Zevenbergen Capital Investments LLC Cuts Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

Key Points

• Zevenbergen Capital Investments LLC reduced its holdings in Broadridge Financial Solutions by 15.6%, owning 28,810 shares valued at approximately $6.99 million after selling 5,330 shares in the first quarter.
• The company announced a quarterly dividend increase to $0.975 per share, reflecting an annualized dividend of $3.90 and a yield of 1.5%, payable on October 2nd.
• Analysts have given Broadridge Financial Solutions an average rating of "Hold" with a price target of $261.50, while some firms have raised their price targets significantly, including UBS and Needham & Company.

Zevenbergen Capital Investments LLC lowered its stake in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 15.6% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,810 shares of the business services provider's stock after selling 5,330 shares during the period. Zevenbergen Capital Investments LLC's holdings in Broadridge Financial Solutions were worth $6,985,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Brighton Jones LLC bought a new stake in Broadridge Financial Solutions during the 4th quarter worth approximately $580,000. Wellington Management Group LLP grew its holdings in Broadridge Financial Solutions by 28.4% during the 4th quarter. Wellington Management Group LLP now owns 4,636 shares of the business services provider's stock worth $1,048,000 after acquiring an additional 1,026 shares during the last quarter. Federated Hermes Inc. grew its holdings in Broadridge Financial Solutions by 50.7% during the 4th quarter. Federated Hermes Inc. now owns 25,725 shares of the business services provider's stock worth $5,816,000 after acquiring an additional 8,656 shares during the last quarter. Cerity Partners LLC grew its holdings in Broadridge Financial Solutions by 7.0% during the 4th quarter. Cerity Partners LLC now owns 23,458 shares of the business services provider's stock worth $5,195,000 after acquiring an additional 1,544 shares during the last quarter. Finally, Bessemer Group Inc. grew its holdings in Broadridge Financial Solutions by 2.4% during the 4th quarter. Bessemer Group Inc. now owns 7,322 shares of the business services provider's stock worth $1,656,000 after acquiring an additional 172 shares during the last quarter. Institutional investors and hedge funds own 90.03% of the company's stock.

Insiders Place Their Bets

In other news, Director Maura A. Markus sold 3,556 shares of Broadridge Financial Solutions stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $243.08, for a total transaction of $864,392.48. Following the completion of the sale, the director directly owned 30,892 shares of the company's stock, valued at approximately $7,509,227.36. The trade was a 10.32% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Pamela L. Carter sold 4,829 shares of Broadridge Financial Solutions stock in a transaction on Tuesday, May 20th. The stock was sold at an average price of $242.23, for a total transaction of $1,169,728.67. Following the sale, the director directly owned 7,242 shares of the company's stock, valued at $1,754,229.66. This represents a 40.00% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 20,477 shares of company stock worth $5,093,784. 1.30% of the stock is currently owned by corporate insiders.

Broadridge Financial Solutions Stock Performance

Shares of NYSE:BR traded down $1.00 during midday trading on Wednesday, reaching $261.50. 800,604 shares of the company traded hands, compared to its average volume of 587,915. The company has a quick ratio of 0.98, a current ratio of 0.98 and a debt-to-equity ratio of 1.04. Broadridge Financial Solutions, Inc. has a 12 month low of $206.29 and a 12 month high of $271.91. The firm has a market capitalization of $30.63 billion, a price-to-earnings ratio of 36.88 and a beta of 0.94. The firm's fifty day moving average price is $244.46 and its two-hundred day moving average price is $239.33.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last released its quarterly earnings data on Tuesday, August 5th. The business services provider reported $3.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.51 by $0.04. Broadridge Financial Solutions had a return on equity of 42.72% and a net margin of 12.19%. The company had revenue of $2.07 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the previous year, the company posted $3.50 EPS. The firm's revenue for the quarter was up 6.2% compared to the same quarter last year. On average, equities analysts expect that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Increases Dividend

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

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. Royal Bank Of Canada reissued an "outperform" rating and set a $259.00 target price on shares of Broadridge Financial Solutions in a research report on Monday, May 19th. Wall Street Zen raised shares of Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research report on Friday, May 9th. UBS Group increased their target price on shares of Broadridge Financial Solutions from $250.00 to $280.00 and gave the company a "neutral" rating in a research report on Friday, August 8th. Needham & Company LLC lifted their target price on Broadridge Financial Solutions from $300.00 to $305.00 and gave the stock a "buy" rating in a report on Wednesday, August 6th. Finally, Morgan Stanley lifted their target price on Broadridge Financial Solutions from $222.00 to $261.00 and gave the stock an "equal weight" rating in a report on Wednesday, August 6th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $261.50.

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.