Royal Bank of Canada Has $179.97 Million Stock Position in Brookfield Business Partners L.P. $BBU

Key Points

• Royal Bank of Canada reduced its holdings in Brookfield Business Partners by 0.6%, now owning approximately 8.58% of the company, valued at around $180 million.
• Several hedge funds, including AGF Management Ltd. and Gold Investment Management Ltd., have increased their positions in Brookfield Business Partners during the first quarter of 2023.
• Brookfield Business Partners announced a quarterly dividend of $0.0625 per share, with a payout ratio of -192.31%, reflecting its ongoing financial maneuvering.

Royal Bank of Canada reduced its holdings in Brookfield Business Partners L.P. (NYSE:BBU - Free Report) by 0.6% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 7,671,149 shares of the business services provider's stock after selling 46,982 shares during the quarter. Royal Bank of Canada owned 8.58% of Brookfield Business Partners worth $179,965,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. The Manufacturers Life Insurance Company increased its holdings in shares of Brookfield Business Partners by 2.8% in the fourth quarter. The Manufacturers Life Insurance Company now owns 41,794 shares of the business services provider's stock worth $987,000 after acquiring an additional 1,146 shares in the last quarter. Triasima Portfolio Management inc. bought a new position in shares of Brookfield Business Partners during the first quarter worth about $3,997,000. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp grew its holdings in shares of Brookfield Business Partners by 2.3% during the fourth quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 791,887 shares of the business services provider's stock worth $18,651,000 after buying an additional 17,912 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Brookfield Business Partners by 11.7% during the first quarter. Bank of New York Mellon Corp now owns 19,802 shares of the business services provider's stock worth $465,000 after buying an additional 2,078 shares in the last quarter. Finally, TD Asset Management Inc grew its holdings in shares of Brookfield Business Partners by 2.7% during the first quarter. TD Asset Management Inc now owns 154,820 shares of the business services provider's stock worth $3,625,000 after buying an additional 4,032 shares in the last quarter. 85.04% of the stock is currently owned by institutional investors.

Brookfield Business Partners Stock Performance

NYSE:BBU traded up $0.00 on Friday, hitting $27.32. The company's stock had a trading volume of 22,782 shares, compared to its average volume of 26,689. The company has a current ratio of 1.67, a quick ratio of 1.36 and a debt-to-equity ratio of 2.90. The stock has a fifty day moving average of $25.99 and a two-hundred day moving average of $24.35. The firm has a market capitalization of $2.43 billion, a P/E ratio of -210.16 and a beta of 1.34. Brookfield Business Partners L.P. has a one year low of $18.63 and a one year high of $28.28.

Brookfield Business Partners Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Friday, August 29th will be paid a $0.0625 dividend. The ex-dividend date is Friday, August 29th. This represents a $0.25 annualized dividend and a yield of 0.9%. Brookfield Business Partners's dividend payout ratio is currently -192.31%.

Analyst Ratings Changes

A number of research firms recently issued reports on BBU. Wall Street Zen downgraded Brookfield Business Partners from a "buy" rating to a "hold" rating in a report on Saturday, July 26th. Scotiabank reduced their price target on Brookfield Business Partners from $31.00 to $30.00 and set an "outperform" rating for the company in a research report on Tuesday, August 5th. Royal Bank Of Canada increased their price target on Brookfield Business Partners from $33.00 to $35.00 and gave the company an "outperform" rating in a research report on Tuesday, August 5th. Finally, Desjardins increased their price target on Brookfield Business Partners from $31.00 to $34.00 and gave the company a "buy" rating in a research report on Tuesday, August 5th. Five investment analysts have rated the stock with a Buy rating, According to MarketBeat.com, the stock has an average rating of "Buy" and a consensus price target of $32.50.

Brookfield Business Partners Company 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.