Canada Pension Plan Investment Board Buys 1,500 Shares of Broadridge Financial Solutions, Inc. (BR)
Canada Pension Plan Investment Board increased its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 6.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 24,700 shares of the business services provider’s stock after buying an additional 1,500 shares during the period. Canada Pension Plan Investment Board’s holdings in Broadridge Financial Solutions were worth $1,866,000 at the end of the most recent quarter.
A number of other hedge funds also recently modified their holdings of BR. OppenheimerFunds Inc. raised its position in Broadridge Financial Solutions by 20.4% in the first quarter. OppenheimerFunds Inc. now owns 12,353 shares of the business services provider’s stock valued at $839,000 after buying an additional 2,092 shares in the last quarter. Morgan Stanley raised its position in Broadridge Financial Solutions by 47.0% in the first quarter. Morgan Stanley now owns 454,416 shares of the business services provider’s stock valued at $30,878,000 after buying an additional 145,274 shares in the last quarter. Confluence Investment Management LLC raised its position in Broadridge Financial Solutions by 2.6% in the second quarter. Confluence Investment Management LLC now owns 994,106 shares of the business services provider’s stock valued at $75,115,000 after buying an additional 25,421 shares in the last quarter. Schwab Charles Investment Management Inc. raised its position in Broadridge Financial Solutions by 8.7% in the first quarter. Schwab Charles Investment Management Inc. now owns 358,543 shares of the business services provider’s stock valued at $24,363,000 after buying an additional 28,636 shares in the last quarter. Finally, Alta Capital Management LLC acquired a new position in Broadridge Financial Solutions during the second quarter valued at about $14,740,000. 85.18% of the stock is owned by hedge funds and other institutional investors.
Broadridge Financial Solutions, Inc. (NYSE BR) opened at 76.87 on Friday. The firm’s 50-day moving average price is $75.62 and its 200 day moving average price is $72.15. The company has a market capitalization of $8.95 billion, a price-to-earnings ratio of 28.47 and a beta of 0.99. Broadridge Financial Solutions, Inc. has a one year low of $59.86 and a one year high of $78.00.
Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $1.71. The business had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.31 billion. Broadridge Financial Solutions had a net margin of 7.89% and a return on equity of 37.99%. The business’s quarterly revenue was up 38.1% on a year-over-year basis. During the same quarter last year, the company posted $1.45 earnings per share. On average, equities research analysts expect that Broadridge Financial Solutions, Inc. will post $3.71 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Investors of record on Friday, September 15th will be issued a dividend of $0.365 per share. This represents a $1.46 annualized dividend and a dividend yield of 1.90%. The ex-dividend date of this dividend is Thursday, September 14th. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. Broadridge Financial Solutions’s dividend payout ratio (DPR) is 48.35%.
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Several equities analysts have recently issued reports on BR shares. BidaskClub raised Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a report on Wednesday, June 28th. DA Davidson started coverage on Broadridge Financial Solutions in a report on Monday, August 7th. They issued a “neutral” rating and a $74.00 target price for the company. Finally, Barclays PLC upped their target price on Broadridge Financial Solutions from $72.00 to $74.00 and gave the company an “equal weight” rating in a report on Friday, August 11th. Five research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and an average price target of $76.00.
In related news, insider Adam D. Amsterdam sold 17,813 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $76.96, for a total transaction of $1,370,888.48. Following the completion of the transaction, the insider now owns 20,646 shares of the company’s stock, valued at $1,588,916.16. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Douglas Richard Deschutter sold 34,385 shares of the firm’s stock in a transaction on Tuesday, May 30th. The stock was sold at an average price of $75.17, for a total transaction of $2,584,720.45. Following the transaction, the insider now directly owns 106,653 shares of the company’s stock, valued at approximately $8,017,106.01. The disclosure for this sale can be found here. In the last three months, insiders have sold 136,732 shares of company stock valued at $10,383,223. 3.50% of the stock is currently owned by corporate insiders.
Broadridge Financial Solutions Company Profile
Broadridge Financial Solutions, Inc (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company’s segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment.
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