Royal Bank of Canada Increases Stock Position in Brookfield Business Partners L.P. (NYSE:BBU)

Royal Bank of Canada raised its stake in shares of Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 0.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 7,718,131 shares of the business services provider's stock after acquiring an additional 64,007 shares during the period. Royal Bank of Canada owned approximately 10.39% of Brookfield Business Partners worth $180,759,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Intact Investment Management Inc. grew its stake in shares of Brookfield Business Partners by 52.6% in the fourth quarter. Intact Investment Management Inc. now owns 2,900 shares of the business services provider's stock valued at $68,000 after buying an additional 1,000 shares in the last quarter. BBR Partners LLC purchased a new position in Brookfield Business Partners during the 4th quarter valued at about $241,000. Bank of New York Mellon Corp grew its position in Brookfield Business Partners by 8.9% in the 4th quarter. Bank of New York Mellon Corp now owns 17,724 shares of the business services provider's stock valued at $415,000 after acquiring an additional 1,448 shares in the last quarter. Gold Investment Management Ltd. increased its stake in Brookfield Business Partners by 3.2% during the fourth quarter. Gold Investment Management Ltd. now owns 32,518 shares of the business services provider's stock worth $767,000 after purchasing an additional 1,017 shares during the period. Finally, The Manufacturers Life Insurance Company increased its stake in Brookfield Business Partners by 2.8% during the fourth quarter. The Manufacturers Life Insurance Company now owns 41,794 shares of the business services provider's stock worth $987,000 after purchasing an additional 1,146 shares during the period. Hedge funds and other institutional investors own 85.04% of the company's stock.

Brookfield Business Partners Stock Down 1.1%

Shares of BBU stock traded down $0.28 during trading hours on Wednesday, reaching $24.77. 22,513 shares of the stock were exchanged, compared to its average volume of 15,771. The business's fifty day moving average is $22.41 and its two-hundred day moving average is $23.19. The firm has a market capitalization of $2.21 billion, a P/E ratio of -50.55 and a beta of 1.28. Brookfield Business Partners L.P. has a 12-month low of $16.85 and a 12-month high of $26.75. The company has a debt-to-equity ratio of 2.12, a current ratio of 0.50 and a quick ratio of 0.39.

Brookfield Business Partners Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, May 30th will be given a dividend of $0.0625 per share. This represents a $0.25 annualized dividend and a dividend yield of 1.01%. The ex-dividend date is Friday, May 30th. Brookfield Business Partners's dividend payout ratio (DPR) is presently -73.53%.

Analyst Upgrades and Downgrades

Several research analysts have recently commented on the stock. National Bankshares lowered their price objective on shares of Brookfield Business Partners from $36.00 to $32.00 and set an "outperform" rating for the company in a research note on Wednesday, April 30th. Royal Bank of Canada reduced their target price on shares of Brookfield Business Partners from $32.00 to $30.00 and set an "outperform" rating on the stock in a report on Monday, February 3rd. CIBC dropped their price target on shares of Brookfield Business Partners from $34.00 to $30.00 and set an "outperformer" rating for the company in a research note on Monday, April 28th. Finally, Scotiabank cut their price objective on Brookfield Business Partners from $33.00 to $29.00 and set a "sector outperform" rating on the stock in a research report on Thursday, April 24th. Four research analysts have rated the stock with a buy rating, According to data from MarketBeat, the company has an average rating of "Buy" and an average price target of $31.00.

Brookfield Business Partners Profile

Brookfield Business Partners L.P. is a private equity firm specializing in acquisition. The firm typically invests in business services, infrastructure services, construction, energy, and industrials sector. It prefers to take majority stake in companies. The firm seeks returns of at least 15% on its investments.