Korea Investment CORP Invests $1.47 Million in Broadridge Financial Solutions, Inc. (BR)

Korea Investment CORP purchased a new stake in shares of Broadridge Financial Solutions, Inc. (NYSE:BR) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 19,500 shares of the business services provider’s stock, valued at approximately $1,473,000.

A number of other hedge funds also recently made changes to their positions in BR. Van ECK Associates Corp raised its stake in shares of Broadridge Financial Solutions by 8.0% in the first quarter. Van ECK Associates Corp now owns 1,814 shares of the business services provider’s stock valued at $123,000 after buying an additional 135 shares in the last quarter. Mn Services Vermogensbeheer B.V. raised its stake in shares of Broadridge Financial Solutions by 5.8% in the first quarter. Mn Services Vermogensbeheer B.V. now owns 3,176 shares of the business services provider’s stock valued at $202,000 after buying an additional 174 shares in the last quarter. Ropes Wealth Advisors LLC raised its position in Broadridge Financial Solutions by 16.4% in the first quarter. Ropes Wealth Advisors LLC now owns 3,384 shares of the business services provider’s stock worth $230,000 after buying an additional 478 shares in the last quarter. State of Alaska Department of Revenue acquired a new position in Broadridge Financial Solutions during the first quarter worth approximately $233,000. Finally, Daiwa Securities Group Inc. raised its position in Broadridge Financial Solutions by 13.1% in the first quarter. Daiwa Securities Group Inc. now owns 3,450 shares of the business services provider’s stock worth $234,000 after buying an additional 400 shares in the last quarter. 85.18% of the stock is currently owned by institutional investors and hedge funds.

Broadridge Financial Solutions, Inc. (NYSE:BR) opened at 75.73 on Tuesday. The firm has a market cap of $8.82 billion, a price-to-earnings ratio of 28.05 and a beta of 0.99. Broadridge Financial Solutions, Inc. has a 1-year low of $59.86 and a 1-year high of $78.00. The firm has a 50-day moving average price of $75.34 and a 200-day moving average price of $71.61.

Broadridge Financial Solutions (NYSE:BR) last issued its earnings results on Thursday, August 10th. The business services provider reported $1.71 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $1.71. The firm had revenue of $1.35 billion for the quarter, compared to the consensus estimate of $1.31 billion. Broadridge Financial Solutions had a return on equity of 37.99% and a net margin of 7.89%. The company’s revenue was up 38.1% compared to the same quarter last year. During the same quarter last year, the business posted $1.45 EPS. On average, analysts expect that Broadridge Financial Solutions, Inc. will post $3.71 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, October 3rd. Shareholders of record on Friday, September 15th will be issued a $0.365 dividend. This represents a $1.46 dividend on an annualized basis and a dividend yield of 1.93%. The ex-dividend date is Thursday, September 14th. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.33. Broadridge Financial Solutions’s dividend payout ratio (DPR) is currently 48.35%.

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BR has been the topic of a number of recent analyst reports. BidaskClub raised Broadridge Financial Solutions from a “buy” rating to a “strong-buy” rating in a research note on Wednesday, June 28th. Barclays PLC boosted their price objective on Broadridge Financial Solutions from $72.00 to $74.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, DA Davidson initiated coverage on Broadridge Financial Solutions in a research note on Monday, August 7th. They issued a “neutral” rating and a $74.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have issued a hold rating and one has issued a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus price target of $76.00.

In other Broadridge Financial Solutions news, SVP Christopher John Perry sold 73,936 shares of the firm’s stock in a transaction on Thursday, May 18th. The stock was sold at an average price of $72.57, for a total value of $5,365,535.52. Following the sale, the senior vice president now owns 91,276 shares of the company’s stock, valued at approximately $6,623,899.32. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Robert Schifellite sold 76,666 shares of the firm’s stock in a transaction on Tuesday, June 6th. The shares were sold at an average price of $75.98, for a total value of $5,825,082.68. Following the completion of the sale, the insider now directly owns 105,042 shares in the company, valued at approximately $7,981,091.16. The disclosure for this sale can be found here. In the last ninety days, insiders sold 317,402 shares of company stock worth $23,607,207. Company insiders own 3.50% of the company’s stock.

Broadridge Financial Solutions Company Profile

Broadridge Financial Solutions, Inc (Broadridge) is a provider of investor communications and technology-driven solutions to banks, broker-dealers, mutual funds and corporate issuers. The Company’s segments include Investor Communication Solutions, and Global Technology and Operations. The Company offers Bank/Broker-Dealer Investor Communication Solutions, Customer Communication Solutions, Corporate Issuer Solutions, Advisor Solutions and Mutual Fund and Retirement Solutions through Investor Communication Solutions segment.

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