrightSpring Health Services in the 4th quarter worth approximately $30,000. EverSource Wealth Advisors LLC bought a new position in shares of BrightSpring Health Services in the 2nd quarter worth approximately $43,000. CWM LLC raised its position in shares of BrightSpring Health Services by 105.3% in the 3rd quarter. CWM LLC now owns 1,595 shares of the company's stock worth $47,000 after acquiring an additional 818 shares in the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of BrightSpring Health Services by 112.8% in the 4th quarter. Farther Finance Advisors LLC now owns 1,717 shares of the company's stock worth $64,000 after acquiring an additional 910 shares in the last quarter.

Insider Activity at BrightSpring Health Services

In related news, CFO Jennifer A. Phipps sold 35,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The stock was sold at an average price of $41.15, for a total transaction of $1,440,250.00. Following the completion of the transaction, the chief financial officer owned 196,840 shares of the company's stock, valued at $8,099,966. This trade represents a 15.10% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Jon B. Rousseau sold 220,000 shares of the firm's stock in a transaction that occurred on Wednesday, March 4th. The shares were sold at an average price of $41.15, for a total value of $9,053,000.00. Following the transaction, the insider directly owned 1,023,880 shares of the company's stock, valued at approximately $42,132,662. This trade represents a 17.69% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 285,000 shares of company stock valued at $11,727,750 in the last 90 days. Corporate insiders own 2.80% of the company's stock.

BrightSpring Health Services Stock Up 2.5%

BTSG stock opened at $52.74 on Thursday. BrightSpring Health Services, Inc. has a twelve month low of $19.01 and a twelve month high of $54.68. 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 firm has a market cap of $10.23 billion, a PE ratio of 37.40, a price-to-earnings-growth ratio of 0.74 and a beta of 1.71. The business has a 50 day moving average of $43.96 and a 200 day moving average of $39.16.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last posted its quarterly earnings data on Friday, May 1st. The company reported $0.39 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.10. BrightSpring Health Services had a return on equity of 14.63% and a net margin of 2.27%.The company had revenue of $3.61 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same quarter last year, the company earned $0.14 EPS. The firm's revenue for the quarter was up 25.6% on a year-over-year basis. On average, research analysts forecast that BrightSpring Health Services, Inc. will post 1.56 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Leerink Partners reissued an "outperform" rating and issued a $49.00 target price on shares of BrightSpring Health Services in a research report on Wednesday, March 18th. Stephens increased their target price on BrightSpring Health Services from $53.00 to $64.00 and gave the stock an "overweight" rating in a research report on Monday. BMO Capital Markets increased their target price on BrightSpring Health Services from $52.00 to $60.00 and gave the stock an "outperform" rating in a research report on Friday, May 1st. Cantor Fitzgerald set a $49.00 target price on BrightSpring Health Services in a research report on Monday, March 2nd. Finally, BTIG Research increased their target price on BrightSpring Health Services from $55.00 to $65.00 and gave the stock a "buy" rating in a research report on Monday. Two equities research analysts have rated the stock with a Strong Buy rating and fifteen have issued a Buy rating to the stock. According to MarketBeat, the stock has an average rating of "Buy" and an average price target of $56.29.

About BrightSpring Health Services

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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