Coronation Fund Managers Ltd. Has $40.35 Million Stock Position in LPL Financial Holdings Inc. (NASDAQ:LPLA)

Key Points

• Coronation Fund Managers Ltd. reduced its stake in LPL Financial Holdings Inc. by 34%, holding 123,333 shares valued at approximately $40.35 million as of the latest SEC filing.
• Several other institutional investors increased their holdings in LPL Financial, with Bank of Montreal Can raising its investment by 46.9% in Q4, further reflecting strong interest in the financial services firm.
• LPL Financial reported better-than-expected earnings of $4.51 per share for Q2, surpassing analysts' estimates and reflecting a 30.8% year-over-year revenue growth, indicating strong financial performance.

Coronation Fund Managers Ltd. lowered its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA - Free Report) by 34.0% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 123,333 shares of the financial services provider's stock after selling 63,675 shares during the period. LPL Financial makes up approximately 2.2% of Coronation Fund Managers Ltd.'s holdings, making the stock its 18th biggest position. Coronation Fund Managers Ltd. owned about 0.16% of LPL Financial worth $40,347,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in shares of LPL Financial by 2.1% during the 1st quarter. Vanguard Group Inc. now owns 7,372,857 shares of the financial services provider's stock worth $2,411,956,000 after purchasing an additional 154,200 shares during the last quarter. Janus Henderson Group PLC lifted its position in shares of LPL Financial by 20.6% during the 4th quarter. Janus Henderson Group PLC now owns 3,050,529 shares of the financial services provider's stock worth $996,032,000 after purchasing an additional 522,032 shares during the last quarter. Kayne Anderson Rudnick Investment Management LLC lifted its position in shares of LPL Financial by 2.2% during the 4th quarter. Kayne Anderson Rudnick Investment Management LLC now owns 2,660,736 shares of the financial services provider's stock worth $868,757,000 after purchasing an additional 57,485 shares during the last quarter. Massachusetts Financial Services Co. MA increased its stake in LPL Financial by 35.9% during the first quarter. Massachusetts Financial Services Co. MA now owns 1,516,060 shares of the financial services provider's stock valued at $495,964,000 after acquiring an additional 400,352 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in LPL Financial by 8.8% during the first quarter. JPMorgan Chase & Co. now owns 1,304,780 shares of the financial services provider's stock valued at $426,846,000 after acquiring an additional 105,665 shares during the period. Institutional investors and hedge funds own 95.66% of the company's stock.

Insider Transactions at LPL Financial

In other LPL Financial news, Director Greg Gates sold 1,500 shares of the company's stock in a transaction on Tuesday, August 5th. The stock was sold at an average price of $374.05, for a total transaction of $561,075.00. Following the transaction, the director owned 19,120 shares of the company's stock, valued at approximately $7,151,836. This represents a 7.27% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 0.70% of the company's stock.

LPL Financial Price Performance

NASDAQ LPLA traded down $17.61 during trading hours on Wednesday, reaching $355.80. 1,544,976 shares of the company's stock were exchanged, compared to its average volume of 819,144. The stock has a market cap of $28.46 billion, a PE ratio of 24.34, a price-to-earnings-growth ratio of 0.87 and a beta of 0.66. LPL Financial Holdings Inc. has a one year low of $202.20 and a one year high of $403.58. The firm has a fifty day moving average of $377.18 and a 200-day moving average of $356.00. The company has a current ratio of 3.22, a quick ratio of 3.22 and a debt-to-equity ratio of 1.41.

LPL Financial (NASDAQ:LPLA - Get Free Report) last released its quarterly earnings results on Thursday, July 31st. The financial services provider reported $4.51 EPS for the quarter, topping analysts' consensus estimates of $4.21 by $0.30. The business had revenue of $3.84 billion for the quarter, compared to analyst estimates of $3.77 billion. LPL Financial had a return on equity of 39.80% and a net margin of 7.91%. LPL Financial's revenue for the quarter was up 30.8% on a year-over-year basis. During the same period in the prior year, the company earned $3.88 EPS. On average, equities research analysts predict that LPL Financial Holdings Inc. will post 19.35 earnings per share for the current fiscal year.

LPL Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, August 29th. Shareholders of record on Friday, August 15th will be issued a dividend of $0.30 per share. The ex-dividend date of this dividend is Friday, August 15th. This represents a $1.20 annualized dividend and a yield of 0.3%. LPL Financial's dividend payout ratio is currently 8.21%.

Analysts Set New Price Targets

LPLA has been the topic of several research reports. TD Cowen lowered LPL Financial from a "strong-buy" rating to a "hold" rating and lowered their price target for the company from $406.00 to $403.00 in a research note on Wednesday, July 9th. JMP Securities boosted their price target on LPL Financial from $420.00 to $440.00 and gave the company a "market outperform" rating in a research note on Friday, May 9th. Barclays boosted their price target on LPL Financial from $460.00 to $463.00 and gave the company an "overweight" rating in a research note on Friday, August 1st. Keefe, Bruyette & Woods boosted their price target on LPL Financial from $425.00 to $435.00 and gave the company an "outperform" rating in a research note on Monday, August 4th. Finally, Redburn Atlantic upgraded LPL Financial from a "neutral" rating to a "buy" rating and boosted their price target for the company from $420.00 to $460.00 in a research note on Monday, June 9th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and an average price target of $383.58.

About LPL Financial

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.