abrdn plc Purchases 45,341 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

abrdn plc boosted its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 101.9% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 89,832 shares of the business services provider’s stock after acquiring an additional 45,341 shares during the quarter. abrdn plc owned 0.08% of Broadridge Financial Solutions worth $18,483,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in BR. Stifel Financial Corp grew its holdings in shares of Broadridge Financial Solutions by 1,700.7% in the third quarter. Stifel Financial Corp now owns 1,542,507 shares of the business services provider’s stock worth $276,194,000 after acquiring an additional 1,456,847 shares during the period. Envestnet Asset Management Inc. increased its position in shares of Broadridge Financial Solutions by 124.8% during the 3rd quarter. Envestnet Asset Management Inc. now owns 687,830 shares of the business services provider’s stock valued at $123,156,000 after purchasing an additional 381,882 shares during the last quarter. International Assets Investment Management LLC bought a new position in shares of Broadridge Financial Solutions in the 4th quarter worth approximately $227,750,000. Assenagon Asset Management S.A. boosted its holdings in shares of Broadridge Financial Solutions by 1,865.5% in the fourth quarter. Assenagon Asset Management S.A. now owns 93,363 shares of the business services provider’s stock worth $19,209,000 after buying an additional 88,613 shares during the last quarter. Finally, HighTower Advisors LLC grew its position in Broadridge Financial Solutions by 307.8% during the third quarter. HighTower Advisors LLC now owns 110,691 shares of the business services provider’s stock valued at $19,833,000 after buying an additional 83,546 shares during the period. 90.03% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Broadridge Financial Solutions

In other Broadridge Financial Solutions news, insider Douglas Richard Deschutter sold 22,722 shares of the business’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $199.00, for a total value of $4,521,678.00. Following the completion of the sale, the insider now directly owns 44,680 shares of the company’s stock, valued at approximately $8,891,320. The transaction was disclosed in a filing with the SEC, which is available through this link. In related news, insider Douglas Richard Deschutter sold 22,722 shares of the company’s stock in a transaction dated Tuesday, February 6th. The shares were sold at an average price of $199.00, for a total value of $4,521,678.00. Following the completion of the sale, the insider now directly owns 44,680 shares of the company’s stock, valued at $8,891,320. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Robert N. Duelks sold 830 shares of the firm’s stock in a transaction dated Thursday, February 29th. The shares were sold at an average price of $201.58, for a total transaction of $167,311.40. Following the transaction, the director now directly owns 5,445 shares in the company, valued at approximately $1,097,603.10. The disclosure for this sale can be found here. Insiders sold 48,483 shares of company stock worth $9,745,637 over the last 90 days. Company insiders own 1.60% of the company’s stock.

Wall Street Analyst Weigh In

BR has been the topic of several analyst reports. Evercore ISI reiterated an “outperform” rating and set a $230.00 price target on shares of Broadridge Financial Solutions in a research note on Tuesday, March 26th. Raymond James upped their price target on Broadridge Financial Solutions from $205.00 to $214.00 and gave the stock an “outperform” rating in a research report on Friday, February 2nd. StockNews.com raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research report on Friday, April 12th. DA Davidson reissued a “neutral” rating and issued a $185.00 target price on shares of Broadridge Financial Solutions in a report on Wednesday, April 10th. Finally, Royal Bank of Canada lifted their price target on shares of Broadridge Financial Solutions from $212.00 to $239.00 and gave the company an “outperform” rating in a report on Friday, February 2nd. Four analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $206.67.

Broadridge Financial Solutions Price Performance

BR stock opened at $195.08 on Thursday. The company has a fifty day simple moving average of $200.70 and a two-hundred day simple moving average of $194.45. Broadridge Financial Solutions, Inc. has a 52 week low of $139.52 and a 52 week high of $210.24. The company has a quick ratio of 1.40, a current ratio of 1.40 and a debt-to-equity ratio of 1.77. The firm has a market capitalization of $22.97 billion, a P/E ratio of 33.99 and a beta of 0.99.

Broadridge Financial Solutions (NYSE:BR) last announced its earnings results on Thursday, February 1st. The business services provider reported $0.92 EPS for the quarter, topping analysts’ consensus estimates of $0.89 by $0.03. Broadridge Financial Solutions had a return on equity of 41.12% and a net margin of 10.82%. The firm had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.40 billion. During the same quarter in the previous year, the business earned $0.91 EPS. The company’s quarterly revenue was up 8.7% on a year-over-year basis. Analysts anticipate that Broadridge Financial Solutions, Inc. will post 7.72 earnings per share for the current fiscal year.

Broadridge Financial Solutions Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, April 5th. Shareholders of record on Friday, March 15th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.64%. The ex-dividend date was Thursday, March 14th. Broadridge Financial Solutions’s payout ratio is currently 55.75%.

About Broadridge Financial Solutions

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.