BRP Inc. (NASDAQ:DOOO) Shares Sold by Vestcor Inc

Key Points

• Vestcor Inc significantly reduced its holdings in BRP Inc. by selling 10,900 shares, a decrease of 83.3%, leaving the fund with 2,190 shares valued at approximately $74,000.
• Several institutional investors increased their stakes in BRP, including Mackenzie Financial Corp, which lifted its holdings by 15.0%, now owning 1.8 million shares worth about $63.6 million.
• BRP recently announced an increase in its quarterly dividend to $0.1557 per share, reflecting a 1.2% dividend yield, despite a negative net margin of 0.55% for the quarter.

Vestcor Inc trimmed its holdings in BRP Inc. (NASDAQ:DOOO - Free Report) by 83.3% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 2,190 shares of the company's stock after selling 10,900 shares during the quarter. Vestcor Inc's holdings in BRP were worth $74,000 as of its most recent SEC filing.

Several other hedge funds also recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its holdings in shares of BRP by 1.7% in the 4th quarter. Vanguard Group Inc. now owns 1,224,330 shares of the company's stock valued at $62,355,000 after buying an additional 19,874 shares in the last quarter. Norges Bank acquired a new position in BRP in the fourth quarter valued at $15,259,000. Alliancebernstein L.P. grew its holdings in shares of BRP by 25.0% during the fourth quarter. Alliancebernstein L.P. now owns 388,568 shares of the company's stock worth $19,766,000 after purchasing an additional 77,699 shares during the last quarter. ExodusPoint Capital Management LP purchased a new stake in shares of BRP in the 4th quarter valued at about $636,000. Finally, Quadrant Capital Group LLC lifted its holdings in shares of BRP by 259.3% in the 4th quarter. Quadrant Capital Group LLC now owns 679 shares of the company's stock valued at $35,000 after purchasing an additional 490 shares during the last quarter.

Analysts Set New Price Targets

Several research analysts have commented on the company. Citigroup reaffirmed a "neutral" rating and set a $51.00 price target (up previously from $43.00) on shares of BRP in a research report on Monday, June 16th. Wall Street Zen upgraded shares of BRP from a "hold" rating to a "buy" rating in a research note on Sunday, July 6th. UBS Group dropped their price objective on shares of BRP from $45.00 to $35.00 and set a "neutral" rating on the stock in a research note on Wednesday, April 23rd. TD Securities raised BRP from a "hold" rating to a "strong-buy" rating in a report on Friday, May 30th. Finally, Desjardins raised shares of BRP from a "hold" rating to a "buy" rating in a research note on Friday, May 30th. Eight analysts have rated the stock with a hold rating, two have assigned a buy rating and three have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $43.00.

BRP Price Performance

Shares of DOOO traded down $0.31 during trading hours on Friday, reaching $51.25. The company had a trading volume of 239,655 shares, compared to its average volume of 229,337. The company has a current ratio of 1.34, a quick ratio of 0.58 and a debt-to-equity ratio of 5.85. BRP Inc. has a 12-month low of $31.78 and a 12-month high of $72.84. The firm has a 50 day simple moving average of $49.08 and a 200-day simple moving average of $42.43. The company has a market capitalization of $3.74 billion, a price-to-earnings ratio of -125.00 and a beta of 1.24.

BRP (NASDAQ:DOOO - Get Free Report) last issued its earnings results on Thursday, May 29th. The company reported $0.33 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.04. BRP had a negative net margin of 0.55% and a positive return on equity of 54.71%. The company had revenue of $1.34 billion for the quarter, compared to analyst estimates of $1.78 billion. Research analysts expect that BRP Inc. will post 3.15 earnings per share for the current year.

BRP Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, July 14th. Shareholders of record on Monday, June 30th were issued a $0.1557 dividend. This represents a $0.62 annualized dividend and a yield of 1.2%. This is a positive change from BRP's previous quarterly dividend of $0.15. The ex-dividend date of this dividend was Monday, June 30th. BRP's dividend payout ratio is currently -153.66%.

About BRP

BRP Inc, together with its subsidiaries, designs, develops, manufactures, distributes, and markets powersports vehicles and marine products in the United States, Canada, Europe, the Asia Pacific, Mexico, Austria, and internationally. The Powersports segment offers year-round products, such as Can-Am all-terrain vehicles, side-by-side vehicles, and three-wheeled vehicles; and seasonal products, including Ski-Doo and Lynx snowmobiles, Sea-Doo personal watercrafts and pontoons, Rotax engines for karts and recreational aircraft, and Pinion gearboxes with smart shift systems.