Wealthstar Advisors LLC Makes New Investment in BrightSpring Health Services, Inc. $BTSG

Key Points

• Wealthstar Advisors LLC initiated a new position in BrightSpring Health Services, buying 35,791 shares worth about $1.53 million in the first quarter, making BTSG its 27th largest holding.
• Several other major investors also boosted their stakes, including Vanguard, State Street, Jane Street, and The Manufacturers Life Insurance Company, signaling broad institutional interest in the stock.
• BrightSpring reported strong first-quarter results, with EPS of $0.39 versus the $0.29 estimate and revenue of $3.61 billion, while analysts have largely remained bullish with an average Buy rating and a consensus price target of $63.67.

Wealthstar Advisors LLC bought a new position in shares of BrightSpring Health Services, Inc. (NASDAQ:BTSG - Free Report) during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 35,791 shares of the company's stock, valued at approximately $1,525,000. BrightSpring Health Services makes up about 0.7% of Wealthstar Advisors LLC's investment portfolio, making the stock its 27th largest holding.

Several other institutional investors and hedge funds have also made changes to their positions in BTSG. Vanguard Group Inc. grew its stake in BrightSpring Health Services by 30.5% during the 4th quarter. Vanguard Group Inc. now owns 12,533,656 shares of the company's stock worth $469,385,000 after buying an additional 2,928,953 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in BrightSpring Health Services by 936.4% in the second quarter. The Manufacturers Life Insurance Company now owns 2,276,583 shares of the company's stock valued at $53,705,000 after buying an additional 2,056,920 shares during the last quarter. State Street Corp boosted its holdings in shares of BrightSpring Health Services by 99.5% in the fourth quarter. State Street Corp now owns 4,033,149 shares of the company's stock valued at $151,041,000 after acquiring an additional 2,011,095 shares during the period. Jane Street Group LLC boosted its holdings in shares of BrightSpring Health Services by 855.4% in the second quarter. Jane Street Group LLC now owns 2,076,730 shares of the company's stock valued at $48,990,000 after acquiring an additional 1,859,369 shares during the period. Finally, 8 Knots Management LLC purchased a new position in shares of BrightSpring Health Services during the third quarter worth approximately $51,244,000.

Analyst Ratings Changes

A number of brokerages have recently commented on BTSG. Bank of America lifted their target price on shares of BrightSpring Health Services from $66.00 to $77.00 and gave the company a "buy" rating in a report on Thursday. Stephens increased their price target on shares of BrightSpring Health Services from $53.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, May 4th. Wall Street Zen downgraded shares of BrightSpring Health Services from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Deutsche Bank Aktiengesellschaft restated a "buy" rating and issued a $60.00 price objective on shares of BrightSpring Health Services in a research note on Monday, May 4th. Finally, BTIG Research upped their target price on shares of BrightSpring Health Services from $65.00 to $90.00 and gave the company a "buy" rating in a report on Monday, June 22nd. Two investment analysts have rated the stock with a Strong Buy rating and sixteen have given a Buy rating to the company's stock. Based on data from MarketBeat, BrightSpring Health Services currently has an average rating of "Buy" and a consensus price target of $63.67.

Insider Buying and Selling at BrightSpring Health Services

In other news, insider Jon B. Rousseau sold 130,000 shares of the firm's stock in a transaction on 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 sale, the insider owned 1,194,503 shares in the company, valued at approximately $70,177,051.25. This trade represents a 9.82% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Lisa A. Nalley sold 35,000 shares of the firm's stock in a transaction on 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 completion of the sale, the insider owned 131,948 shares of the company's stock, valued at $7,751,945. This trade represents a 20.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 2.80% of the company's stock.

BrightSpring Health Services Stock Performance

Shares of BTSG stock opened at $69.03 on Friday. The company has a market capitalization of $13.62 billion, a P/E ratio of 48.96, a price-to-earnings-growth ratio of 0.89 and a beta of 1.79. The company has a current ratio of 1.74, a quick ratio of 1.38 and a debt-to-equity ratio of 1.24. The business's 50 day moving average is $59.74 and its two-hundred day moving average is $47.34. BrightSpring Health Services, Inc. has a twelve month low of $19.01 and a twelve month high of $70.91.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last released its quarterly earnings results on Friday, May 1st. The company reported $0.39 EPS for the quarter, topping the consensus estimate 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 business had revenue of $3.61 billion during the quarter, compared to analysts' expectations of $3.39 billion. During the same quarter in the prior year, the business earned $0.14 earnings per share. The company's quarterly revenue was up 25.6% compared to the same quarter last year. Equities analysts forecast that BrightSpring Health Services, Inc. will post 1.67 EPS for the current year.

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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