The Manufacturers Life Insurance Company Trims Stock Holdings in BellRing Brands, Inc. (NYSE:BRBR)

The Manufacturers Life Insurance Company lowered its stake in BellRing Brands, Inc. (NYSE:BRBR) by 1.9% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 106,112 shares of the company’s stock after selling 2,038 shares during the quarter. The Manufacturers Life Insurance Company’s holdings in BellRing Brands were worth $7,994,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the stock. Vanguard Group Inc. boosted its holdings in BellRing Brands by 1.0% during the 4th quarter. Vanguard Group Inc. now owns 13,438,006 shares of the company’s stock valued at $1,012,419,000 after acquiring an additional 135,105 shares during the period. Franklin Resources Inc. grew its holdings in shares of BellRing Brands by 2.2% in the fourth quarter. Franklin Resources Inc. now owns 4,577,708 shares of the company’s stock valued at $344,885,000 after purchasing an additional 96,991 shares in the last quarter. Invesco Ltd. increased its stake in BellRing Brands by 35.7% during the 4th quarter. Invesco Ltd. now owns 4,266,375 shares of the company’s stock worth $321,429,000 after buying an additional 1,121,691 shares during the period. Wellington Management Group LLP lifted its holdings in BellRing Brands by 32.6% during the 4th quarter. Wellington Management Group LLP now owns 3,655,607 shares of the company’s stock worth $275,413,000 after buying an additional 898,885 shares in the last quarter. Finally, Renaissance Technologies LLC boosted its position in BellRing Brands by 12.8% in the 4th quarter. Renaissance Technologies LLC now owns 1,746,351 shares of the company’s stock valued at $131,570,000 after buying an additional 198,093 shares during the period. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Insider Activity

In related news, insider Douglas J. Cornille sold 3,192 shares of the company’s stock in a transaction that occurred on Tuesday, April 1st. The stock was sold at an average price of $75.13, for a total value of $239,814.96. Following the sale, the insider now owns 57,836 shares in the company, valued at $4,345,218.68. This represents a 5.23 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Robert V. Vitale sold 28,453 shares of BellRing Brands stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $76.91, for a total value of $2,188,320.23. Following the transaction, the director now directly owns 1,110,004 shares of the company’s stock, valued at approximately $85,370,407.64. This represents a 2.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 221,828 shares of company stock valued at $16,917,365 in the last three months. 1.07% of the stock is currently owned by company insiders.

BellRing Brands Stock Performance

Shares of BellRing Brands stock opened at $63.68 on Wednesday. BellRing Brands, Inc. has a one year low of $48.06 and a one year high of $80.67. The company has a market cap of $8.17 billion, a P/E ratio of 29.89, a PEG ratio of 2.24 and a beta of 0.86. The firm has a fifty day moving average of $72.60 and a two-hundred day moving average of $73.59.

BellRing Brands (NYSE:BRBR) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.53 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.53. BellRing Brands had a net margin of 13.32% and a negative return on equity of 130.14%. The firm had revenue of $588.00 million during the quarter, compared to analysts’ expectations of $577.56 million. During the same period in the prior year, the company posted $0.45 earnings per share. The firm’s revenue for the quarter was up 18.9% on a year-over-year basis. As a group, equities analysts predict that BellRing Brands, Inc. will post 2.23 earnings per share for the current year.

BellRing Brands declared that its board has initiated a stock repurchase program on Thursday, March 6th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the company to reacquire up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s leadership believes its stock is undervalued.

Wall Street Analyst Weigh In

BRBR has been the topic of a number of recent research reports. Barclays upped their price objective on BellRing Brands from $79.00 to $85.00 and gave the stock an “overweight” rating in a research report on Tuesday, February 4th. Morgan Stanley started coverage on BellRing Brands in a research report on Monday, March 24th. They issued an “overweight” rating and a $84.00 price target on the stock. Citigroup lifted their price target on shares of BellRing Brands from $83.00 to $90.00 and gave the stock a “buy” rating in a research note on Wednesday, January 29th. Mizuho increased their target price on BellRing Brands from $80.00 to $85.00 and gave the company an “outperform” rating in a report on Thursday, February 6th. Finally, TD Cowen increased their price objective on BellRing Brands from $83.00 to $86.00 and gave the company a “buy” rating in a report on Wednesday, January 8th. Four equities research analysts have rated the stock with a hold rating and twelve have assigned a buy rating to the company. According to MarketBeat, BellRing Brands presently has an average rating of “Moderate Buy” and a consensus price target of $79.25.

About BellRing Brands

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.