Mackenzie Financial Corp Decreases Position in Brookfield Corporation $BN

Key Points

• Mackenzie Financial Corp trimmed its stake in Brookfield (NYSE:BN) by 1.2% in Q3, selling 190,207 shares and ending the period with 16,129,049 shares worth $1.106 billion; Brookfield represents about 1.3% of Mackenzie's portfolio and is its 13th largest holding.
• Other institutions boosted exposure—Principal Financial Group now owns 50,849,914 shares ($3.49B) and Citigroup raised its stake 49.5% to 667,613 shares—while overall institutional and hedge fund ownership stands at about 61.6%.
• Brookfield beat quarterly EPS estimates ($0.67 vs. $0.61), has a market cap near $102 billion and a high PE (~84.4), and recently raised its quarterly dividend to $0.07 (annualized $0.28, ~0.7% yield) with an ex-dividend date of March 17.

Mackenzie Financial Corp decreased its holdings in Brookfield Corporation (NYSE:BN - Free Report) by 1.2% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,129,049 shares of the company's stock after selling 190,207 shares during the period. Brookfield comprises approximately 1.3% of Mackenzie Financial Corp's portfolio, making the stock its 13th largest position. Mackenzie Financial Corp owned 0.65% of Brookfield worth $1,106,432,000 as of its most recent SEC filing.

Other hedge funds have also modified their holdings of the company. Triasima Portfolio Management inc. increased its stake in shares of Brookfield by 9.0% during the third quarter. Triasima Portfolio Management inc. now owns 288,866 shares of the company's stock worth $19,825,000 after buying an additional 23,923 shares during the period. Citigroup Inc. lifted its stake in Brookfield by 49.5% in the third quarter. Citigroup Inc. now owns 667,613 shares of the company's stock worth $45,817,000 after acquiring an additional 221,078 shares during the last quarter. Principal Financial Group Inc. lifted its stake in Brookfield by 1.6% in the third quarter. Principal Financial Group Inc. now owns 50,849,914 shares of the company's stock worth $3,487,338,000 after acquiring an additional 799,440 shares during the last quarter. Citizens Financial Group Inc. RI grew its holdings in Brookfield by 777.8% during the 3rd quarter. Citizens Financial Group Inc. RI now owns 45,777 shares of the company's stock worth $3,139,000 after acquiring an additional 40,562 shares in the last quarter. Finally, Eldred Rock Partners LLC grew its holdings in Brookfield by 12.0% during the 3rd quarter. Eldred Rock Partners LLC now owns 317,056 shares of the company's stock worth $21,744,000 after acquiring an additional 34,008 shares in the last quarter. 61.60% of the stock is currently owned by institutional investors and hedge funds.

Brookfield Stock Up 1.3%

Shares of NYSE:BN opened at $41.63 on Wednesday. The company has a market capitalization of $101.99 billion, a PE ratio of 84.39 and a beta of 1.58. The company has a current ratio of 1.32, a quick ratio of 1.21 and a debt-to-equity ratio of 1.48. Brookfield Corporation has a twelve month low of $29.07 and a twelve month high of $49.56. The firm has a 50 day simple moving average of $46.01 and a 200-day simple moving average of $45.69.

Brookfield (NYSE:BN - Get Free Report) last issued its earnings results on Thursday, February 12th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.61 by $0.06. The business had revenue of $1.63 billion during the quarter, compared to analysts' expectations of $1.63 billion. Brookfield had a net margin of 1.74% and a return on equity of 3.87%. On average, equities analysts predict that Brookfield Corporation will post 3.85 EPS for the current fiscal year.

Brookfield Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Tuesday, March 17th will be paid a $0.07 dividend. This is a boost from Brookfield's previous quarterly dividend of $0.06. This represents a $0.28 annualized dividend and a yield of 0.7%. The ex-dividend date is Tuesday, March 17th. Brookfield's payout ratio is currently 48.98%.

Analysts Set New Price Targets

A number of equities research analysts have recently weighed in on the stock. Weiss Ratings restated a "hold (c)" rating on shares of Brookfield in a report on Monday, December 29th. BMO Capital Markets boosted their target price on shares of Brookfield from $49.00 to $51.00 and gave the stock an "outperform" rating in a research note on Friday, February 13th. Canadian Imperial Bank of Commerce reissued an "outperform" rating and issued a $52.00 target price (up from $50.67) on shares of Brookfield in a report on Friday, November 14th. Royal Bank Of Canada raised their price target on Brookfield from $49.00 to $51.00 and gave the company an "outperform" rating in a research note on Friday, February 13th. Finally, Keefe, Bruyette & Woods reaffirmed an "outperform" rating on shares of Brookfield in a report on Monday, December 1st. One investment analyst has rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, Brookfield presently has an average rating of "Moderate Buy" and a consensus target price of $54.59.

About Brookfield

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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