Nuveen Asset Management LLC Lowers Position in Broadridge Financial Solutions, Inc. (NYSE:BR)

Nuveen Asset Management LLC decreased its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 21.5% in the fourth quarter, Holdings Channel.com reports. The firm owned 388,189 shares of the business services provider’s stock after selling 106,457 shares during the quarter. Nuveen Asset Management LLC’s holdings in Broadridge Financial Solutions were worth $87,766,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the company. OMERS ADMINISTRATION Corp lifted its position in Broadridge Financial Solutions by 20.6% during the fourth quarter. OMERS ADMINISTRATION Corp now owns 4,924 shares of the business services provider’s stock valued at $1,113,000 after buying an additional 840 shares during the period. Occudo Quantitative Strategies LP purchased a new position in Broadridge Financial Solutions during the fourth quarter valued at $2,099,000. Minot DeBlois Advisors LLC purchased a new position in Broadridge Financial Solutions during the fourth quarter valued at $34,000. Millennium Management LLC lifted its position in Broadridge Financial Solutions by 52.1% during the fourth quarter. Millennium Management LLC now owns 383,762 shares of the business services provider’s stock valued at $86,765,000 after buying an additional 131,514 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Broadridge Financial Solutions by 8.2% during the fourth quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 25,669 shares of the business services provider’s stock valued at $5,804,000 after buying an additional 1,946 shares during the period. Hedge funds and other institutional investors own 90.03% of the company’s stock.

Broadridge Financial Solutions Price Performance

NYSE BR opened at $241.32 on Friday. Broadridge Financial Solutions, Inc. has a one year low of $192.68 and a one year high of $247.01. The stock has a 50-day moving average of $234.22 and a 200 day moving average of $232.75. The company has a market capitalization of $28.35 billion, a price-to-earnings ratio of 37.76 and a beta of 0.98. The company has a debt-to-equity ratio of 1.64, a quick ratio of 1.35 and a current ratio of 1.35.

Broadridge Financial Solutions (NYSE:BR) last released its quarterly earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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% compared to the same quarter last year. During the same period in the previous year, the company posted $2.23 EPS. On average, sell-side analysts forecast that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current year.

Broadridge Financial Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 2nd. Shareholders of record on Thursday, June 12th will be paid a dividend of $0.88 per share. The ex-dividend date is Thursday, June 12th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.46%. Broadridge Financial Solutions’s dividend payout ratio is currently 52.93%.

Insider Buying and Selling at Broadridge Financial Solutions

In other news, CEO Timothy C. Gokey sold 95,956 shares of Broadridge Financial Solutions stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $235.43, for a total transaction of $22,590,921.08. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, VP Thomas P. Carey sold 3,607 shares of Broadridge Financial Solutions stock in a transaction dated Tuesday, May 13th. The shares were sold at an average price of $237.26, for a total value of $855,796.82. Following the transaction, the vice president now directly owns 6,077 shares in the company, valued at approximately $1,441,829.02. The trade was a 37.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 123,473 shares of company stock worth $29,072,366 in the last three months. 1.30% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts have commented on the company. Morgan Stanley raised their price objective on Broadridge Financial Solutions from $207.00 to $222.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. DA Davidson restated a “neutral” rating and set a $215.00 price target on shares of Broadridge Financial Solutions in a report on Tuesday, January 21st. Needham & Company LLC started coverage on Broadridge Financial Solutions in a report on Tuesday, May 6th. They set a “buy” rating and a $300.00 price target for the company. UBS Group raised their price target on Broadridge Financial Solutions from $250.00 to $260.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, 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 report on Monday, February 3rd. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $250.83.

Broadridge Financial Solutions 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.