Meyer Handelman Co. Lowers Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

Meyer Handelman Co. lessened its holdings in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) by 11.5% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 7,610 shares of the business services provider’s stock after selling 990 shares during the period. Meyer Handelman Co.’s holdings in Broadridge Financial Solutions were worth $1,559,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently made changes to their positions in BR. Confluence Investment Management LLC purchased a new stake in shares of Broadridge Financial Solutions during the 1st quarter valued at $144,033,000. APG Asset Management US Inc. acquired a new position in shares of Broadridge Financial Solutions in the 4th quarter valued at $70,498,000. Norges Bank acquired a new position in shares of Broadridge Financial Solutions in the 4th quarter valued at $67,605,000. Mitsubishi UFJ Asset Management Co. Ltd. increased its position in shares of Broadridge Financial Solutions by 28.6% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 1,452,720 shares of the business services provider’s stock valued at $286,360,000 after acquiring an additional 323,051 shares during the period. Finally, Veritas Investment Partners UK Ltd. increased its position in shares of Broadridge Financial Solutions by 16.9% in the 4th quarter. Veritas Investment Partners UK Ltd. now owns 1,020,533 shares of the business services provider’s stock valued at $210,031,000 after acquiring an additional 147,293 shares during the period. Hedge funds and other institutional investors own 90.03% of the company’s stock.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the company. Evercore ISI reissued an “outperform” rating and issued a $230.00 target price on shares of Broadridge Financial Solutions in a research report on Tuesday, March 26th. StockNews.com downgraded Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Friday, June 14th. Finally, DA Davidson reissued a “neutral” rating and issued a $185.00 target price on shares of Broadridge Financial Solutions in a research report on Tuesday, June 11th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $206.67.

Broadridge Financial Solutions Price Performance

Shares of BR opened at $200.79 on Friday. The business’s 50-day moving average is $197.51 and its two-hundred day moving average is $199.68. The company has a market capitalization of $23.73 billion, a P/E ratio of 34.26 and a beta of 1.03. The company has a debt-to-equity ratio of 1.55, a quick ratio of 1.39 and a current ratio of 1.39. Broadridge Financial Solutions, Inc. has a fifty-two week low of $157.00 and a fifty-two week high of $210.24.

Broadridge Financial Solutions (NYSE:BR) last posted its earnings results on Wednesday, May 8th. The business services provider reported $2.23 EPS for the quarter, missing analysts’ consensus estimates of $2.24 by ($0.01). Broadridge Financial Solutions had a net margin of 10.92% and a return on equity of 40.88%. The business had revenue of $1.73 billion for the quarter, compared to analyst estimates of $1.77 billion. During the same quarter last year, the business earned $2.05 earnings per share. Broadridge Financial Solutions’s revenue was up 4.9% on a year-over-year basis. Research analysts predict that Broadridge Financial Solutions, Inc. will post 7.72 earnings per share for the current year.

Broadridge Financial Solutions Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, July 5th. Stockholders of record on Friday, June 14th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.59%. The ex-dividend date is Friday, June 14th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 54.61%.

Insider Activity

In related news, Director Robert N. Duelks sold 3,473 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $198.06, for a total value of $687,862.38. Following the transaction, the director now directly owns 22,588 shares of the company’s stock, valued at approximately $4,473,779.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In related news, Director Robert N. Duelks sold 3,473 shares of the firm’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $198.06, for a total value of $687,862.38. Following the transaction, the director now directly owns 22,588 shares of the company’s stock, valued at approximately $4,473,779.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, VP Thomas P. Carey sold 2,500 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $200.40, for a total transaction of $501,000.00. Following the completion of the transaction, the vice president now directly owns 9,361 shares in the company, valued at $1,875,944.40. The disclosure for this sale can be found here. Insiders own 1.60% of the company’s stock.

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.