Broadridge Financial Solutions, Inc. $BR Stock Sold by Pictet Asset Management Holding SA

Key Points

• Pictet Asset Management cut its Broadridge stake by 54.4% in the third quarter, selling 118,990 shares and retaining 99,709 shares valued at about $16.1 million.
• Broadridge reported quarterly earnings of $1.56 per share, topping the $1.37 consensus estimate; revenue was $1.67 billion, up 5% year over year.
• The company announced a quarterly dividend of $1.09 per share, equivalent to a $4.36 annualized payout and a 2.3% yield.

Pictet Asset Management Holding SA decreased its position in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 54.4% in the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 99,709 shares of the business services provider's stock after selling 118,990 shares during the period. Pictet Asset Management Holding SA owned approximately 0.09% of Broadridge Financial Solutions worth $16,063,000 at the end of the most recent quarter.

A number of other large investors have also made changes to their positions in the company. Parallel Advisors LLC lifted its holdings in shares of Broadridge Financial Solutions by 3.6% during the 3rd quarter. Parallel Advisors LLC now owns 1,769 shares of the business services provider's stock valued at $285,000 after purchasing an additional 61 shares in the last quarter. Alps Advisors Inc. grew its position in shares of Broadridge Financial Solutions by 52.3% in the 3rd quarter. Alps Advisors Inc. now owns 14,181 shares of the business services provider's stock valued at $2,285,000 after purchasing an additional 4,868 shares during the period. CenterBook Partners LP bought a new stake in Broadridge Financial Solutions during the 3rd quarter worth approximately $1,377,000. Calamos Wealth Management LLC increased its stake in Broadridge Financial Solutions by 9.9% during the 3rd quarter. Calamos Wealth Management LLC now owns 1,610 shares of the business services provider's stock worth $259,000 after purchasing an additional 145 shares in the last quarter. Finally, Kestra Advisory Services LLC raised its holdings in Broadridge Financial Solutions by 9.8% during the 3rd quarter. Kestra Advisory Services LLC now owns 11,935 shares of the business services provider's stock worth $1,923,000 after buying an additional 1,069 shares during the period. Institutional investors own 90.03% of the company's stock.

Broadridge Financial Solutions Trading Down 0.7%

Shares of NYSE:BR opened at $191.56 on Friday. The company's 50-day moving average price is $173.03 and its two-hundred day moving average price is $165.53. Broadridge Financial Solutions, Inc. has a one year low of $133.83 and a one year high of $233.10. The company has a debt-to-equity ratio of 1.28, a current ratio of 1.21 and a quick ratio of 1.21. The stock has a market capitalization of $21.67 billion, a PE ratio of 21.17 and a beta of 0.90.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last posted its quarterly earnings results on Tuesday, November 3rd. The business services provider reported $1.56 earnings per share for the quarter, beating analysts' consensus estimates of $1.37 by $0.19. The firm had revenue of $1.67 billion during the quarter, compared to the consensus estimate of $1.65 billion. Broadridge Financial Solutions had a return on equity of 40.32% and a net margin of 13.94%. The business's revenue was up 5.0% compared to the same quarter last year. During the same period last year, the company earned $1.51 earnings per share. On average, equities analysts forecast that Broadridge Financial Solutions, Inc. will post 10.58 EPS for the current fiscal year.

Broadridge Financial Solutions Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, January 11th. Investors of record on Thursday, December 10th will be paid a $1.09 dividend. This represents a $4.36 annualized dividend and a yield of 2.3%. The ex-dividend date is Thursday, December 10th. Broadridge Financial Solutions's dividend payout ratio (DPR) is 48.18%.

Insider Buying and Selling

In related news, VP Thomas P. Carey sold 2,501 shares of the business's stock in a transaction that occurred on Thursday, October 1st. The stock was sold at an average price of $159.76, for a total transaction of $399,559.76. Following the transaction, the vice president directly owned 8,800 shares of the company's stock, valued at approximately $1,405,888. The trade was a 22.13% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Maura A. Markus sold 3,180 shares of the stock in a transaction on Thursday, November 12th. The shares were sold at an average price of $191.89, for a total value of $610,210.20. Following the completion of the sale, the director owned 33,769 shares in the company, valued at approximately $6,479,933.41. This trade represents a 8.61% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Company insiders own 1.00% of the company's stock.

Analyst Ratings Changes

BR has been the topic of a number of research reports. Royal Bank Of Canada lifted their price target on shares of Broadridge Financial Solutions from $225.00 to $226.00 and gave the company an "outperform" rating in a research note on Monday, August 31st. Morgan Stanley increased their price objective on shares of Broadridge Financial Solutions from $176.00 to $181.00 and gave the stock an "equal weight" rating in a research report on Wednesday, November 4th. JPMorgan Chase & Co. raised their price objective on shares of Broadridge Financial Solutions from $191.00 to $201.00 and gave the stock a "neutral" rating in a report on Wednesday, November 4th. DA Davidson reaffirmed a "buy" rating and issued a $214.00 price objective on shares of Broadridge Financial Solutions in a research report on Tuesday, October 27th. Finally, Weiss Ratings raised shares of Broadridge Financial Solutions from a "hold (c-)" rating to a "hold (c)" rating in a research report on Thursday, October 8th. Four investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus price target of $212.71.

About Broadridge Financial Solutions

Broadridge Financial Solutions provides technology and operations services to financial institutions, public companies, and investors. Its platforms support investor communications, corporate governance, and the processing of financial transactions. The company's services include preparing and distributing proxy materials and other shareholder communications, supporting shareholder voting, and providing solutions for trading, clearing, settlement, and asset servicing. Broadridge also offers technology for wealth and investment management, including portfolio and account management, data, and regulatory reporting.

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