Meeder Asset Management Inc. Grows Stake in Broadridge Financial Solutions, Inc. (NYSE:BR)

Meeder Asset Management Inc. grew its holdings in Broadridge Financial Solutions, Inc. (NYSE:BR) by 620.2% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 41,407 shares of the business services provider’s stock after acquiring an additional 35,658 shares during the quarter. Meeder Asset Management Inc.’s holdings in Broadridge Financial Solutions were worth $8,157,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Oregon Public Employees Retirement Fund boosted its position in shares of Broadridge Financial Solutions by 0.5% in the 2nd quarter. Oregon Public Employees Retirement Fund now owns 10,155 shares of the business services provider’s stock valued at $2,001,000 after purchasing an additional 50 shares during the period. Hutchens & Kramer Investment Management Group LLC boosted its position in shares of Broadridge Financial Solutions by 4.5% in the 1st quarter. Hutchens & Kramer Investment Management Group LLC now owns 1,193 shares of the business services provider’s stock valued at $242,000 after purchasing an additional 51 shares during the period. TIAA Trust National Association boosted its position in shares of Broadridge Financial Solutions by 1.0% in the 1st quarter. TIAA Trust National Association now owns 5,469 shares of the business services provider’s stock valued at $1,120,000 after purchasing an additional 52 shares during the period. Texas Capital Bank Wealth Management Services Inc boosted its position in shares of Broadridge Financial Solutions by 3.6% in the 1st quarter. Texas Capital Bank Wealth Management Services Inc now owns 1,581 shares of the business services provider’s stock valued at $324,000 after purchasing an additional 55 shares during the period. Finally, EverSource Wealth Advisors LLC boosted its position in shares of Broadridge Financial Solutions by 10.3% in the 1st quarter. EverSource Wealth Advisors LLC now owns 591 shares of the business services provider’s stock valued at $114,000 after purchasing an additional 55 shares during the period. Hedge funds and other institutional investors own 90.03% of the company’s stock.

Broadridge Financial Solutions Stock Performance

Shares of BR stock opened at $210.52 on Friday. The company has a market cap of $24.88 billion, a price-to-earnings ratio of 35.92 and a beta of 1.05. The stock has a 50 day simple moving average of $209.52 and a 200-day simple moving average of $203.03. Broadridge Financial Solutions, Inc. has a 12-month low of $166.73 and a 12-month high of $223.81. The company has a current ratio of 1.08, a quick ratio of 1.08 and a debt-to-equity ratio of 1.55.

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

Broadridge Financial Solutions Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 3rd. Stockholders of record on Thursday, September 12th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.67%. This is an increase from Broadridge Financial Solutions’s previous quarterly dividend of $0.80. The ex-dividend date is Thursday, September 12th. Broadridge Financial Solutions’s dividend payout ratio is 60.07%.

Analyst Ratings Changes

A number of analysts have weighed in on the company. Royal Bank of Canada increased their price objective on Broadridge Financial Solutions from $239.00 to $246.00 and gave the stock an “outperform” rating in a research report on Wednesday, August 7th. StockNews.com raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. increased their price objective on Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, DA Davidson reaffirmed a “neutral” rating and set a $185.00 price objective on shares of Broadridge Financial Solutions in a research report on Tuesday, June 11th. Four investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, Broadridge Financial Solutions currently has an average rating of “Moderate Buy” and a consensus price target of $213.33.

Insider Transactions at Broadridge Financial Solutions

In related news, President Christopher John Perry sold 31,539 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $207.37, for a total value of $6,540,242.43. Following the completion of the transaction, the president now directly owns 67,215 shares of the company’s stock, valued at approximately $13,938,374.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, President Christopher John Perry sold 31,539 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $207.37, for a total value of $6,540,242.43. Following the completion of the transaction, the president now directly owns 67,215 shares of the company’s stock, valued at approximately $13,938,374.55. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Timothy C. Gokey sold 25,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $209.11, for a total value of $5,227,750.00. Following the completion of the transaction, the chief executive officer now directly owns 200,675 shares of the company’s stock, valued at $41,963,149.25. The disclosure for this sale can be found here. In the last three months, insiders sold 134,386 shares of company stock valued at $28,112,824. Corporate insiders own 1.60% of the company’s stock.

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.