Mackenzie Financial Corp Sells 2,178 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Mackenzie Financial Corp reduced its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.6% in the fourth quarter, Holdings Channel.com reports. The fund owned 381,028 shares of the business services provider’s stock after selling 2,178 shares during the period. Mackenzie Financial Corp’s holdings in Broadridge Financial Solutions were worth $78,397,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BR. Morgan Stanley raised its holdings in shares of Broadridge Financial Solutions by 41.0% during the fourth quarter. Morgan Stanley now owns 7,043,656 shares of the business services provider’s stock valued at $944,766,000 after purchasing an additional 2,048,184 shares during the last quarter. Stifel Financial Corp raised its stake in Broadridge Financial Solutions by 1,700.7% during the 3rd quarter. Stifel Financial Corp now owns 1,542,507 shares of the business services provider’s stock valued at $276,194,000 after buying an additional 1,456,847 shares during the last quarter. T. Rowe Price Investment Management Inc. lifted its holdings in shares of Broadridge Financial Solutions by 85.1% during the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,230,810 shares of the business services provider’s stock valued at $299,219,000 after buying an additional 1,025,907 shares during the period. Caisse DE Depot ET Placement DU Quebec boosted its stake in shares of Broadridge Financial Solutions by 86.6% in the 1st quarter. Caisse DE Depot ET Placement DU Quebec now owns 1,195,313 shares of the business services provider’s stock worth $186,122,000 after buying an additional 554,807 shares during the last quarter. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Broadridge Financial Solutions by 124.8% in the third quarter. Envestnet Asset Management Inc. now owns 687,830 shares of the business services provider’s stock worth $123,156,000 after acquiring an additional 381,882 shares during the period. 90.03% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, insider Douglas Richard Deschutter sold 12,200 shares of the company’s stock in a transaction on Thursday, March 7th. The shares were sold at an average price of $204.71, for a total transaction of $2,497,462.00. Following the completion of the transaction, the insider now owns 32,480 shares in the company, valued at $6,648,980.80. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, insider Douglas Richard Deschutter sold 12,200 shares of the firm’s stock in a transaction dated Thursday, March 7th. The stock was sold at an average price of $204.71, for a total transaction of $2,497,462.00. Following the completion of the transaction, the insider now owns 32,480 shares in the company, valued at $6,648,980.80. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Robert N. Duelks sold 830 shares of the business’s stock in a transaction dated Thursday, February 29th. The stock was sold at an average price of $201.58, for a total value of $167,311.40. Following the completion of the sale, the director now owns 5,445 shares in the company, valued at $1,097,603.10. The disclosure for this sale can be found here. In the last three months, insiders have sold 48,483 shares of company stock valued at $9,745,637. Corporate insiders own 1.60% of the company’s stock.

Broadridge Financial Solutions Price Performance

Shares of NYSE:BR opened at $195.67 on Tuesday. The company has a market capitalization of $23.04 billion, a P/E ratio of 34.09 and a beta of 0.99. Broadridge Financial Solutions, Inc. has a 1-year low of $139.52 and a 1-year high of $210.24. The firm’s 50 day simple moving average is $201.16 and its two-hundred day simple moving average is $193.79. The company has a debt-to-equity ratio of 1.77, a current ratio of 1.40 and a quick ratio of 1.40.

Broadridge Financial Solutions (NYSE:BR) last announced its quarterly earnings data on Thursday, February 1st. The business services provider reported $0.92 EPS for the quarter, beating the consensus estimate of $0.89 by $0.03. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.40 billion. Broadridge Financial Solutions had a net margin of 10.82% and a return on equity of 41.12%. The company’s revenue was up 8.7% on a year-over-year basis. During the same period last year, the firm earned $0.91 EPS. Research analysts expect that Broadridge Financial Solutions, Inc. will post 7.72 EPS for the current fiscal year.

Broadridge Financial Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Friday, April 5th. Investors of record on Friday, March 15th were paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 1.64%. The ex-dividend date was Thursday, March 14th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 55.75%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BR. StockNews.com raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a report on Friday. Raymond James increased their price objective on shares of Broadridge Financial Solutions from $205.00 to $214.00 and gave the stock an “outperform” rating in a research note on Friday, February 2nd. DA Davidson restated a “neutral” rating and set a $185.00 target price on shares of Broadridge Financial Solutions in a research report on Wednesday, April 10th. Evercore ISI reiterated an “outperform” rating and issued a $230.00 price target on shares of Broadridge Financial Solutions in a research report on Tuesday, March 26th. Finally, Royal Bank of Canada boosted their price objective on shares of Broadridge Financial Solutions from $212.00 to $239.00 and gave the company an “outperform” rating in a research report on Friday, February 2nd. Four research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $206.67.

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.