CI Investments Inc. Sells 896,484 Shares of Brookfield Corporation $BN

Key Points

• CI Investments Inc. cut its Brookfield Corporation stake by 20.7% in the first quarter, selling 896,484 shares and leaving it with 3,429,556 shares valued at about $138.8 million.
• Brookfield remains heavily owned by institutional investors, with several large funds increasing positions and institutional ownership totaling 61.6% of the stock.
• The company recently paid a quarterly dividend of $0.07 per share, equal to an annualized yield of about 0.7%, while analysts currently have a consensus rating of Moderate Buy with an average price target of $56.64.

CI Investments Inc. reduced its stake in Brookfield Corporation (NYSE:BN - Free Report) by 20.7% in the first quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 3,429,556 shares of the company's stock after selling 896,484 shares during the quarter. CI Investments Inc. owned approximately 0.14% of Brookfield worth $138,794,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of the stock. Partners Value Investments L.P. boosted its stake in shares of Brookfield by 50.0% in the 4th quarter. Partners Value Investments L.P. now owns 181,405,955 shares of the company's stock worth $8,324,719,000 after buying an additional 60,468,651 shares during the last quarter. Dodge & Cox bought a new stake in Brookfield during the fourth quarter worth $1,894,354,000. Royal Bank of Canada boosted its position in Brookfield by 40.5% in the fourth quarter. Royal Bank of Canada now owns 113,652,306 shares of the company's stock worth $5,215,504,000 after purchasing an additional 32,760,558 shares during the last quarter. Vanguard Group Inc. grew its stake in Brookfield by 52.1% in the 4th quarter. Vanguard Group Inc. now owns 92,103,120 shares of the company's stock valued at $4,228,915,000 after purchasing an additional 31,543,313 shares during the period. Finally, Capital World Investors grew its stake in Brookfield by 45.0% in the 4th quarter. Capital World Investors now owns 99,069,016 shares of the company's stock valued at $4,546,443,000 after purchasing an additional 30,755,354 shares during the period. 61.60% of the stock is currently owned by institutional investors.

Brookfield Stock Performance

Brookfield stock opened at $42.19 on Wednesday. Brookfield Corporation has a fifty-two week low of $37.93 and a fifty-two week high of $49.56. The company has a debt-to-equity ratio of 1.54, a quick ratio of 1.20 and a current ratio of 1.32. The stock has a market cap of $103.40 billion, a P/E ratio of 82.72 and a beta of 1.54. The firm's fifty day moving average price is $44.39 and its 200-day moving average price is $44.43.

Brookfield Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 15th were given a $0.07 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.28 annualized dividend and a yield of 0.7%. Brookfield's payout ratio is presently 54.90%.

Wall Street Analyst Weigh In

A number of research firms have weighed in on BN. JPMorgan Chase & Co. boosted their target price on shares of Brookfield from $60.00 to $62.00 and gave the company an "overweight" rating in a research note on Tuesday, May 12th. National Bank Financial lifted their price objective on shares of Brookfield from $58.00 to $60.00 and gave the company an "outperform" rating in a research note on Friday, May 15th. Scotiabank reissued an "outperform" rating and set a $53.00 target price (up from $48.50) on shares of Brookfield in a report on Friday, May 15th. Weiss Ratings restated a "hold (c)" rating on shares of Brookfield in a research report on Wednesday, June 24th. Finally, TD Securities reaffirmed a "buy" rating and issued a $60.00 price target on shares of Brookfield in a report on Tuesday, May 19th. One research analyst has rated the stock with a Strong Buy rating, twelve have assigned a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $56.64.

Brookfield Profile

Brookfield Corporation NYSE: BN is a global alternative asset manager that specializes in real assets. The company invests in and operates businesses across real estate, infrastructure, renewable power and energy, private equity and credit. Its activities span both ownership and active management of physical assets as well as the operation of investment funds and vehicles that provide institutional and retail investors access to long‑lived, cash‑generating assets.

Brookfield's services include asset management, direct investing, property development and the operation of infrastructure and energy businesses.

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