Prudential PLC Sells 1,241 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• Prudential PLC has reduced its stake in Broadridge Financial Solutions by 2.5%, selling 1,241 shares and now holding 48,502 shares worth approximately $11.76 million.
• Broadridge Financial Solutions recently announced an increase in its quarterly dividend from $0.88 to $0.975 per share, resulting in a dividend yield of 1.5%.
• Institutional investors hold a significant majority of Broadridge's stock, with 90.03% ownership, reflecting strong institutional confidence in the company.

Prudential PLC cut its position in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 2.5% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 48,502 shares of the business services provider's stock after selling 1,241 shares during the quarter. Prudential PLC's holdings in Broadridge Financial Solutions were worth $11,760,000 at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the company. D.A. Davidson & CO. purchased a new position in Broadridge Financial Solutions during the first quarter worth about $217,000. CWA Asset Management Group LLC grew its position in Broadridge Financial Solutions by 6.8% during the first quarter. CWA Asset Management Group LLC now owns 1,370 shares of the business services provider's stock worth $332,000 after buying an additional 87 shares in the last quarter. Golden State Wealth Management LLC purchased a new position in Broadridge Financial Solutions during the first quarter worth about $29,000. Sequoia Financial Advisors LLC grew its position in Broadridge Financial Solutions by 9.6% during the first quarter. Sequoia Financial Advisors LLC now owns 1,153 shares of the business services provider's stock worth $279,000 after buying an additional 101 shares in the last quarter. Finally, Exchange Traded Concepts LLC grew its position in Broadridge Financial Solutions by 12.3% during the first quarter. Exchange Traded Concepts LLC now owns 655 shares of the business services provider's stock worth $159,000 after buying an additional 72 shares in the last quarter. 90.03% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

BR has been the subject of several recent analyst reports. Morgan Stanley boosted their target price on 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 boosted their target price 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. Wall Street Zen upgraded Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. UBS Group boosted their target price 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. Finally, Royal Bank Of Canada restated an "outperform" rating and set a $259.00 target price on shares of Broadridge Financial Solutions in a research report on Monday, May 19th. Five research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus target price of $261.50.

Insider Activity at Broadridge Financial Solutions

In related news, insider Douglas Richard Deschutter sold 5,056 shares of the stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $239.55, for a total transaction of $1,211,164.80. Following the completion of the sale, the insider directly owned 21,167 shares in the company, valued at $5,070,554.85. This represents a 19.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Timothy C. Gokey sold 11,000 shares of the stock in a transaction dated Friday, August 15th. The shares were sold at an average price of $259.29, for a total value of $2,852,190.00. Following the sale, the chief executive officer owned 154,634 shares of the company's stock, valued at $40,095,049.86. This represents a 6.64% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 155,299 shares of company stock worth $40,196,503 over the last three months. Corporate insiders own 1.30% of the company's stock.

Broadridge Financial Solutions Price Performance

Shares of BR traded up $1.19 during midday trading on Friday, reaching $260.42. The stock had a trading volume of 803,783 shares, compared to its average volume of 993,782. The company's 50-day moving average is $245.40 and its 200 day moving average is $239.78. Broadridge Financial Solutions, Inc. has a 12-month low of $206.95 and a 12-month high of $271.91. The company has a current ratio of 0.98, a quick ratio of 0.98 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $30.50 billion, a price-to-earnings ratio of 36.73 and a beta of 0.94.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The business services provider reported $3.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.51 by $0.04. The firm had revenue of $2.07 billion during the quarter, compared to analysts' expectations 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 business earned $3.50 EPS. On average, equities analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 EPS for the current fiscal year.

Broadridge Financial Solutions Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 2nd. Investors of record on Thursday, September 11th will be issued a dividend of $0.975 per share. The ex-dividend date is Thursday, September 11th. This represents a $3.90 annualized dividend and a yield of 1.5%. This is a boost from Broadridge Financial Solutions's previous quarterly dividend of $0.88. Broadridge Financial Solutions's dividend payout ratio (DPR) is currently 55.01%.

Broadridge Financial Solutions 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.