The Manufacturers Life Insurance Company Lowers Stock Holdings in Broadridge Financial Solutions, Inc. (NYSE:BR)

The Manufacturers Life Insurance Company lessened its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 1.1% during the 4th quarter, Holdings Channel.com reports. The institutional investor owned 70,002 shares of the business services provider’s stock after selling 757 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in Broadridge Financial Solutions were worth $15,827,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of BR. Fortitude Family Office LLC raised its stake in shares of Broadridge Financial Solutions by 246.7% in the fourth quarter. Fortitude Family Office LLC now owns 156 shares of the business services provider’s stock valued at $35,000 after acquiring an additional 111 shares in the last quarter. Global X Japan Co. Ltd. acquired a new position in Broadridge Financial Solutions during the 4th quarter worth $41,000. Curio Wealth LLC purchased a new stake in Broadridge Financial Solutions during the 4th quarter worth about $45,000. Salem Investment Counselors Inc. raised its position in Broadridge Financial Solutions by 200.0% in the 4th quarter. Salem Investment Counselors Inc. now owns 225 shares of the business services provider’s stock valued at $51,000 after purchasing an additional 150 shares in the last quarter. Finally, Promus Capital LLC purchased a new position in shares of Broadridge Financial Solutions in the 4th quarter valued at about $52,000. Institutional investors and hedge funds own 90.03% of the company’s stock.

Insider Activity

In related news, President Christopher John Perry sold 22,357 shares of the business’s stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $235.23, for a total value of $5,259,037.11. Following the transaction, the president now owns 52,524 shares in the company, valued at $12,355,220.52. The trade was a 29.86 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Timothy C. Gokey sold 95,956 shares of the stock in a transaction that occurred on Monday, March 10th. The stock was sold at an average price of $235.43, for a total value of $22,590,921.08. Following the sale, the chief executive officer now directly owns 169,788 shares of the company’s stock, valued at $39,973,188.84. The trade was a 36.11 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 124,754 shares of company stock valued at $29,397,793 in the last ninety days. 1.30% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

BR has been the topic of several analyst reports. StockNews.com cut shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a report on Wednesday. Royal Bank of Canada raised their price objective on shares of Broadridge Financial Solutions from $246.00 to $259.00 and gave the company an “outperform” rating in a report on Monday, February 3rd. DA Davidson reiterated a “neutral” rating and set a $215.00 target price on shares of Broadridge Financial Solutions in a research note on Tuesday, January 21st. JPMorgan Chase & Co. raised their price target on Broadridge Financial Solutions from $231.00 to $249.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Finally, UBS Group upped their price objective on Broadridge Financial Solutions from $250.00 to $260.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and one has given a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $241.00.

Broadridge Financial Solutions Price Performance

Shares of NYSE:BR opened at $232.83 on Friday. The company has a debt-to-equity ratio of 1.64, a current ratio of 1.35 and a quick ratio of 1.35. Broadridge Financial Solutions, Inc. has a 12 month low of $188.30 and a 12 month high of $247.01. The firm has a market capitalization of $27.25 billion, a P/E ratio of 36.44 and a beta of 0.98. The company’s fifty day moving average price is $234.48 and its 200 day moving average price is $231.29.

Broadridge Financial Solutions (NYSE:BR) last posted its earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share for the quarter, beating the consensus estimate of $2.41 by $0.03. The business had revenue of $1.81 billion during the quarter, compared to the consensus estimate of $1.86 billion. Broadridge Financial Solutions had a return on equity of 44.40% and a net margin of 11.36%. The business’s quarterly revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the business earned $2.23 EPS. As a group, sell-side analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current fiscal year.

Broadridge Financial Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, April 3rd. Stockholders of record on Thursday, March 13th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Thursday, March 13th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.51%. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 52.93%.

Broadridge Financial Solutions Company Profile

Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry. The company's Investor Communication Solutions segment processes and distributes proxy materials to investors in equity securities and mutual funds, as well as facilitates related vote processing services; and distributes regulatory reports, class action, and corporate action/reorganization event information, as well as tax reporting solutions.