Broadridge Financial Solutions (NYSE:BR) Given New $261.00 Price Target at Morgan Stanley

Key Points

• Morgan Stanley has raised its price target for Broadridge Financial Solutions from $222.00 to $261.00, indicating a potential downside of 2.09% from the current stock price.
• Needham & Company also increased their target for the stock to $305.00 while maintaining a "buy" rating, suggesting strong confidence in the company's performance.
• Broadridge recently reported earnings of $3.55 per share, exceeding expectations and marking a 6.2% increase in quarterly revenue compared to last year.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) had its price target lifted by analysts at Morgan Stanley from $222.00 to $261.00 in a report released on Wednesday,Benzinga reports. The firm presently has an "equal weight" rating on the business services provider's stock. Morgan Stanley's target price would suggest a potential downside of 2.04% from the stock's current price.

Several other research firms have also recently issued reports on BR. Needham & Company LLC lifted their price objective on shares of Broadridge Financial Solutions from $300.00 to $305.00 and gave the company a "buy" rating in a research report on Wednesday. Royal Bank Of Canada reiterated an "outperform" rating and issued a $259.00 price target on shares of Broadridge Financial Solutions in a report on Monday, May 19th. Finally, Wall Street Zen upgraded Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Broadridge Financial Solutions has an average rating of "Hold" and a consensus price target of $261.50.

Broadridge Financial Solutions Price Performance

Shares of NYSE BR traded down $0.03 during midday trading on Wednesday, reaching $266.45. The stock had a trading volume of 176,186 shares, compared to its average volume of 583,023. The company has a market capitalization of $31.21 billion, a price-to-earnings ratio of 37.70 and a beta of 0.94. Broadridge Financial Solutions has a 12-month low of $206.29 and a 12-month high of $271.91. The stock has a 50-day moving average of $243.20 and a 200-day moving average of $238.72. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.32 and a current ratio of 0.98.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last issued its quarterly earnings results on Tuesday, August 5th. The business services provider reported $3.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.51 by $0.04. Broadridge Financial Solutions had a return on equity of 42.72% and a net margin of 12.19%. The business had revenue of $2.07 billion during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the business posted $3.50 EPS. Broadridge Financial Solutions's revenue for the quarter was up 6.2% compared to the same quarter last year. As a group, research analysts anticipate that Broadridge Financial Solutions will post 8.53 EPS for the current fiscal year.

Insider Activity

In related news, insider Douglas Richard Deschutter sold 5,056 shares of the firm's stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $239.55, for a total transaction of $1,211,164.80. Following the completion of the sale, the insider directly owned 21,167 shares of the company's stock, valued at approximately $5,070,554.85. This trade represents a 19.28% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Maura A. Markus sold 3,556 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $243.08, for a total value of $864,392.48. Following the completion of the sale, the director owned 30,892 shares in the company, valued at approximately $7,509,227.36. The trade was a 10.32% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 17,048 shares of company stock valued at $4,101,083 in the last quarter. 1.30% of the stock is currently owned by company insiders.

Institutional Trading of Broadridge Financial Solutions

A number of large investors have recently modified their holdings of the company. Brighton Jones LLC bought a new stake in Broadridge Financial Solutions during the 4th quarter valued at $580,000. Wellington Management Group LLP increased its stake in shares of Broadridge Financial Solutions by 28.4% during the fourth quarter. Wellington Management Group LLP now owns 4,636 shares of the business services provider's stock valued at $1,048,000 after buying an additional 1,026 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Broadridge Financial Solutions in the fourth quarter valued at about $337,000. Russell Investments Group Ltd. lifted its stake in Broadridge Financial Solutions by 9.2% in the fourth quarter. Russell Investments Group Ltd. now owns 76,135 shares of the business services provider's stock worth $17,205,000 after acquiring an additional 6,430 shares during the period. Finally, Federated Hermes Inc. grew its holdings in Broadridge Financial Solutions by 50.7% during the 4th quarter. Federated Hermes Inc. now owns 25,725 shares of the business services provider's stock worth $5,816,000 after acquiring an additional 8,656 shares in the last quarter. Hedge funds and other institutional investors own 90.03% 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.