Cibc World Markets Corp Sells 13,293 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Posted by Defense World Staff on Sep 3rd, 2023

Cibc World Markets Corp trimmed its position in Broadridge Financial Solutions, Inc. (NYSE:BR – Free Report) by 69.1% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,952 shares of the business services provider’s stock after selling 13,293 shares during the quarter. Cibc World Markets Corp’s holdings in Broadridge Financial Solutions were worth $872,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of BR. Money Concepts Capital Corp grew its stake in shares of Broadridge Financial Solutions by 400.0% during the fourth quarter. Money Concepts Capital Corp now owns 195 shares of the business services provider’s stock worth $26,000 after buying an additional 156 shares during the last quarter. Resurgent Financial Advisors LLC bought a new stake in shares of Broadridge Financial Solutions during the fourth quarter worth $27,000. Thompson Siegel & Walmsley LLC lifted its holdings in shares of Broadridge Financial Solutions by 730.0% during the fourth quarter. Thompson Siegel & Walmsley LLC now owns 249 shares of the business services provider’s stock worth $33,000 after purchasing an additional 219 shares during the period. Edmond DE Rothschild Holding S.A. acquired a new position in shares of Broadridge Financial Solutions during the fourth quarter worth $38,000. Finally, Eagle Bay Advisors LLC lifted its holdings in shares of Broadridge Financial Solutions by 104.9% during the first quarter. Eagle Bay Advisors LLC now owns 666 shares of the business services provider’s stock worth $50,000 after purchasing an additional 341 shares during the period. Institutional investors own 89.36% of the company’s stock.

Insider Buying and Selling at Broadridge Financial Solutions

In other Broadridge Financial Solutions news, VP Thomas P. Carey sold 2,500 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, August 22nd. The shares were sold at an average price of $178.40, for a total value of $446,000.00. Following the completion of the sale, the vice president now directly owns 11,322 shares of the company’s stock, valued at $2,019,844.80. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. In other news, VP Thomas P. Carey sold 2,500 shares of the business’s stock in a transaction dated Tuesday, August 22nd. The shares were sold at an average price of $178.40, for a total transaction of $446,000.00. Following the completion of the sale, the vice president now directly owns 11,322 shares of the company’s stock, valued at $2,019,844.80. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Chairman Richard J. Daly sold 31,565 shares of the business’s stock in a transaction dated Friday, August 18th. The stock was sold at an average price of $178.82, for a total transaction of $5,644,453.30. Following the sale, the chairman now directly owns 111,761 shares of the company’s stock, valued at $19,985,102.02. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 191,035 shares of company stock valued at $34,423,247. Corporate insiders own 1.60% of the company’s stock.

Broadridge Financial Solutions Price Performance

BR stock opened at $187.74 on Friday. The firm has a market cap of $22.18 billion, a price-to-earnings ratio of 35.49 and a beta of 0.98. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 1.00. Broadridge Financial Solutions, Inc. has a 12-month low of $131.35 and a 12-month high of $187.84. The company’s fifty day simple moving average is $172.31 and its 200 day simple moving average is $155.74.

Broadridge Financial Solutions (NYSE:BR – Get Free Report) last posted its quarterly earnings results on Tuesday, August 8th. The business services provider reported $3.21 earnings per share for the quarter, beating the consensus estimate of $3.10 by $0.11. Broadridge Financial Solutions had a net margin of 10.40% and a return on equity of 42.09%. The firm had revenue of $1.84 billion during the quarter, compared to the consensus estimate of $1.87 billion. During the same period in the previous year, the firm posted $2.65 earnings per share. The business’s revenue was up 6.7% compared to the same quarter last year. On average, analysts expect that Broadridge Financial Solutions, Inc. will post 7.63 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 5th. Shareholders of record on Friday, September 15th will be paid a $0.80 dividend. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.73. This represents a $3.20 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Thursday, September 14th. Broadridge Financial Solutions’s payout ratio is 60.49%.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the stock. DA Davidson lifted their price target on shares of Broadridge Financial Solutions from $160.00 to $164.00 and gave the stock a “neutral” rating in a report on Wednesday, August 9th. JPMorgan Chase & Co. lifted their price target on shares of Broadridge Financial Solutions from $178.00 to $192.00 and gave the stock a “neutral” rating in a report on Tuesday, August 22nd. Raymond James lifted their price target on shares of Broadridge Financial Solutions from $183.00 to $186.00 and gave the stock an “outperform” rating in a report on Wednesday, August 9th. Royal Bank of Canada lifted their price target on shares of Broadridge Financial Solutions from $169.00 to $190.00 and gave the stock an “outperform” rating in a report on Wednesday, August 9th. Finally, Morgan Stanley lifted their price target on shares of Broadridge Financial Solutions from $165.00 to $175.00 and gave the stock an “equal weight” rating in a report on Wednesday, August 9th. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $173.67.

Check Out Our Latest Research Report on Broadridge Financial Solutions

Broadridge Financial Solutions Profile

(Free Report)

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.