The Manufacturers Life Insurance Company Trims Holdings in BrightSpring Health Services, Inc. $BTSG

Key Points

• Manulife reduced its BrightSpring Health Services stake by 1.7%, selling 71,493 shares, but still held 4.26 million shares worth approximately $181.5 million, or 2.2% of the company.
• BrightSpring reported a strong quarter, with earnings of $0.39 per share and revenue of $3.61 billion, surpassing estimates and representing 25.6% year-over-year revenue growth. The stock opened at $72.46, near its 52-week high of $73.75.
• Analyst sentiment remains favorable: the stock has a consensus “Buy” rating, with several firms recently raising price targets to between $80 and $90. Two company insiders also sold shares in June.

The Manufacturers Life Insurance Company decreased its position in shares of BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) by 1.7% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 4,259,265 shares of the company's stock after selling 71,493 shares during the quarter. The Manufacturers Life Insurance Company owned 2.20% of BrightSpring Health Services worth $181,487,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of BTSG. SG Americas Securities LLC raised its position in BrightSpring Health Services by 1,221.9% during the 4th 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 purchased a new stake in shares of BrightSpring Health Services in the 4th quarter valued at $1,311,000. State of Alaska Department of Revenue boosted its holdings in shares of BrightSpring Health Services by 540.6% in 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 increased its stake in shares of BrightSpring Health Services by 701.8% in the fourth 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 during the period. Finally, Westover Capital Advisors LLC purchased a new position in shares of BrightSpring Health Services during the fourth quarter worth $697,000.

BrightSpring Health Services Stock Performance

Shares of NASDAQ BTSG opened at $72.46 on Wednesday. The company has a market capitalization of $14.30 billion, a PE ratio of 51.39, a price-to-earnings-growth ratio of 0.91 and a beta of 1.79. The company has a debt-to-equity ratio of 1.24, a quick ratio of 1.38 and a current ratio of 1.74. The company's fifty day moving average price is $65.83 and its 200 day moving average price is $51.34. BrightSpring Health Services, Inc. has a 1 year low of $19.01 and a 1 year high of $73.75.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last released 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. The company had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $3.39 billion. BrightSpring Health Services had a net margin of 2.27% and a return on equity of 14.63%. The firm's revenue for the quarter was up 25.6% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.14 earnings per share. On average, research analysts predict that BrightSpring Health Services, Inc. will post 1.7 earnings per share for the current year.

Analyst Ratings Changes

A number of research analysts recently issued reports on the stock. UBS Group boosted their target price on shares of BrightSpring Health Services from $63.00 to $85.00 and gave the company a "buy" rating in a research report on Wednesday, July 8th. BTIG Research increased their price target on BrightSpring Health Services from $65.00 to $90.00 and gave the stock a "buy" rating in a research report on Monday, June 22nd. Morgan Stanley lifted their price objective on BrightSpring Health Services from $71.00 to $80.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Weiss Ratings upgraded BrightSpring Health Services from a "hold (c)" rating to a "buy (b-)" rating in a research note on Monday, May 4th. Finally, TD Cowen lifted their price target on BrightSpring Health Services from $65.00 to $81.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. One analyst has rated the stock with a Strong Buy rating, eighteen have given a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has a consensus rating of "Buy" and an average price target of $70.12.

Insider Transactions at BrightSpring Health Services

In other news, insider Lisa A. Nalley sold 35,000 shares of the firm's 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 sale, the insider directly owned 131,948 shares in the company, valued at $7,751,945. This trade represents a 20.96% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Jon B. Rousseau sold 130,000 shares of BrightSpring Health Services stock in a transaction dated Friday, June 5th. The shares were sold at an average price of $58.75, for a total value of $7,637,500.00. Following the completion of the transaction, 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 position. The disclosure for this sale is available in the SEC filing. 2.80% of the stock is owned by company insiders.

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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