LPL Financial LLC Acquires 23,668 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• LPL Financial LLC increased its stake in Broadridge Financial Solutions by 8.5% in the first quarter, bringing its total holdings to 303,204 shares, valued at approximately $73.5 million.
• Insider transactions revealed that executives sold a total of 18,116 shares worth over $4.35 million in the last three months, indicating a significant reduction in their ownership.
• Brokerages have set a consensus price target of $250.83 for Broadridge Financial Solutions, with analysts giving the stock a consensus rating of "Hold" amidst recent updates.

LPL Financial LLC lifted its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 8.5% in the first quarter, according to its most recent filing with the SEC. The firm owned 303,204 shares of the business services provider's stock after acquiring an additional 23,668 shares during the period. LPL Financial LLC owned approximately 0.26% of Broadridge Financial Solutions worth $73,515,000 as of its most recent filing with the SEC.

Several other institutional investors have also made changes to their positions in BR. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Broadridge Financial Solutions by 17.1% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 111,877 shares of the business services provider's stock valued at $27,126,000 after acquiring an additional 16,339 shares during the period. Empirical Finance LLC boosted its position in Broadridge Financial Solutions by 3.1% in the first quarter. Empirical Finance LLC now owns 4,038 shares of the business services provider's stock valued at $979,000 after buying an additional 120 shares in the last quarter. HB Wealth Management LLC grew its stake 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 buying an additional 2,249 shares during the last quarter. First Heartland Consultants Inc. increased its holdings in shares of Broadridge Financial Solutions by 5.2% during the first quarter. First Heartland Consultants Inc. now owns 1,987 shares of the business services provider's stock worth $482,000 after buying an additional 98 shares in the last quarter. Finally, Caliber Wealth Management LLC KS bought a new position in shares of Broadridge Financial Solutions in the first quarter valued at approximately $359,000. 90.03% of the stock is currently owned by institutional investors and hedge funds.

Broadridge Financial Solutions Trading Down 1.2%

NYSE:BR traded down $2.90 on Friday, hitting $244.61. 534,573 shares of the stock were exchanged, compared to its average volume of 756,417. The company's 50-day moving average price is $241.40 and its 200 day moving average price is $237.85. 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, Inc. has a 52 week low of $206.29 and a 52 week high of $257.65. The stock has a market capitalization of $28.73 billion, a price-to-earnings ratio of 36.78 and a beta of 0.94.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The business services provider reported $2.44 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.41 by $0.03. Broadridge Financial Solutions had a net margin of 11.65% and a return on equity of 44.82%. The firm had revenue of $1.81 billion during the quarter, compared to analysts' expectations of $1.86 billion. During the same quarter in the previous year, the company earned $2.23 earnings per share. The business's revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities research analysts forecast 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 declared a quarterly dividend, which was paid on Wednesday, July 2nd. Shareholders of record on Thursday, June 12th were issued a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.4%. The ex-dividend date was Thursday, June 12th. Broadridge Financial Solutions's dividend payout ratio is 52.93%.

Analyst Ratings Changes

A number of equities research analysts recently weighed in on BR shares. Wall Street Zen raised Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a report on Friday, May 9th. Royal Bank Of Canada restated an "outperform" rating and issued a $259.00 target price on shares of Broadridge Financial Solutions in a research note on Monday, May 19th. Finally, Needham & Company LLC assumed coverage on shares of Broadridge Financial Solutions in a research report on Tuesday, May 6th. They set a "buy" rating and a $300.00 price target on the stock. Five research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $250.83.

Insider Activity at Broadridge Financial Solutions

In related news, insider Hope M. Jarkowski sold 1,068 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 1,070 shares in the company, valued at approximately $251,685.40. The trade was a 49.95% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, VP Thomas P. Carey sold 3,607 shares of the firm's stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $237.26, for a total transaction of $855,796.82. Following the sale, the vice president owned 6,077 shares in the company, valued at $1,441,829.02. This trade represents a 37.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 18,116 shares of company stock valued at $4,352,298 over the last 90 days. Insiders own 1.30% of the company's stock.

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.