Magnetar Financial LLC Sells 15,436 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Magnetar Financial LLC lessened its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR - Free Report) by 80.2% during the second quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,818 shares of the business services provider's stock after selling 15,436 shares during the quarter. Magnetar Financial LLC's holdings in Broadridge Financial Solutions were worth $752,000 as of its most recent SEC filing.

A number of other institutional investors have also made changes to their positions in the business. Confluence Investment Management LLC acquired a new stake in Broadridge Financial Solutions in the first quarter valued at $144,033,000. APG Asset Management US Inc. acquired a new stake in Broadridge Financial Solutions in the 4th quarter valued at about $70,498,000. Veritas Investment Partners UK Ltd. grew its holdings in Broadridge Financial Solutions by 16.9% during the fourth quarter. Veritas Investment Partners UK Ltd. now owns 1,020,533 shares of the business services provider's stock worth $210,031,000 after purchasing an additional 147,293 shares during the period. Public Employees Retirement Association of Colorado increased its position in Broadridge Financial Solutions by 1,966.2% during the fourth quarter. Public Employees Retirement Association of Colorado now owns 133,909 shares of the business services provider's stock worth $27,552,000 after buying an additional 127,428 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in Broadridge Financial Solutions by 0.8% in the fourth quarter. Vanguard Group Inc. now owns 13,951,669 shares of the business services provider's stock valued at $2,870,556,000 after buying an additional 110,886 shares during the period. Institutional investors own 90.03% of the company's stock.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on BR shares. Royal Bank of Canada boosted their target price on Broadridge Financial Solutions from $239.00 to $246.00 and gave the stock an "outperform" rating in a report on Wednesday, August 7th. DA Davidson reissued a "neutral" rating and issued a $185.00 price objective on shares of Broadridge Financial Solutions in a research report on Tuesday, June 11th. JPMorgan Chase & Co. raised their target price on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 20th. Finally, StockNews.com upgraded shares of Broadridge Financial Solutions from a "hold" rating to a "buy" rating in a research note on Tuesday, September 10th. Four equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, Broadridge Financial Solutions has a consensus rating of "Moderate Buy" and a consensus target price of $213.33.

Insider Buying and Selling

In related news, President Christopher John Perry sold 31,539 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $207.37, for a total transaction of $6,540,242.43. Following the sale, the president now owns 67,215 shares of the company's stock, valued at $13,938,374.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, President Christopher John Perry sold 31,539 shares of the stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $207.37, for a total transaction of $6,540,242.43. Following the sale, the president now owns 67,215 shares of the company's stock, valued at $13,938,374.55. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Chairman Richard J. Daly sold 21,938 shares of the firm's stock in a transaction on Friday, September 6th. The shares were sold at an average price of $207.66, for a total value of $4,555,645.08. Following the completion of the sale, the chairman now directly owns 105,094 shares in the company, valued at approximately $21,823,820.04. The disclosure for this sale can be found here. Insiders have sold 134,386 shares of company stock valued at $28,112,824 over the last 90 days. 1.60% of the stock is owned by corporate insiders.

Broadridge Financial Solutions Stock Performance

Shares of Broadridge Financial Solutions stock traded down $2.16 on Wednesday, hitting $208.37. The stock had a trading volume of 348,162 shares, compared to its average volume of 528,139. Broadridge Financial Solutions, Inc. has a twelve month low of $166.73 and a twelve month high of $223.81. The business's 50 day moving average is $210.53 and its two-hundred day moving average is $203.48. The company has a quick ratio of 1.08, a current ratio of 1.08 and a debt-to-equity ratio of 1.55. The stock has a market cap of $24.32 billion, a price-to-earnings ratio of 35.56 and a beta of 1.05.

Broadridge Financial Solutions (NYSE:BR - Get Free Report) last posted its earnings results on Tuesday, August 6th. The business services provider reported $3.50 EPS for the quarter, beating the consensus estimate of $3.49 by $0.01. Broadridge Financial Solutions had a return on equity of 42.77% and a net margin of 10.73%. The company had revenue of $1.94 billion for the quarter, compared to the consensus estimate of $1.96 billion. During the same quarter in the prior year, the business earned $3.21 earnings per share. The firm's revenue for the quarter was up 5.7% on a year-over-year basis. Analysts forecast that Broadridge Financial Solutions, Inc. will post 8.51 EPS for the current year.

Broadridge Financial Solutions Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 3rd. Investors of record on Thursday, September 12th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Thursday, September 12th. This represents a $3.52 dividend on an annualized basis and a yield of 1.69%. This is an increase from Broadridge Financial Solutions's previous quarterly dividend of $0.80. Broadridge Financial Solutions's dividend payout ratio is currently 60.07%.

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.