Envestnet Asset Management Inc. Sells 66,509 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Envestnet Asset Management Inc. lowered its position in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 9.3% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 648,036 shares of the business services provider's stock after selling 66,509 shares during the quarter. Envestnet Asset Management Inc. owned approximately 0.55% of Broadridge Financial Solutions worth $157,123,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Curio Wealth LLC bought a new stake in Broadridge Financial Solutions in the fourth quarter valued at approximately $45,000. CWA Asset Management Group LLC lifted its position in Broadridge Financial Solutions by 6.8% in the first quarter. CWA Asset Management Group LLC now owns 1,370 shares of the business services provider's stock valued at $332,000 after purchasing an additional 87 shares during the last quarter. Golden State Wealth Management LLC bought a new stake in Broadridge Financial Solutions in the first quarter valued at approximately $29,000. Sequoia Financial Advisors LLC lifted its position in Broadridge Financial Solutions by 9.6% in the first quarter. Sequoia Financial Advisors LLC now owns 1,153 shares of the business services provider's stock valued at $279,000 after purchasing an additional 101 shares during the last quarter. Finally, Exchange Traded Concepts LLC lifted its position in Broadridge Financial Solutions by 12.3% in the first quarter. Exchange Traded Concepts LLC now owns 655 shares of the business services provider's stock valued at $159,000 after purchasing an additional 72 shares during the last quarter. Hedge funds and other institutional investors own 90.03% of the company's stock.

Insider Transactions at Broadridge Financial Solutions

In other news, 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 sale, the director directly owned 30,892 shares of the company's stock, valued at approximately $7,509,227.36. This represents a 10.32% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, VP Thomas P. Carey sold 3,607 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $237.26, for a total value of $855,796.82. Following the completion of the sale, the vice president directly owned 6,077 shares in the company, valued at approximately $1,441,829.02. This represents a 37.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 18,116 shares of company stock valued at $4,352,298. 1.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

BR has been the subject of several recent research reports. Wall Street Zen upgraded Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Needham & Company LLC started coverage on Broadridge Financial Solutions in a report on Tuesday, May 6th. They set a "buy" rating and a $300.00 target price for the company. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $259.00 target price on shares of Broadridge Financial Solutions in a report on Monday, May 19th. Five investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock presently has an average rating of "Hold" and an average target price of $250.83.

Broadridge Financial Solutions Stock Down 1.0%

BR stock traded down $2.34 during midday trading on Friday, hitting $236.26. The stock had a trading volume of 194,366 shares, compared to its average volume of 528,168. The firm has a market cap of $27.75 billion, a price-to-earnings ratio of 35.52 and a beta of 0.94. The business has a 50-day moving average of $239.60 and a two-hundred day moving average of $236.03. Broadridge Financial Solutions, Inc. has a 52-week low of $200.63 and a 52-week high of $247.01. The company has a debt-to-equity ratio of 1.44, a current ratio of 1.32 and a quick ratio of 1.32.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share for the quarter, topping the consensus estimate of $2.41 by $0.03. The company had revenue of $1.81 billion for the quarter, compared to analysts' expectations of $1.86 billion. Broadridge Financial Solutions had a return on equity of 44.82% and a net margin of 11.65%. The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the firm earned $2.23 earnings per share. As a group, equities research analysts forecast that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current fiscal year.

Broadridge Financial Solutions Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Thursday, June 12th were paid a $0.88 dividend. The ex-dividend date was Thursday, June 12th. This represents a $3.52 annualized dividend and a yield of 1.49%. Broadridge Financial Solutions's payout ratio is 52.93%.

Broadridge Financial Solutions 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.