New England Asset Management Inc. purchased a new position in Broadridge Financial Solutions, Inc. (NYSE:BR) in the second quarter, Holdings Channel reports. The fund purchased 2,747 shares of the business services provider’s stock, valued at approximately $316,000.

Several other large investors also recently made changes to their positions in BR. Morgan Stanley lifted its position in shares of Broadridge Financial Solutions by 112.5% during the 2nd quarter. Morgan Stanley now owns 2,583,950 shares of the business services provider’s stock worth $297,411,000 after purchasing an additional 1,367,735 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Broadridge Financial Solutions by 28.8% during the 2nd quarter. Wells Fargo & Company MN now owns 1,477,573 shares of the business services provider’s stock worth $170,067,000 after purchasing an additional 330,694 shares during the last quarter. Boston Advisors LLC lifted its position in shares of Broadridge Financial Solutions by 387.4% during the 2nd quarter. Boston Advisors LLC now owns 383,801 shares of the business services provider’s stock worth $44,175,000 after purchasing an additional 305,061 shares during the last quarter. Acadian Asset Management LLC lifted its position in shares of Broadridge Financial Solutions by 82.1% during the 2nd quarter. Acadian Asset Management LLC now owns 571,884 shares of the business services provider’s stock worth $65,823,000 after purchasing an additional 257,779 shares during the last quarter. Finally, TD Asset Management Inc. lifted its position in shares of Broadridge Financial Solutions by 171.4% during the 2nd quarter. TD Asset Management Inc. now owns 266,786 shares of the business services provider’s stock worth $30,707,000 after purchasing an additional 168,501 shares during the last quarter. 85.00% of the stock is owned by institutional investors.

In other news, VP James M. Young sold 44,726 shares of the company’s stock in a transaction that occurred on Friday, August 10th. The stock was sold at an average price of $129.79, for a total value of $5,804,987.54. Following the sale, the vice president now directly owns 64,848 shares in the company, valued at approximately $8,416,621.92. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 2.60% of the company’s stock.

BR has been the subject of several research analyst reports. Zacks Investment Research raised Broadridge Financial Solutions from a “hold” rating to a “buy” rating and set a $145.00 price objective for the company in a research report on Friday, August 10th. ValuEngine cut Broadridge Financial Solutions from a “strong-buy” rating to a “buy” rating in a report on Friday, June 1st. Wolfe Research assumed coverage on Broadridge Financial Solutions in a report on Tuesday, July 17th. They issued a “market perform” rating for the company. Sandler O’Neill reaffirmed a “hold” rating and issued a $130.00 price target on shares of Broadridge Financial Solutions in a report on Tuesday, August 7th. Finally, SunTrust Banks assumed coverage on Broadridge Financial Solutions in a report on Wednesday, August 29th. They issued a “buy” rating and a $150.00 price target for the company. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $123.40.

Broadridge Financial Solutions stock opened at $136.82 on Thursday. The company has a quick ratio of 1.28, a current ratio of 1.28 and a debt-to-equity ratio of 0.96. The company has a market capitalization of $15.90 billion, a price-to-earnings ratio of 32.65, a PEG ratio of 2.94 and a beta of 0.89. Broadridge Financial Solutions, Inc. has a 12 month low of $78.44 and a 12 month high of $137.86.

Broadridge Financial Solutions (NYSE:BR) last posted its quarterly earnings results on Tuesday, August 7th. The business services provider reported $1.86 EPS for the quarter, missing the consensus estimate of $1.87 by ($0.01). The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.33 billion. Broadridge Financial Solutions had a net margin of 9.88% and a return on equity of 46.16%. analysts expect that Broadridge Financial Solutions, Inc. will post 4.65 earnings per share for the current fiscal year.

The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 3rd. Shareholders of record on Tuesday, September 18th will be issued a $0.485 dividend. This is a boost from Broadridge Financial Solutions’s previous quarterly dividend of $0.37. The ex-dividend date of this dividend is Monday, September 17th. This represents a $1.94 annualized dividend and a yield of 1.42%. Broadridge Financial Solutions’s dividend payout ratio is 34.84%.

Broadridge Financial Solutions 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.

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

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