Connor Clark & Lunn Investment Management Ltd. Sells 59,950 Shares of Broadridge Financial Solutions, Inc. (BR)

Connor Clark & Lunn Investment Management Ltd. cut its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 23.7% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 192,775 shares of the business services provider’s stock after selling 59,950 shares during the period. Connor Clark & Lunn Investment Management Ltd.’s holdings in Broadridge Financial Solutions were worth $19,989,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Investment Management of Virginia LLC boosted its holdings in Broadridge Financial Solutions by 0.8% during the first quarter. Investment Management of Virginia LLC now owns 11,977 shares of the business services provider’s stock valued at $1,242,000 after acquiring an additional 90 shares during the period. Securian Asset Management Inc lifted its stake in shares of Broadridge Financial Solutions by 0.8% in the fourth quarter. Securian Asset Management Inc now owns 12,131 shares of the business services provider’s stock valued at $1,168,000 after buying an additional 100 shares during the period. Northwest Investment Counselors LLC lifted its stake in shares of Broadridge Financial Solutions by 0.9% in the fourth quarter. Northwest Investment Counselors LLC now owns 11,791 shares of the business services provider’s stock valued at $1,135,000 after buying an additional 107 shares during the period. Coldstream Capital Management Inc. lifted its stake in shares of Broadridge Financial Solutions by 0.9% in the fourth quarter. Coldstream Capital Management Inc. now owns 12,230 shares of the business services provider’s stock valued at $1,177,000 after buying an additional 111 shares during the period. Finally, Eukles Asset Management lifted its stake in shares of Broadridge Financial Solutions by 4.6% in the first quarter. Eukles Asset Management now owns 2,617 shares of the business services provider’s stock valued at $271,000 after buying an additional 115 shares during the period. Hedge funds and other institutional investors own 83.80% of the company’s stock.

In related news, Director Leslie A. Brun sold 7,500 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $121.71, for a total value of $912,825.00. Following the completion of the transaction, the director now owns 30,101 shares of the company’s stock, valued at $3,663,592.71. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, VP Thomas P. Carey sold 1,215 shares of the stock in a transaction dated Monday, April 8th. The stock was sold at an average price of $108.82, for a total transaction of $132,216.30. Following the completion of the transaction, the vice president now directly owns 4,202 shares of the company’s stock, valued at approximately $457,261.64. The disclosure for this sale can be found here. Insiders sold 63,575 shares of company stock valued at $7,762,001 in the last three months. Company insiders own 2.30% of the company’s stock.

NYSE BR opened at $123.17 on Thursday. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.70 and a quick ratio of 1.70. Broadridge Financial Solutions, Inc. has a twelve month low of $91.34 and a twelve month high of $138.24. The stock has a market capitalization of $14.39 billion, a P/E ratio of 29.40, a P/E/G ratio of 2.66 and a beta of 0.88.

Broadridge Financial Solutions (NYSE:BR) last released its earnings results on Tuesday, May 7th. The business services provider reported $1.59 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.49 by $0.10. Broadridge Financial Solutions had a net margin of 11.31% and a return on equity of 48.71%. The business had revenue of $1.22 billion during the quarter, compared to analysts’ expectations of $1.23 billion. During the same quarter last year, the company earned $1.00 earnings per share. The firm’s revenue was up 14.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Broadridge Financial Solutions, Inc. will post 4.65 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, July 3rd. Investors of record on Friday, June 14th will be given a $0.485 dividend. This represents a $1.94 annualized dividend and a yield of 1.58%. The ex-dividend date is Thursday, June 13th. Broadridge Financial Solutions’s dividend payout ratio (DPR) is presently 46.30%.

BR has been the subject of several research reports. Raymond James upgraded shares of Broadridge Financial Solutions from a “market perform” rating to an “outperform” rating and set a $118.00 target price for the company in a research note on Wednesday, March 13th. DA Davidson cut shares of Broadridge Financial Solutions from a “buy” rating to a “neutral” rating and set a $128.00 target price for the company. in a research note on Wednesday, May 8th. They noted that the move was a valuation call. SunTrust Banks increased their target price on shares of Broadridge Financial Solutions to $130.00 and gave the company a “buy” rating in a research note on Wednesday, May 8th. Finally, Zacks Investment Research upgraded shares of Broadridge Financial Solutions from a “hold” rating to a “buy” rating and set a $122.00 target price for the company in a research note on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Broadridge Financial Solutions presently has a consensus rating of “Buy” and an average price target of $126.00.

COPYRIGHT VIOLATION NOTICE: This report was first reported by Sports Perspectives and is the property of of Sports Perspectives. If you are accessing this report on another publication, it was illegally stolen and republished in violation of US & international copyright and trademark legislation. The original version of this report can be accessed at https://sportsperspectives.com/2019/05/23/connor-clark-lunn-investment-management-ltd-sells-59950-shares-of-broadridge-financial-solutions-inc-br.html.

Broadridge Financial Solutions Company Profile

Broadridge Financial Solutions, Inc provides investor communications and technology-driven solutions for the financial services industry worldwide. 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 offers ProxyEdge, an electronic proxy delivery and voting solution.

Read More: Back-End Load

Want to see what other hedge funds are holding BR? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadridge Financial Solutions, Inc. (NYSE:BR).

Institutional Ownership by Quarter for Broadridge Financial Solutions (NYSE:BR)

Receive News & Ratings for Broadridge Financial Solutions Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadridge Financial Solutions and related companies with MarketBeat.com's FREE daily email newsletter.