The institutional cluster is strongly aligned with the positive Q2 earnings catalyst and raised guidance. With 96% analyst bullishness and a 78% win rate on prior BTSG calls at T+20, the buying conviction is credible. However, the 45-day 13F reporting lag means these positions were established by June 30 — monitor for any insider selling or guidance changes that could indicate the thesis has been fully priced in at current levels.
Executive Summary
A strong institutional cluster formed in BTSG during Q2 2026, with 9 buyers accumulating $159.5M in net new positions versus just 2 sellers trimming $920K. The buying was led by Bank of New York Mellon (doubled to $118.2M), TD Asset Management (added to $72M), and TD Waterhouse Canada (new $22.1M position). This cluster aligns with the company's strong Q2 earnings reported 6 days ago, which featured 23% YoY revenue growth and raised full-year guidance, reinforcing the bullish institutional thesis around the Amedisys/LHC acquisition benefits and deleveraging progress.
Key Financial Metrics
Institutional Positions
Net institutional flow: $159.5M
▲ Buyers (9)
| Institution | Action | Change | Position Value | Value Δ |
|---|---|---|---|---|
| Bank Of New York Mellon | DOUBLED | +131.3% | $118.2M | $86.9M |
| Td Asset Management | ADD | +42% | $72.0M | $41.1M |
| Td Waterhouse Canada | NEW | — | $22.1M | $22.1M |
| New York State Common Retirement Fund | ADD | +41.2% | $4.1M | $2.3M |
| Police & Firemen's Retirement System Of New | ADD | +37.2% | $3.4M | $1.9M |
▼ Sellers (2)
| Institution | Action | Change | Prev Value | Value Δ |
|---|---|---|---|---|
| Assenagon Asset Management | NEAR_EXIT | -80.1% | $1.3M | -$905.3K |
| Concurrent Investment Advisors | TRIM | -41% | $445.0K | -$15.4K |
Key Facts
- 9 institutional buyers vs 2 sellers in Q2 2026
- Net buying of $159.5M across the cluster
- Bank of New York Mellon doubled its stake to $118.2M (largest holder)
- TD Asset Management added $41.1M to reach $72M position
- TD Waterhouse Canada initiated a new $22.1M position
- Q2 2026 revenue of $3.873B (+23% YoY) and raised FY guidance reported 6 days prior
- No insider open-market buying to corroborate the institutional signal
Financial Impact
9 institutions accumulated $159.5M in net new positions (total current holdings $226.5M) while 2 sellers reduced by $920K
Risk Factors
- 45-day reporting lag means positions may have been partially unwound
- No insider open-market buying to corroborate institutional conviction
- Stock has already rallied significantly (+19% at T+20 on prior neutral reports), suggesting some thesis may be priced in
- Score calibration shows score-6 filings have only 41-50% observed probability of up-move at T+20 in this segment
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 institutional 13F filing from SEC EDGAR.
| Document | Accession Number |
|---|---|
| INST-CLUSTER Data (Synthetic) | inst-cluster-BTSG-2026-Q2 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 6, 2026 8w ago | Institutional Cluster | $60.60 $61.43 | ▲ +1.37% | ▲ +0.77% | — |
Jul 31, 2026 9w ago | 8-K | $59.71 $59.13 | ▼ −0.97% | ▼ −3.96% | — |
Jul 31, 2026 9w ago | Press Release | $59.71 $59.13 | ▼ −0.97% | ▼ −3.96% | — |
Jul 8, 2026 12w ago | Press Release | $71.58 $60.60 | ▼ −15.34% | ▼ −17.58% | — |
Jun 11, 2026 16w ago | Institutional Cluster | $63.08 $71.58 | ▲ +13.47% | ▲ +11.58% | — |
Jun 5, 2026 16w ago | Insider Cluster | $59.22 $70.56 | ▼ −19.15% | ▼ −17.52% | — |
Jun 5, 2026 16w ago | Insider Cluster | $59.22 $70.56 | ▲ +19.15% | ▲ +17.52% | — |
Jun 5, 2026 16w ago | Insider Cluster | $59.22 $70.56 | ▼ −19.15% | ▼ −17.52% | — |
Jun 4, 2026 17w ago | Press Release | $57.40 $69.03 | ▲ +20.26% | ▲ +21.63% | — |
May 1, 2026 22w ago | Press Release | $52.58 $59.98 | ▲ +14.07% | ▲ +8.79% | — |
US Market Status
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