BrightSpring Health Services (NASDAQ:BTSG) Stock Price Up 4.3% - Here's What Happened

Key Points

• BrightSpring shares rose 4.3% to about $59.69, although trading volume was 88% below the stock’s average daily volume.
• Analysts remain broadly bullish, with the company holding an average “Buy” rating and a consensus price target of $70.71; TD Cowen recently raised its target to $81.
• BrightSpring exceeded quarterly expectations, reporting adjusted EPS of $0.45 versus $0.40 expected and revenue of $3.87 billion, up 23% year over year.

BrightSpring Health Services, Inc. (NASDAQ:BTSG - Get Free Report) shares rose 4.3% on Wednesday . The stock traded as high as $59.30 and last traded at $59.6850. Approximately 367,309 shares changed hands during mid-day trading, a decline of 88% from the average daily volume of 2,973,729 shares. The stock had previously closed at $57.23.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. BMO Capital Markets set a $70.00 price objective on shares of BrightSpring Health Services in a report on Thursday, May 21st. Weiss Ratings restated a "buy (b-)" rating on shares of BrightSpring Health Services in a report on Friday, July 31st. KeyCorp reaffirmed an "overweight" rating on shares of BrightSpring Health Services in a research report on Monday, August 3rd. 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 report on Thursday, June 18th. Finally, The Goldman Sachs Group began coverage on BrightSpring Health Services in a research report on Monday, June 8th. They issued a "buy" rating and a $71.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the company's stock. According to data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $70.71.

BrightSpring Health Services Price Performance

The company has a market cap of $11.83 billion, a PE ratio of 35.96, a PEG ratio of 0.71 and a beta of 1.88. The company has a debt-to-equity ratio of 1.06, a current ratio of 1.59 and a quick ratio of 1.22. The stock's 50-day moving average is $66.22 and its 200 day moving average is $54.47.

BrightSpring Health Services (NASDAQ:BTSG - Get Free Report) last released its quarterly earnings results on Friday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.40 by $0.05. The business had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.66 billion. BrightSpring Health Services had a net margin of 2.55% and a return on equity of 16.73%. The business's revenue for the quarter was up 23.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.22 earnings per share. On average, equities analysts anticipate that BrightSpring Health Services, Inc. will post 1.82 earnings per share for the current fiscal year.

Insider Activity

In other BrightSpring Health Services 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 value of $2,056,250.00. Following the completion of the sale, the insider owned 131,948 shares of the company's stock, valued at approximately $7,751,945. This trade represents a 20.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Jon B. Rousseau sold 130,000 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 value of $7,637,500.00. Following the completion of the sale, the insider directly 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. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 2.80% of the company's stock.

Hedge Funds Weigh In On BrightSpring Health Services

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. increased 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 valued at $469,385,000 after purchasing an additional 2,928,953 shares in the last quarter. California State Teachers Retirement System raised its holdings in shares of BrightSpring Health Services by 7,273.3% in the second quarter. California State Teachers Retirement System now owns 11,660,667 shares of the company's stock worth $813,215,000 after buying an additional 11,502,520 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in shares of BrightSpring Health Services by 4.7% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 10,662,236 shares of the company's stock worth $399,302,000 after buying an additional 478,436 shares during the period. Invesco Ltd. lifted its stake in shares of BrightSpring Health Services by 13.4% during the fourth quarter. Invesco Ltd. now owns 10,595,232 shares of the company's stock worth $396,791,000 after buying an additional 1,248,107 shares during the period. Finally, T. Rowe Price Investment Management Inc. grew its holdings in shares of BrightSpring Health Services by 21.7% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 6,123,865 shares of the company's stock valued at $229,339,000 after buying an additional 1,091,757 shares during the last quarter.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source