Broadridge Financial Solutions, Inc. (NYSE:BR) Holdings Trimmed by TD Asset Management Inc

Key Points

• TD Asset Management Inc has reduced its holdings in Broadridge Financial Solutions by 5.8%, owning approximately 0.20% of the company worth $56 million after selling 14,324 shares.
• Several institutional investors have recently increased or initiated stakes in Broadridge, indicating strong interest, as institutional ownership now exceeds 90%.
• Broadridge Financial Solutions announced a quarterly dividend of $0.88 per share, representing an annualized yield of 1.39%, and had a reported Q1 EPS of $2.44, exceeding analyst expectations.

TD Asset Management Inc lessened its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 5.8% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 231,043 shares of the business services provider's stock after selling 14,324 shares during the quarter. TD Asset Management Inc owned about 0.20% of Broadridge Financial Solutions worth $56,019,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently added to or reduced their stakes in BR. HB Wealth Management LLC raised its holdings in Broadridge Financial Solutions by 76.1% during the first quarter. HB Wealth Management LLC now owns 5,206 shares of the business services provider's stock worth $1,262,000 after purchasing an additional 2,249 shares in the last quarter. First Heartland Consultants Inc. grew its position in Broadridge Financial Solutions by 5.2% in the 1st quarter. First Heartland Consultants Inc. now owns 1,987 shares of the business services provider's stock valued at $482,000 after buying an additional 98 shares during the last quarter. Caliber Wealth Management LLC KS purchased a new stake in shares of Broadridge Financial Solutions during the 1st quarter worth $359,000. Cetera Investment Advisers boosted its position in shares of Broadridge Financial Solutions by 10.7% during the 1st quarter. Cetera Investment Advisers now owns 31,322 shares of the business services provider's stock worth $7,594,000 after purchasing an additional 3,037 shares in the last quarter. Finally, Avantax Advisory Services Inc. boosted its position in shares of Broadridge Financial Solutions by 3.7% during the 1st quarter. Avantax Advisory Services Inc. now owns 11,627 shares of the business services provider's stock worth $2,819,000 after purchasing an additional 416 shares in the last quarter. Institutional investors and hedge funds own 90.03% of the company's stock.

Insider Activity at Broadridge Financial Solutions

In related news, Director Maura A. Markus sold 3,556 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $243.08, for a total transaction of $864,392.48. Following the transaction, the director directly owned 30,892 shares in the company, valued at $7,509,227.36. This trade represents a 10.32% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Hope M. Jarkowski sold 1,068 shares of the firm's stock in a transaction on Wednesday, May 7th. The stock was sold at an average price of $235.22, for a total value of $251,214.96. Following the transaction, the insider owned 1,070 shares in the company, valued at $251,685.40. This trade represents a 49.95% 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 worth $4,352,298. 1.30% of the stock is currently owned by insiders.

Broadridge Financial Solutions Trading Down 0.5%

BR traded down $1.15 on Monday, reaching $252.54. 2,012,707 shares of the company's stock were exchanged, compared to its average volume of 626,953. The company has a market cap of $29.66 billion, a price-to-earnings ratio of 37.98 and a beta of 0.94. Broadridge Financial Solutions, Inc. has a twelve month low of $206.29 and a twelve month high of $257.65. The company's 50 day moving average is $240.80 and its 200-day moving average is $237.44. The company has a debt-to-equity ratio of 1.44, a quick ratio of 1.32 and a current ratio of 1.32.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last released its quarterly earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share for the quarter, topping analysts' consensus estimates of $2.41 by $0.03. The firm had revenue of $1.81 billion during 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%. Broadridge Financial Solutions's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.23 EPS. Equities analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Wednesday, July 2nd. Stockholders of record on Thursday, June 12th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.39%. The ex-dividend date of this dividend was Thursday, June 12th. Broadridge Financial Solutions's dividend payout ratio (DPR) is currently 52.93%.

Analysts Set New Price Targets

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