Formula Growth Ltd. acquired a new stake in BrightSpring Health Services, Inc. (NASDAQ:BTSG – Free Report) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 50,344 shares of the company’s stock, valued at approximately $3,511,000. BrightSpring Health Services makes up about 1.2% of Formula Growth Ltd.’s holdings, making the stock its 19th biggest position.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Coastal Bridge Advisors LLC acquired a new stake in shares of BrightSpring Health Services during the second quarter worth $224,000. Public Employees Retirement System of Ohio bought a new stake in shares of BrightSpring Health Services in the second quarter valued at about $63,000. Capstone Investment Advisors LLC acquired a new position in shares of BrightSpring Health Services in the second quarter valued at about $367,000. Artia Global Partners LP acquired a new position in shares of BrightSpring Health Services in the second quarter valued at about $36,078,000. Finally, Bank of America Corp DE bought a new position in BrightSpring Health Services during the second quarter worth about $127,475,000.
BrightSpring Health Services Trading Down 0.7%
Shares of BrightSpring Health Services stock opened at $60.90 on Friday. The company has a market capitalization of $12.05 billion, a price-to-earnings ratio of 36.69, a PEG ratio of 0.74 and a beta of 1.88. The company has a quick ratio of 1.22, a current ratio of 1.59 and a debt-to-equity ratio of 1.06. BrightSpring Health Services, Inc. has a 12-month low of $22.86 and a 12-month high of $73.75. The firm’s 50-day moving average price is $66.05 and its two-hundred day moving average price is $54.78.
Insider Buying and Selling
In related news, insider Lisa A. Nalley sold 35,000 shares of BrightSpring Health Services 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 directly owned 131,948 shares of the company’s stock, valued at $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 SEC, which is available through this link. Also, insider Jon B. Rousseau sold 130,000 shares of the business’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 transaction of $7,637,500.00. Following 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 ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 2.80% of the company’s stock.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on BTSG. Raymond James Financial assumed coverage on shares of BrightSpring Health Services in a research note on Thursday, July 9th. They issued an “outperform” rating and a $80.00 price objective for the company. 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 on the stock. KeyCorp reiterated an “overweight” rating on shares of BrightSpring Health Services in a research report on Monday, August 3rd. Morgan Stanley boosted their price target 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. Finally, BTIG Research reissued a “buy” rating and set a $90.00 price target on shares of BrightSpring Health Services in a research report on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating and eighteen have issued a Buy rating to the stock. According to data from MarketBeat.com, BrightSpring Health Services has an average rating of “Buy” and a consensus target price of $70.71.
View Our Latest Analysis on BrightSpring Health Services
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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