Cardinal Point Capital Management ULC Makes New Investment in Brookfield Renewable Corporation $BEPC

Key Points

• Cardinal Point Capital Management ULC has invested approximately $247,000 by purchasing 6,788 shares of Brookfield Renewable Corporation in Q2, highlighted in their recent SEC 13F filing.
• Brookfield Renewable has announced a quarterly dividend of $0.373 per share, which equates to an annual yield of 3.7%, despite a payout ratio of -167.42%.
• Brokerages have mixed sentiments on Brookfield Renewable's stock; JPMorgan Chase & Co. raised their price target to $44, while Weiss Ratings has reiterated a "sell" rating.

Cardinal Point Capital Management ULC bought a new position in shares of Brookfield Renewable Corporation (NYSE:BEPC - Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 6,788 shares of the company's stock, valued at approximately $247,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Brookfield Renewable by 2.4% during the first quarter. Vanguard Group Inc. now owns 5,717,397 shares of the company's stock worth $159,596,000 after acquiring an additional 135,776 shares during the last quarter. Parnassus Investments LLC raised its position in Brookfield Renewable by 24.2% during the first quarter. Parnassus Investments LLC now owns 4,855,793 shares of the company's stock worth $135,574,000 after acquiring an additional 945,297 shares during the last quarter. Principal Financial Group Inc. raised its position in Brookfield Renewable by 6.0% during the first quarter. Principal Financial Group Inc. now owns 4,430,978 shares of the company's stock worth $123,713,000 after acquiring an additional 251,310 shares during the last quarter. Robeco Schweiz AG grew its holdings in shares of Brookfield Renewable by 1.7% during the first quarter. Robeco Schweiz AG now owns 2,048,008 shares of the company's stock worth $57,180,000 after buying an additional 35,008 shares in the last quarter. Finally, Baird Financial Group Inc. grew its holdings in shares of Brookfield Renewable by 4.7% during the first quarter. Baird Financial Group Inc. now owns 2,022,268 shares of the company's stock worth $56,462,000 after buying an additional 91,367 shares in the last quarter. Institutional investors and hedge funds own 75.12% of the company's stock.

Brookfield Renewable Trading Up 2.6%

NYSE BEPC opened at $40.61 on Friday. The company's fifty day simple moving average is $35.64 and its 200-day simple moving average is $32.74. Brookfield Renewable Corporation has a 52 week low of $23.73 and a 52 week high of $41.73. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 1.19. The stock has a market cap of $5.88 billion, a P/E ratio of -45.63 and a beta of 1.21.

Brookfield Renewable Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Friday, August 29th were given a dividend of $0.373 per share. This represents a $1.49 dividend on an annualized basis and a dividend yield of 3.7%. The ex-dividend date of this dividend was Friday, August 29th. Brookfield Renewable's payout ratio is presently -167.42%.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on BEPC. Weiss Ratings reiterated a "sell (d)" rating on shares of Brookfield Renewable in a report on Friday. Barclays lifted their price target on shares of Brookfield Renewable from $31.00 to $35.00 and gave the stock an "equal weight" rating in a report on Wednesday. JPMorgan Chase & Co. lifted their price target on shares of Brookfield Renewable from $41.00 to $44.00 and gave the stock an "overweight" rating in a report on Thursday, October 16th. Finally, Morgan Stanley boosted their price objective on shares of Brookfield Renewable from $38.00 to $39.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 26th. Three equities research analysts have rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, Brookfield Renewable presently has a consensus rating of "Hold" and a consensus price target of $37.50.

Brookfield Renewable Company Profile

Brookfield Renewable Corporation owns and operates a portfolio of renewable power and sustainable solution assets primarily in the United States, Europe, Colombia, and Brazil. It operates hydroelectric, wind, solar, and distributed energy and sustainable solutions with an installed capacity of approximately 19,161 megawatts.

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