Desjardins Issues Positive Forecast for Brookfield Business Partners (NYSE:BBU) Stock Price

Key Points

• Desjardins analysts have raised their target price for Brookfield Business Partners (NYSE:BBU) from $31.00 to $34.00, indicating a potential upside of 33.86% from its previous close.
• Several other analysts have varied opinions, with CIBC lowering its price target to $30.00 while Royal Bank Of Canada increased theirs to $35.00, contributing to a consensus rating of "Moderate Buy".
• Shares of Brookfield Business Partners rose by 6.1% during trading hours, reaching a value of $25.40, with significant institutional investment in the stock.

Brookfield Business Partners (NYSE:BBU - Get Free Report) had its target price raised by analysts at Desjardins from $31.00 to $34.00 in a note issued to investors on Tuesday,BayStreet.CA reports. The firm currently has a "buy" rating on the business services provider's stock. Desjardins' price objective points to a potential upside of 33.86% from the stock's previous close.

Several other equities research analysts have also recently issued reports on the stock. CIBC decreased their price target on shares of Brookfield Business Partners from $34.00 to $30.00 and set an "outperformer" rating on the stock in a research note on Monday, April 28th. Wall Street Zen downgraded shares of Brookfield Business Partners from a "buy" rating to a "hold" rating in a research report on Saturday, July 26th. Scotiabank decreased their price target on shares of Brookfield Business Partners from $31.00 to $30.00 and set a "sector outperform" rating for the company in a report on Tuesday. National Bankshares reduced their price target on shares of Brookfield Business Partners from $36.00 to $32.00 and set an "outperform" rating for the company in a report on Wednesday, April 30th. Finally, Royal Bank Of Canada boosted their price target on shares of Brookfield Business Partners from $33.00 to $35.00 and gave the stock an "outperform" rating in a research report on Tuesday. One research analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, Brookfield Business Partners currently has a consensus rating of "Moderate Buy" and a consensus price target of $32.50.

Brookfield Business Partners Stock Up 6.1%

Shares of Brookfield Business Partners stock traded up $1.46 during trading hours on Tuesday, hitting $25.40. The company had a trading volume of 13,602 shares, compared to its average volume of 18,839. The company's 50-day moving average is $25.44 and its two-hundred day moving average is $23.75. Brookfield Business Partners has a twelve month low of $18.45 and a twelve month high of $27.47. The company has a market cap of $2.26 billion, a P/E ratio of -195.38 and a beta of 1.38. The company has a debt-to-equity ratio of 2.97, a current ratio of 1.48 and a quick ratio of 1.21.

Hedge Funds Weigh In On Brookfield Business Partners

Several large investors have recently bought and sold shares of the stock. Bank of New York Mellon Corp raised its stake in shares of Brookfield Business Partners by 11.7% in the first quarter. Bank of New York Mellon Corp now owns 19,802 shares of the business services provider's stock valued at $465,000 after purchasing an additional 2,078 shares in the last quarter. Gold Investment Management Ltd. raised its stake in shares of Brookfield Business Partners by 20.9% in the first quarter. Gold Investment Management Ltd. now owns 39,309 shares of the business services provider's stock valued at $921,000 after purchasing an additional 6,791 shares in the last quarter. The Manufacturers Life Insurance Company raised its stake in shares of Brookfield Business Partners by 2.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 41,794 shares of the business services provider's stock valued at $987,000 after purchasing an additional 1,146 shares in the last quarter. K2 Principal Fund L.P. raised its stake in shares of Brookfield Business Partners by 5.8% in the fourth quarter. K2 Principal Fund L.P. now owns 52,385 shares of the business services provider's stock valued at $1,227,000 after purchasing an additional 2,880 shares in the last quarter. Finally, Russell Investments Group Ltd. raised its stake in shares of Brookfield Business Partners by 64.7% in the fourth quarter. Russell Investments Group Ltd. now owns 63,017 shares of the business services provider's stock valued at $1,485,000 after purchasing an additional 24,755 shares in the last quarter. 85.04% of the stock is currently owned by institutional investors and hedge funds.

About Brookfield Business Partners

Brookfield Business Partners L.P. is a private equity firm specializing in acquisition. The firm typically invests in business services, infrastructure services, construction, energy, and industrials sector. It prefers to take majority stake in companies. The firm seeks returns of at least 15% on its investments.

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