Envestnet Asset Management Inc. Trims Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

Envestnet Asset Management Inc. lessened its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.9% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 657,562 shares of the business services provider’s stock after selling 5,782 shares during the period. Envestnet Asset Management Inc.’s holdings in Broadridge Financial Solutions were worth $129,540,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of the business. LifeSteps Financial Inc. purchased a new position in Broadridge Financial Solutions in the 1st quarter worth about $32,000. EdgeRock Capital LLC bought a new position in Broadridge Financial Solutions in the 2nd quarter worth about $32,000. Rothschild Investment LLC purchased a new position in shares of Broadridge Financial Solutions during the second quarter worth approximately $32,000. New Covenant Trust Company N.A. bought a new stake in shares of Broadridge Financial Solutions during the first quarter valued at approximately $34,000. Finally, Family Firm Inc. purchased a new stake in shares of Broadridge Financial Solutions in the second quarter valued at approximately $37,000. Institutional investors own 90.03% of the company’s stock.

Insider Activity at Broadridge Financial Solutions

In other news, President Christopher John Perry sold 31,539 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $207.37, for a total transaction of $6,540,242.43. Following the sale, the president now owns 67,215 shares in the company, valued at $13,938,374.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, President Christopher John Perry sold 31,539 shares of the business’s stock in a transaction on Wednesday, August 14th. The shares were sold at an average price of $207.37, for a total transaction of $6,540,242.43. Following the sale, the president now directly owns 67,215 shares of the company’s stock, valued at $13,938,374.55. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Laura Matlin sold 673 shares of the company’s stock in a transaction on Thursday, August 8th. The shares were sold at an average price of $216.00, for a total value of $145,368.00. Following the completion of the transaction, the vice president now directly owns 5,530 shares in the company, valued at $1,194,480. The disclosure for this sale can be found here. Insiders have sold 134,386 shares of company stock valued at $28,112,824 in the last ninety days. Corporate insiders own 1.60% of the company’s stock.

Broadridge Financial Solutions Stock Performance

Shares of Broadridge Financial Solutions stock opened at $211.64 on Tuesday. Broadridge Financial Solutions, Inc. has a one year low of $166.73 and a one year high of $223.81. The company has a market capitalization of $24.70 billion, a PE ratio of 36.12 and a beta of 1.05. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.08 and a current ratio of 1.08. The company has a 50-day simple moving average of $209.72 and a two-hundred day simple moving average of $203.14.

Broadridge Financial Solutions (NYSE:BR) last posted its earnings results on Tuesday, August 6th. The business services provider reported $3.50 EPS for the quarter, beating 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 company had revenue of $1.94 billion during the quarter, compared to analysts’ expectations of $1.96 billion. During the same quarter in the prior year, the company posted $3.21 earnings per share. Broadridge Financial Solutions’s revenue for the quarter was up 5.7% compared to the same quarter last year. Research analysts expect that Broadridge Financial Solutions, Inc. will post 8.51 EPS for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.66%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, September 12th. Broadridge Financial Solutions’s payout ratio is 54.61%.

Wall Street Analyst Weigh In

Several research firms have commented on BR. StockNews.com upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a report on Tuesday, September 10th. DA Davidson restated a “neutral” rating and set a $185.00 price target on shares of Broadridge Financial Solutions in a research note on Tuesday, June 11th. Royal Bank of Canada upped their price objective on shares of Broadridge Financial Solutions from $239.00 to $246.00 and gave the stock an “outperform” rating in a research note on Wednesday, August 7th. Finally, JPMorgan Chase & Co. raised their target price 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. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $213.33.

About Broadridge Financial Solutions

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.