Envestnet Asset Management Inc. Decreases Holdings in Broadridge Financial Solutions, Inc. (NYSE:BR)

Envestnet Asset Management Inc. cut its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 9.3% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 648,036 shares of the business services provider's stock after selling 66,509 shares during the quarter. Envestnet Asset Management Inc. owned 0.55% of Broadridge Financial Solutions worth $157,123,000 at the end of the most recent reporting period.

A number of other institutional investors also recently bought and sold shares of the business. Curio Wealth LLC acquired a new stake in shares of Broadridge Financial Solutions during the 4th quarter worth approximately $45,000. CWA Asset Management Group LLC boosted its holdings in Broadridge Financial Solutions by 6.8% in the 1st 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 purchased a new position in Broadridge Financial Solutions in the first quarter worth approximately $29,000. Sequoia Financial Advisors LLC grew 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 worth $279,000 after acquiring an additional 101 shares during the period. Finally, Exchange Traded Concepts LLC grew 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 worth $159,000 after acquiring an additional 72 shares during the period. 90.03% of the stock is owned by hedge funds and other institutional investors.

Broadridge Financial Solutions Price Performance

Shares of NYSE:BR traded down $3.69 during trading on Friday, hitting $234.90. 639,405 shares of the stock were exchanged, compared to its average volume of 529,134. The company has a fifty day moving average price of $239.64 and a two-hundred day moving average price of $236.20. The company has a market cap of $27.59 billion, a PE ratio of 35.32 and a beta of 0.94. The company has a current ratio of 1.32, a quick ratio of 1.32 and a debt-to-equity ratio of 1.44. Broadridge Financial Solutions, Inc. has a 12-month low of $200.63 and a 12-month high of $247.01.

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

Broadridge Financial Solutions Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, July 2nd. Investors of record on Thursday, June 12th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Thursday, June 12th. This represents a $3.52 annualized dividend and a dividend yield of 1.50%. Broadridge Financial Solutions's dividend payout ratio is currently 52.93%.

Insider Activity

In other news, insider Douglas Richard Deschutter sold 5,056 shares of the company's stock in a transaction 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 in the company, valued at $5,070,554.85. This represents a 19.28% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, Director Pamela L. Carter sold 4,829 shares of the company's stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $242.23, for a total value of $1,169,728.67. Following the sale, the director owned 7,242 shares of the company's stock, valued at approximately $1,754,229.66. The trade was a 40.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 18,116 shares of company stock worth $4,352,298. 1.30% of the stock is owned by corporate insiders.

Analyst Ratings Changes

Several research firms have recently commented on BR. Wall Street Zen upgraded Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. Royal Bank Of Canada restated an "outperform" rating and issued a $259.00 target price on shares of Broadridge Financial Solutions in a report on Monday, May 19th. Finally, Needham & Company LLC assumed coverage on Broadridge Financial Solutions in a research report on Tuesday, May 6th. They set a "buy" rating and a $300.00 target price on the stock. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $250.83.

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.