Envestnet Portfolio Solutions Inc. Raises Holdings in BellRing Brands Inc. $BRBR

Key Points

• Envestnet Portfolio Solutions Inc. significantly increased its holdings in BellRing Brands Inc. by 1,080.1% during Q2, owning 38,803 shares valued at approximately $2.25 million.
• BellRing Brands initiated a $400 million stock buyback program, indicating that its board believes the stock is undervalued.
• The stock has garnered a consensus rating of "Moderate Buy" from analysts, with an average target price of $64.27.

Envestnet Portfolio Solutions Inc. boosted its holdings in shares of BellRing Brands Inc. (NYSE:BRBR - Free Report) by 1,080.1% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 38,803 shares of the company's stock after buying an additional 35,515 shares during the quarter. Envestnet Portfolio Solutions Inc.'s holdings in BellRing Brands were worth $2,248,000 as of its most recent SEC filing.

Several other institutional investors also recently bought and sold shares of the business. Axiom Investors LLC DE increased its holdings in BellRing Brands by 418.1% during the first quarter. Axiom Investors LLC DE now owns 2,248,924 shares of the company's stock valued at $167,455,000 after buying an additional 1,814,811 shares during the period. Driehaus Capital Management LLC increased its holdings in BellRing Brands by 19.4% during the first quarter. Driehaus Capital Management LLC now owns 1,461,515 shares of the company's stock valued at $108,824,000 after buying an additional 237,475 shares during the period. Junto Capital Management LP purchased a new position in BellRing Brands during the first quarter valued at approximately $97,725,000. Bank of New York Mellon Corp boosted its stake in BellRing Brands by 2.3% in the first quarter. Bank of New York Mellon Corp now owns 1,023,761 shares of the company's stock valued at $76,229,000 after acquiring an additional 23,299 shares in the last quarter. Finally, Nuveen LLC acquired a new stake in BellRing Brands in the first quarter valued at approximately $71,004,000. 94.97% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Darcy Horn Davenport sold 1,600 shares of the firm's stock in a transaction on Friday, August 1st. The shares were sold at an average price of $54.18, for a total transaction of $86,688.00. Following the completion of the transaction, the chief executive officer owned 193,978 shares of the company's stock, valued at $10,509,728.04. This trade represents a 0.82% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Craig L. Rosenthal bought 2,600 shares of BellRing Brands stock in a transaction that occurred on Wednesday, August 6th. The shares were acquired at an average cost of $37.29 per share, with a total value of $96,954.00. Following the acquisition, the insider owned 33,475 shares of the company's stock, valued at $1,248,282.75. The trade was a 8.42% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders acquired a total of 6,616 shares of company stock valued at $65,995,248 over the last 90 days. Insiders own 1.07% of the company's stock.

BellRing Brands Trading Down 3.6%

NYSE:BRBR opened at $33.26 on Friday. BellRing Brands Inc. has a 12 month low of $32.94 and a 12 month high of $80.67. The firm has a fifty day simple moving average of $37.62 and a 200-day simple moving average of $54.38. The company has a market capitalization of $4.19 billion, a P/E ratio of 19.01, a PEG ratio of 1.68 and a beta of 0.75.

BellRing Brands (NYSE:BRBR - Get Free Report) last issued its earnings results on Monday, February 28th. The company reported $0.22 earnings per share (EPS) for the quarter. BellRing Brands had a net margin of 10.26% and a negative return on equity of 123.43%. The firm had revenue of $282.40 million during the quarter. Equities analysts forecast that BellRing Brands Inc. will post 2.23 EPS for the current year.

BellRing Brands declared that its Board of Directors has initiated a stock buyback program on Tuesday, September 2nd that allows the company to buyback $400.00 million in shares. This buyback authorization allows the company to reacquire up to 7.7% of its shares through open market purchases. Shares buyback programs are usually an indication that the company's board of directors believes its stock is undervalued.

Wall Street Analysts Forecast Growth

BRBR has been the subject of several recent analyst reports. Weiss Ratings restated a "hold (c)" rating on shares of BellRing Brands in a research note on Wednesday, October 8th. Zacks Research downgraded shares of BellRing Brands from a "hold" rating to a "strong sell" rating in a research note on Wednesday, October 1st. Jefferies Financial Group raised their target price on shares of BellRing Brands from $80.00 to $82.00 and gave the company a "buy" rating in a research note on Wednesday, July 23rd. JPMorgan Chase & Co. lowered their price objective on shares of BellRing Brands from $52.00 to $45.00 and set an "overweight" rating for the company in a research note on Thursday, October 9th. Finally, Evercore ISI lowered their price objective on shares of BellRing Brands from $82.00 to $64.00 and set an "outperform" rating for the company in a research note on Wednesday, August 6th. Thirteen equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $64.27.

BellRing Brands Company Profile

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.

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