The Manufacturers Life Insurance Company Grows Position in BRP Inc. $DOO

Key Points

• The Manufacturers Life Insurance Company increased its BRP stake by 2.2% in the second quarter, bringing its holdings to 1.08 million shares worth approximately $65.7 million, or 1.47% of the company.
• BRP shares opened at $60.99, with the stock valued at $4.47 billion and trading between a 52-week range of $48.83 and $81.89. The company also declared a quarterly dividend of $0.25 per share, representing a 1.6% yield.
• Analyst sentiment is generally positive: BRP has a “Moderate Buy” consensus rating and an average price target of $84.00, despite some analysts maintaining hold ratings or lowering their targets.

The Manufacturers Life Insurance Company grew its holdings in BRP Inc. (NASDAQ:DOO - Free Report) by 2.2% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,078,181 shares of the company's stock after buying an additional 23,055 shares during the period. The Manufacturers Life Insurance Company owned 1.47% of BRP worth $65,728,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Quarry LP acquired a new position in BRP during the fourth quarter worth about $30,000. Caitong International Asset Management Co. Ltd grew its stake in BRP by 4,070.6% during the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 709 shares of the company's stock valued at $43,000 after acquiring an additional 692 shares in the last quarter. Nykredit A S acquired a new stake in BRP in the 2nd quarter valued at about $61,000. NewEdge Advisors LLC acquired a new stake in BRP in the 2nd quarter valued at about $79,000. Finally, Quadrant Capital Group LLC purchased a new position in BRP in the 4th quarter worth approximately $89,000.

BRP Stock Up 0.5%

Shares of NASDAQ DOO opened at $60.99 on Friday. The company has a market capitalization of $4.47 billion, a P/E ratio of 55.45 and a beta of 0.88. The company has a debt-to-equity ratio of 7.31, a current ratio of 1.19 and a quick ratio of 0.52. The company has a 50 day simple moving average of $62.47 and a 200-day simple moving average of $62.60. BRP Inc. has a 1 year low of $48.83 and a 1 year high of $81.89.

BRP Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 13th. Investors of record on Tuesday, September 29th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.6%. The ex-dividend date is Tuesday, September 29th. BRP's dividend payout ratio is presently 65.45%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on DOO. National Bank Financial upgraded BRP from a "sector perform" rating to an "outperform" rating in a report on Thursday, September 3rd. TD Securities raised BRP from a "hold" rating to a "buy" rating in a report on Tuesday, August 18th. UBS Group reduced their price objective on BRP from $78.00 to $68.00 and set a "neutral" rating on the stock in a research report on Friday, June 5th. Zacks Research raised BRP from a "hold" rating to a "strong-buy" rating in a research note on Wednesday. Finally, Weiss Ratings cut BRP from a "hold (c)" rating to a "hold (c-)" rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $84.00.

BRP Profile

BRP Inc is a Canadian manufacturer of powersports and recreational products. The company develops, manufactures, distributes and sells vehicles and related products through a portfolio of well-known brands, including Ski-Doo snowmobiles, Sea-Doo personal watercraft, Can-Am on-road and off-road vehicles, and Rotax engines and propulsion systems.

BRP also offers marine products through its boat brands, including Alumacraft, Manitou and Quintrex. Its product portfolio is supported by parts, accessories, apparel and other services designed to complement its vehicles and recreational equipment.

The company traces its origins to 1942, when Joseph-Armand Bombardier founded the business that developed the first Ski-Doo snowmobile.

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