Mackenzie Financial Corp Increases Stock Position in Broadridge Financial Solutions, Inc. (NYSE:BR)

Mackenzie Financial Corp grew its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 0.5% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 383,765 shares of the business services provider’s stock after buying an additional 1,997 shares during the quarter. Mackenzie Financial Corp’s holdings in Broadridge Financial Solutions were worth $75,602,000 at the end of the most recent quarter.

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

Broadridge Financial Solutions Stock Performance

NYSE:BR opened at $212.00 on Friday. The company has a debt-to-equity ratio of 1.55, a current ratio of 1.08 and a quick ratio of 1.08. The firm has a market cap of $25.05 billion, a PE ratio of 36.18 and a beta of 1.05. The firm has a 50 day simple moving average of $210.87 and a 200-day simple moving average of $203.61. Broadridge Financial Solutions, Inc. has a 1-year low of $166.73 and a 1-year high of $223.81.

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

Broadridge Financial Solutions Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Shareholders of record on Thursday, September 12th will be issued a $0.88 dividend. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $3.52 annualized dividend and a yield of 1.66%. Broadridge Financial Solutions’s payout ratio is 60.07%.

Wall Street Analyst Weigh In

A number of research firms have commented on BR. StockNews.com upgraded Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday, September 10th. DA Davidson reiterated a “neutral” rating and issued a $185.00 price objective on shares of Broadridge Financial Solutions in a research report on Tuesday, June 11th. 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 report on Tuesday, August 20th. Finally, Royal Bank of Canada upped their price target on shares of Broadridge Financial Solutions from $239.00 to $246.00 and gave the company an “outperform” rating in a report on Wednesday, August 7th. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $213.33.

Insider Activity

In related news, VP Laura Matlin sold 673 shares of the firm’s stock in a transaction that occurred 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 sale, the vice president now directly owns 5,530 shares of the company’s stock, valued at $1,194,480. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, President Christopher John Perry sold 17,534 shares of the business’s stock in a transaction dated Tuesday, September 10th. The stock was sold at an average price of $213.41, for a total transaction of $3,741,930.94. Following the completion of the sale, the president now owns 50,237 shares in the company, valued at approximately $10,721,078.17. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Laura Matlin sold 673 shares of Broadridge Financial Solutions stock in a transaction that occurred on Thursday, August 8th. The shares were sold at an average price of $216.00, for a total transaction 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 disclosure for this sale can be found here. Insiders sold a total of 134,386 shares of company stock valued at $28,112,824 in the last 90 days. 1.60% of the stock is currently owned by insiders.

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.