Brookfield Corporation (NYSE:BN) Shares Sold by Mackenzie Financial Corp

Key Points

• Mackenzie Financial Corp reduced its holdings in Brookfield Corporation by 4.0%, selling 670,187 shares to own approximately 16 million shares, valued at about $841 million.
• Institutional investors collectively own 61.60% of Brookfield’s shares, with several firms increasing their positions in the company during the recent quarters.
• Brookfield's stock has an average rating of "Moderate Buy" among analysts, with a current target price consensus of $66.13.

Mackenzie Financial Corp cut its stake in Brookfield Corporation (NYSE:BN - Free Report) by 4.0% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,069,343 shares of the company's stock after selling 670,187 shares during the quarter. Brookfield comprises about 1.2% of Mackenzie Financial Corp's portfolio, making the stock its 14th biggest position. Mackenzie Financial Corp owned approximately 0.98% of Brookfield worth $840,961,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Capital World Investors grew its holdings in shares of Brookfield by 3.1% during the fourth quarter. Capital World Investors now owns 59,020,303 shares of the company's stock valued at $3,390,786,000 after buying an additional 1,782,034 shares during the last quarter. TD Asset Management Inc boosted its stake in shares of Brookfield by 1.5% during the 1st quarter. TD Asset Management Inc now owns 24,584,311 shares of the company's stock worth $1,286,395,000 after acquiring an additional 354,171 shares in the last quarter. FIL Ltd increased its position in shares of Brookfield by 8.8% in the fourth quarter. FIL Ltd now owns 20,354,516 shares of the company's stock valued at $1,169,912,000 after buying an additional 1,640,903 shares in the last quarter. The Manufacturers Life Insurance Company lifted its holdings in Brookfield by 1.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 11,866,447 shares of the company's stock valued at $682,497,000 after purchasing an additional 129,735 shares in the last quarter. Finally, Geode Capital Management LLC raised its holdings in shares of Brookfield by 32.0% during the fourth quarter. Geode Capital Management LLC now owns 7,960,098 shares of the company's stock valued at $460,489,000 after acquiring an additional 1,930,218 shares during the last quarter. 61.60% of the stock is owned by hedge funds and other institutional investors.

Brookfield Stock Down 0.6%

Shares of BN traded down $0.43 during midday trading on Thursday, reaching $67.04. The stock had a trading volume of 1,659,412 shares, compared to its average volume of 2,641,810. The company has a market cap of $110.53 billion, a price-to-earnings ratio of 239.43 and a beta of 1.66. The company's fifty day simple moving average is $61.66 and its two-hundred day simple moving average is $57.38. Brookfield Corporation has a 1-year low of $42.21 and a 1-year high of $68.75. The company has a debt-to-equity ratio of 1.49, a current ratio of 1.30 and a quick ratio of 1.18.

Brookfield (NYSE:BN - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.98 EPS for the quarter, beating the consensus estimate of $0.90 by $0.08. The company had revenue of $1.37 billion for the quarter, compared to analyst estimates of $1.36 billion. Brookfield had a net margin of 0.76% and a return on equity of 4.20%. Equities research analysts expect that Brookfield Corporation will post 3.85 earnings per share for the current year.

Brookfield Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 13th were given a $0.09 dividend. The ex-dividend date was Friday, June 13th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 0.54%. Brookfield's dividend payout ratio (DPR) is presently 128.57%.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on the stock. Scotiabank restated an "outperform" rating and set a $75.00 price target (up from $69.00) on shares of Brookfield in a research report on Wednesday. National Bankshares set a $82.00 price target on shares of Brookfield and gave the company an "outperform" rating in a research note on Tuesday. Wall Street Zen cut shares of Brookfield from a "hold" rating to a "sell" rating in a research report on Saturday, July 12th. JPMorgan Chase & Co. dropped their target price on shares of Brookfield from $66.00 to $65.00 and set an "overweight" rating for the company in a report on Thursday, April 17th. Finally, CIBC decreased their price target on Brookfield from $74.00 to $72.00 and set an "outperformer" rating on the stock in a research note on Friday, May 9th. One analyst has rated the stock with a sell rating, one has issued a hold rating, seven have issued a buy rating and one has given a strong buy rating to the company's stock. Based on data from MarketBeat, Brookfield currently has a consensus rating of "Moderate Buy" and an average target price of $70.00.

Brookfield Profile

Brookfield Corporation is an alternative asset manager and REIT/Real Estate Investment Manager firm focuses on real estate, renewable power, infrastructure and venture capital and private equity assets. It manages a range of public and private investment products and services for institutional and retail clients.