Millennium Management LLC Sells 254,296 Shares of Broadridge Financial Solutions, Inc. $BR

Key Points

• Millennium Management LLC sold 254,296 shares of Broadridge Financial Solutions, reducing its stake by 66.3%, leaving it with 129,466 shares valued at approximately $31.39 million.
• CEO Timothy C. Gokey and President Christopher John Perry recently sold shares, with Gokey's sale marking a 33.8% decrease in his holding.
• Broadridge announced a dividend increase to $0.975 per share, up from $0.88, with a scheduled payout on October 2nd, yielding about 1.6% annually.

Millennium Management LLC cut its stake in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 66.3% in the first quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 129,466 shares of the business services provider's stock after selling 254,296 shares during the period. Millennium Management LLC owned 0.11% of Broadridge Financial Solutions worth $31,390,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also bought and sold shares of the company. Golden State Wealth Management LLC purchased a new position in shares of Broadridge Financial Solutions during the 1st quarter valued at approximately $29,000. Whipplewood Advisors LLC grew its holdings in shares of Broadridge Financial Solutions by 2,620.0% in the first quarter. Whipplewood Advisors LLC now owns 136 shares of the business services provider's stock valued at $33,000 after purchasing an additional 131 shares during the period. Continuum Advisory LLC boosted its stake in Broadridge Financial Solutions by 48.4% during the first quarter. Continuum Advisory LLC now owns 141 shares of the business services provider's stock worth $34,000 after buying an additional 46 shares during the period. Clal Insurance Enterprises Holdings Ltd lifted its position in shares of Broadridge Financial Solutions by 450.0% during the first quarter. Clal Insurance Enterprises Holdings Ltd now owns 143 shares of the business services provider's stock worth $35,000 after purchasing an additional 117 shares in the last quarter. Finally, Olde Wealth Management LLC acquired a new stake in shares of Broadridge Financial Solutions during the first quarter worth about $36,000. 90.03% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, President Christopher John Perry sold 7,036 shares of the firm's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $262.72, for a total transaction of $1,848,497.92. Following the sale, the president owned 48,813 shares of the company's stock, valued at $12,824,151.36. This trade represents a 12.60% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Timothy C. Gokey sold 84,571 shares of Broadridge Financial Solutions stock in a transaction dated Thursday, August 14th. The stock was sold at an average price of $259.53, for a total value of $21,948,711.63. Following the transaction, the chief executive officer directly owned 165,634 shares in the company, valued at $42,986,992.02. The trade was a 33.80% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 147,532 shares of company stock worth $38,417,208. Corporate insiders own 1.30% of the company's stock.

Analysts Set New Price Targets

A number of equities analysts have recently issued reports on the stock. Morgan Stanley raised their target price on shares of Broadridge Financial Solutions from $222.00 to $261.00 and gave the stock an "equal weight" rating in a research report on Wednesday, August 6th. Needham & Company LLC lifted their price objective on Broadridge Financial Solutions from $300.00 to $305.00 and gave the stock a "buy" rating in a research report on Wednesday, August 6th. Royal Bank Of Canada reiterated an "outperform" rating and set a $259.00 target price on shares of Broadridge Financial Solutions in a report on Monday, May 19th. Finally, UBS Group boosted their price target on Broadridge Financial Solutions from $250.00 to $280.00 and gave the stock a "neutral" rating in a research report on Friday, August 8th. Two research analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company's stock. Based on data from MarketBeat.com, Broadridge Financial Solutions presently has a consensus rating of "Hold" and a consensus target price of $261.50.

Broadridge Financial Solutions Trading Down 1.1%

NYSE BR traded down $2.81 on Friday, reaching $252.01. The company had a trading volume of 547,705 shares, compared to its average volume of 618,070. Broadridge Financial Solutions, Inc. has a 52 week low of $207.21 and a 52 week high of $271.91. The stock's 50 day moving average is $251.65 and its 200-day moving average is $242.06. The stock has a market cap of $29.52 billion, a price-to-earnings ratio of 35.54 and a beta of 0.96. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.04.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The business services provider reported $3.55 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.51 by $0.04. The company had revenue of $2.07 billion during the quarter, compared to the consensus estimate of $2.06 billion. Broadridge Financial Solutions had a return on equity of 42.72% and a net margin of 12.19%.The company's revenue for the quarter was up 6.2% compared to the same quarter last year. During the same period in the prior year, the company earned $3.50 earnings per share. Broadridge Financial Solutions has set its FY 2026 guidance at 9.230-9.580 EPS. Equities analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Stockholders of record on Thursday, September 11th will be paid a dividend of $0.975 per share. This represents a $3.90 dividend on an annualized basis and a dividend yield of 1.5%. This is an increase from Broadridge Financial Solutions's previous quarterly dividend of $0.88. The ex-dividend date is Thursday, September 11th. Broadridge Financial Solutions's dividend payout ratio is 55.01%.

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.