NewEdge Advisors LLC Trims Stake in BrightSpring Health Services, Inc. $BTSG

NewEdge Advisors LLC lowered its position in BrightSpring Health Services, Inc. (NASDAQ:BTSG) by 38.9% in the 1st quarter, Holdings Channel reports. The fund owned 21,129 shares of the company’s stock after selling 13,465 shares during the quarter. NewEdge Advisors LLC’s holdings in BrightSpring Health Services were worth $900,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently made changes to their positions in BTSG. Bank of America Corp DE grew its stake in BrightSpring Health Services by 48.7% in the first quarter. Bank of America Corp DE now owns 1,534,154 shares of the company’s stock worth $65,370,000 after purchasing an additional 502,786 shares during the period. New York State Teachers Retirement System purchased a new position in BrightSpring Health Services during the fourth quarter valued at $1,311,000. Wealthstar Advisors LLC purchased a new position in BrightSpring Health Services during the first quarter valued at $1,525,000. Westover Capital Advisors LLC bought a new stake in shares of BrightSpring Health Services during the 4th quarter valued at $697,000. Finally, OP Asset Management Ltd bought a new stake in shares of BrightSpring Health Services during the 1st quarter valued at $753,000.

BrightSpring Health Services Price Performance

BTSG opened at $59.50 on Wednesday. The stock has a 50-day moving average price of $66.63 and a 200-day moving average price of $53.77. 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 firm has a market cap of $11.77 billion, a PE ratio of 35.84, a P/E/G ratio of 0.75 and a beta of 1.88. BrightSpring Health Services, Inc. has a 1 year low of $22.86 and a 1 year high of $73.75.

BrightSpring Health Services (NASDAQ:BTSG) last announced its quarterly earnings results on Friday, July 31st. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.05. BrightSpring Health Services had a net margin of 2.55% and a return on equity of 16.73%. The company had revenue of $3.87 billion for the quarter, compared to analysts’ expectations of $3.66 billion. During the same quarter in the previous year, the business posted $0.22 EPS. BrightSpring Health Services’s revenue was up 23.0% compared to the same quarter last year. Sell-side analysts predict that BrightSpring Health Services, Inc. will post 1.78 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Lisa A. Nalley sold 35,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The shares were sold at an average price of $58.75, for a total value of $2,056,250.00. Following the transaction, the insider owned 131,948 shares in the company, valued at approximately $7,751,945. This represents a 20.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, insider Jon B. Rousseau sold 130,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $58.75, for a total transaction of $7,637,500.00. Following the completion of the transaction, the insider owned 1,194,503 shares in the company, 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 currently owned by insiders.

Analysts Set New Price Targets

BTSG has been the subject of several research reports. BMO Capital Markets set a $70.00 price target on shares of BrightSpring Health Services in a research note on Thursday, May 21st. Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $70.00 price objective on shares of BrightSpring Health Services in a research note on Monday, August 3rd. KeyCorp restated an “overweight” rating on shares of BrightSpring Health Services in a report on Monday, August 3rd. Raymond James Financial started coverage on shares of BrightSpring Health Services in a research note on Thursday, July 9th. They set an “outperform” rating and a $80.00 target price for the company. Finally, Guggenheim started coverage on shares of BrightSpring Health Services in a report on Monday, July 13th. They set a “buy” rating and a $81.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating and eighteen have given a Buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $70.71.

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.