Mirae Asset Global Investments Co. Ltd. Raises Stock Position in Broadridge Financial Solutions, Inc. (NYSE:BR)

Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 87.8% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 14,985 shares of the business services provider’s stock after purchasing an additional 7,006 shares during the period. Mirae Asset Global Investments Co. Ltd.’s holdings in Broadridge Financial Solutions were worth $3,177,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also recently made changes to their positions in BR. Vanguard Group Inc. grew its position in Broadridge Financial Solutions by 0.3% during the first quarter. Vanguard Group Inc. now owns 13,991,206 shares of the business services provider’s stock valued at $2,866,238,000 after buying an additional 39,537 shares during the period. Price T Rowe Associates Inc. MD grew its position in Broadridge Financial Solutions by 0.7% during the first quarter. Price T Rowe Associates Inc. MD now owns 4,168,197 shares of the business services provider’s stock valued at $853,898,000 after buying an additional 28,180 shares during the period. Capital International Investors grew its position in Broadridge Financial Solutions by 0.3% during the first quarter. Capital International Investors now owns 3,061,983 shares of the business services provider’s stock valued at $627,278,000 after buying an additional 7,970 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its position in Broadridge Financial Solutions by 3.0% during the first quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,496,678 shares of the business services provider’s stock valued at $306,609,000 after buying an additional 43,958 shares during the period. Finally, Bahl & Gaynor Inc. grew its position in Broadridge Financial Solutions by 0.6% during the second quarter. Bahl & Gaynor Inc. now owns 1,108,867 shares of the business services provider’s stock valued at $218,447,000 after buying an additional 6,634 shares during the period. Hedge funds and other institutional investors own 90.03% of the company’s stock.

Broadridge Financial Solutions Stock Down 0.5 %

BR stock opened at $212.71 on Wednesday. The stock has a market capitalization of $25.14 billion, a P/E ratio of 36.30 and a beta of 1.05. The firm has a 50-day simple moving average of $213.48 and a 200-day simple moving average of $205.84. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.55. Broadridge Financial Solutions, Inc. has a 52 week low of $167.84 and a 52 week high of $224.32.

Broadridge Financial Solutions (NYSE:BR) last released its earnings results on Tuesday, August 6th. The business services provider reported $3.50 EPS for the quarter, topping analysts’ consensus estimates of $3.49 by $0.01. Broadridge Financial Solutions had a net margin of 10.73% and a return on equity of 42.77%. The business had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.96 billion. During the same quarter in the previous year, the company earned $3.21 earnings per share. The company’s quarterly revenue was up 5.7% on a year-over-year basis. Equities analysts forecast that Broadridge Financial Solutions, Inc. will post 8.51 earnings per share for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, October 3rd. Investors of record on Thursday, September 12th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.65%. The ex-dividend date was Thursday, September 12th. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. Broadridge Financial Solutions’s dividend payout ratio is currently 60.07%.

Wall Street Analyst Weigh In

Several analysts recently commented on BR shares. Royal Bank of Canada raised their price target on shares of Broadridge Financial Solutions from $239.00 to $246.00 and gave the company an “outperform” rating in a research report on Wednesday, August 7th. JPMorgan Chase & Co. raised their price target on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, StockNews.com lowered shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Thursday, October 24th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $213.33.

Insider Activity at Broadridge Financial Solutions

In related news, President Christopher John Perry sold 162 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $210.00, for a total transaction of $34,020.00. Following the completion of the sale, the president now owns 67,267 shares of the company’s stock, valued at approximately $14,126,070. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Broadridge Financial Solutions news, VP Laura Matlin sold 673 shares of the business’s stock in a transaction dated Thursday, August 8th. The shares were sold at an average price of $216.00, for a total value of $145,368.00. Following the transaction, the vice president now directly owns 5,530 shares in the company, valued at $1,194,480. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, President Christopher John Perry sold 162 shares of the business’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $210.00, for a total transaction of $34,020.00. Following the completion of the transaction, the president now owns 67,267 shares in the company, valued at $14,126,070. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 134,386 shares of company stock valued at $28,112,824. Corporate insiders own 1.60% of the company’s stock.

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.