If the low bits matter, it may be necessary to do an MVM with a mask of -4 (FFFCh) first, because a [DIV hi14 4 lo14] rounds on ML, if memory serves.
Also, assuming signed 16-bit words, if the highest bit (sign bit 15) is 1, the DIV will fill in with ones instead of zeros, so the code may need to treat that bit differently.
Compared to all the code to deal with those issues, it might be simpler to do two BSRs with a source bit of zero. It would still not be completely clean as the rising edge storage bit will need to be cleared before each BSR, but I don't think the other method can be coded in four instructions.
[update: actually we can name that tune in three instructions:
Code:
MVM hi14 FFFCh lo14
DIV lo14 4 lo14
MVM lo14 3FFFh lo14
]