Parnassus Investments LLC Sells 18,206 Shares of Broadridge Financial Solutions, Inc. (NYSE:BR)

Parnassus Investments LLC lowered its position in Broadridge Financial Solutions, Inc. (NYSE:BR) by 3.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 490,161 shares of the business services provider’s stock after selling 18,206 shares during the quarter. Parnassus Investments LLC’s holdings in Broadridge Financial Solutions were worth $105,399,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently modified their holdings of the company. Bogart Wealth LLC grew its holdings in Broadridge Financial Solutions by 384.0% during the third quarter. Bogart Wealth LLC now owns 121 shares of the business services provider’s stock worth $26,000 after purchasing an additional 96 shares during the period. EdgeRock Capital LLC bought a new position in shares of Broadridge Financial Solutions during the 2nd quarter worth approximately $32,000. Rothschild Investment LLC acquired a new position in shares of Broadridge Financial Solutions during the 2nd quarter worth approximately $32,000. New Covenant Trust Company N.A. bought a new stake in Broadridge Financial Solutions in the 1st quarter valued at $34,000. Finally, Family Firm Inc. bought a new stake in Broadridge Financial Solutions in the 2nd quarter valued at $37,000. Institutional investors own 90.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on BR shares. JPMorgan Chase & Co. lifted their price objective on shares of Broadridge Financial Solutions from $224.00 to $225.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Royal Bank of Canada reiterated an “outperform” rating and issued a $246.00 price target on shares of Broadridge Financial Solutions in a research note on Wednesday, November 6th. StockNews.com downgraded shares of Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research report on Saturday, November 9th. Finally, Morgan Stanley upped their target price on Broadridge Financial Solutions from $200.00 to $207.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 6th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $217.83.

Broadridge Financial Solutions Stock Performance

Shares of NYSE:BR opened at $227.08 on Tuesday. Broadridge Financial Solutions, Inc. has a 12-month low of $182.57 and a 12-month high of $230.00. The company’s 50 day moving average price is $216.28 and its two-hundred day moving average price is $208.45. The firm has a market cap of $26.54 billion, a PE ratio of 39.29 and a beta of 1.05. The company has a quick ratio of 1.39, a current ratio of 1.39 and a debt-to-equity ratio of 1.63.

Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings results on Tuesday, November 5th. The business services provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.97 by $0.03. Broadridge Financial Solutions had a return on equity of 41.79% and a net margin of 10.57%. The business had revenue of $1.42 billion for the quarter, compared to the consensus estimate of $1.48 billion. During the same quarter in the prior year, the business posted $1.09 earnings per share. The firm’s quarterly revenue was down .6% compared to the same quarter last year. Equities research analysts predict that Broadridge Financial Solutions, Inc. will post 8.53 earnings per share for the current year.

Broadridge Financial Solutions Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 3rd. Investors of record on Friday, December 13th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.55%. The ex-dividend date of this dividend is Friday, December 13th. Broadridge Financial Solutions’s payout ratio is currently 60.90%.

Insider Activity at Broadridge Financial Solutions

In other Broadridge Financial Solutions news, Director Maura A. Markus sold 3,880 shares of the company’s stock in a transaction on Monday, November 11th. The stock was sold at an average price of $227.02, for a total transaction of $880,837.60. Following the completion of the sale, the director now directly owns 27,788 shares in the company, valued at $6,308,431.76. This represents a 12.25 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Thomas P. Carey sold 10,757 shares of Broadridge Financial Solutions stock in a transaction on Monday, November 11th. The shares were sold at an average price of $226.82, for a total value of $2,439,902.74. Following the completion of the transaction, the vice president now owns 12,689 shares in the company, valued at approximately $2,878,118.98. The trade was a 45.88 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 115,534 shares of company stock valued at $24,748,962 over the last quarter. 1.30% of the stock is owned by corporate insiders.

Broadridge Financial Solutions Profile

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.