M&G PLC grew its stake in shares of Brookfield Corporation (NYSE:BN – Free Report) by 18.2% in the third quarter, Holdings Channel reports. The institutional investor owned 2,328,749 shares of the company’s stock after purchasing an additional 358,318 shares during the period. M&G PLC’s holdings in Brookfield were worth $83,835,000 as of its most recent filing with the SEC.
Several other hedge funds have also made changes to their positions in the stock. Bank of Nova Scotia grew its holdings in shares of Brookfield by 11.4% during the 1st quarter. Bank of Nova Scotia now owns 15,340,928 shares of the company’s stock worth $621,443,000 after purchasing an additional 1,575,668 shares in the last quarter. TD Waterhouse Canada Inc. increased its position in shares of Brookfield by 1.8% during the second quarter. TD Waterhouse Canada Inc. now owns 13,903,270 shares of the company’s stock valued at $595,676,000 after purchasing an additional 248,479 shares during the period. Cardinal Capital Management Inc. raised its stake in shares of Brookfield by 2.5% in the second quarter. Cardinal Capital Management Inc. now owns 3,247,627 shares of the company’s stock valued at $138,287,000 after purchasing an additional 80,738 shares in the last quarter. Cannell & Spears LLC raised its stake in shares of Brookfield by 1.6% in the first quarter. Cannell & Spears LLC now owns 2,702,625 shares of the company’s stock valued at $109,278,000 after purchasing an additional 42,859 shares in the last quarter. Finally, Amundi lifted its position in Brookfield by 14.1% in the first quarter. Amundi now owns 2,696,723 shares of the company’s stock worth $109,136,000 after purchasing an additional 333,843 shares during the period. Institutional investors own 61.60% of the company’s stock.
Brookfield Trading Up 3.9%
Shares of BN opened at $42.98 on Tuesday. Brookfield Corporation has a 1 year low of $35.61 and a 1 year high of $49.56. The company has a current ratio of 1.34, a quick ratio of 1.22 and a debt-to-equity ratio of 1.54. The stock has a 50 day simple moving average of $38.22 and a 200-day simple moving average of $42.44. The stock has a market cap of $105.42 billion, a PE ratio of 78.15 and a beta of 1.53.
Brookfield (NYSE:BN – Get Free Report) last posted its earnings results on Thursday, August 13th. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.62 by $0.04. The business had revenue of $1.66 billion during the quarter, compared to the consensus estimate of $1.66 billion. Brookfield had a return on equity of 3.93% and a net margin of 1.85%. On average, sell-side analysts predict that Brookfield Corporation will post 2.88 EPS for the current fiscal year.
Brookfield Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 29th. Shareholders of record on Monday, September 14th were issued a dividend of $0.07 per share. The ex-dividend date of this dividend was Monday, September 14th. This represents a $0.28 dividend on an annualized basis and a dividend yield of 0.7%. Brookfield’s dividend payout ratio (DPR) is presently 50.91%.
Wall Street Analyst Weigh In
A number of equities research analysts have weighed in on the stock. Morgan Stanley set a $59.00 price target on shares of Brookfield and gave the stock an “overweight” rating in a research note on Tuesday, July 21st. BMO Capital Markets raised shares of Brookfield to a “strong-buy” rating in a report on Monday, July 27th. Scotiabank restated an “outperform” rating and issued a $54.00 price objective (up from $53.00) on shares of Brookfield in a research note on Friday, August 14th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Brookfield in a report on Monday, September 21st. Finally, Scotia lifted their target price on shares of Brookfield from $53.00 to $54.00 and gave the company a “sector outperform” rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $57.40.
Check Out Our Latest Stock Analysis on BN
Brookfield Company Profile
Brookfield Corporation is a global investment and operating company focused on owning and managing businesses and assets in sectors including renewable power, infrastructure, real estate, private equity and credit. It invests directly and through its asset management business, Brookfield Asset Management, which serves institutional and individual investors.
The company’s operations and investments span multiple regions, including North America, South America, Europe and Asia-Pacific. Its portfolio includes renewable energy facilities, transportation and utility infrastructure, commercial and residential real estate, and businesses in a range of industries.
Brookfield traces its origins to 1899, when its predecessor, Brazilian Traction, Light and Power Company, was established to develop electricity and transportation services in Brazil.
Read More
- Five stocks we like better than Brookfield
- Wall Street May Be Making a Big Mistake With monday.com Stock
- Are These 2 Mid-Cap Growth Stocks Worth the Risk?
- Oklo Changes the Narrative: Does a Nuclear Stock Price Explosion Come Next?
- Cloudflare’s 20% Sell-Off May Have Created an Opening for Investors
Want to see what other hedge funds are holding BN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Brookfield Corporation (NYSE:BN – Free Report).
Receive News & Ratings for Brookfield Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Brookfield and related companies with MarketBeat.com's FREE daily email newsletter.
