Needham & Company LLC Initiates Coverage on Broadridge Financial Solutions (NYSE:BR)

Needham & Company LLC initiated coverage on shares of Broadridge Financial Solutions (NYSE:BR) in a report issued on Tuesday,Benzinga reports. The firm set a “buy” rating and a $300.00 price target on the business services provider’s stock. Needham & Company LLC’s price target indicates a potential upside of 29.14% from the company’s current price.

Several other research firms have also commented on BR. Morgan Stanley lifted their price target on shares of Broadridge Financial Solutions from $207.00 to $222.00 and gave the company an “equal weight” rating in a research report on Monday, February 3rd. StockNews.com lowered Broadridge Financial Solutions from a “buy” rating to a “hold” rating in a research note on Wednesday, April 30th. UBS Group increased their price target on Broadridge Financial Solutions from $250.00 to $260.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. DA Davidson restated a “neutral” rating and issued a $215.00 price objective on shares of Broadridge Financial Solutions in a report on Tuesday, January 21st. Finally, Royal Bank of Canada increased their target price on shares of Broadridge Financial Solutions from $246.00 to $259.00 and gave the stock an “outperform” rating in a research note on Monday, February 3rd. Six research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average target price of $250.83.

Broadridge Financial Solutions Stock Down 0.3 %

BR opened at $232.31 on Tuesday. The company has a quick ratio of 1.35, a current ratio of 1.35 and a debt-to-equity ratio of 1.64. Broadridge Financial Solutions has a twelve month low of $188.30 and a twelve month high of $247.01. The company has a market cap of $27.18 billion, a PE ratio of 36.36 and a beta of 0.98. The company has a 50-day moving average price of $234.39 and a 200 day moving average price of $231.47.

Broadridge Financial Solutions (NYSE:BR) last issued its quarterly earnings results on Thursday, May 1st. The business services provider reported $2.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.41 by $0.03. Broadridge Financial Solutions had a return on equity of 44.40% and a net margin of 11.36%. The firm had revenue of $1.81 billion for the quarter, compared to analyst estimates of $1.86 billion. During the same period in the previous year, the company posted $2.23 earnings per share. The business’s revenue was up 5.0% on a year-over-year basis. Sell-side analysts expect that Broadridge Financial Solutions will post 8.53 earnings per share for the current fiscal year.

Insider Activity at Broadridge Financial Solutions

In other Broadridge Financial Solutions news, CEO Timothy C. Gokey sold 95,956 shares of the firm’s stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $235.43, for a total value of $22,590,921.08. Following the completion of the transaction, the chief executive officer now owns 169,788 shares of the company’s stock, valued at $39,973,188.84. This trade represents a 36.11 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, President Christopher John Perry sold 22,357 shares of the business’s stock in a transaction on Friday, March 7th. The stock was sold at an average price of $235.23, for a total transaction of $5,259,037.11. Following the completion of the transaction, the president now owns 52,524 shares of the company’s stock, valued at approximately $12,355,220.52. This trade represents a 29.86 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 124,240 shares of company stock worth $29,273,611. Corporate insiders own 1.30% of the company’s stock.

Institutional Investors Weigh In On Broadridge Financial Solutions

Hedge funds have recently bought and sold shares of the stock. Golden State Wealth Management LLC purchased a new position in Broadridge Financial Solutions in the first quarter worth approximately $29,000. Whipplewood Advisors LLC lifted its position in shares of Broadridge Financial Solutions by 2,620.0% during the 1st quarter. Whipplewood Advisors LLC now owns 136 shares of the business services provider’s stock worth $33,000 after purchasing an additional 131 shares during the last quarter. Continuum Advisory LLC grew its stake in shares of Broadridge Financial Solutions by 48.4% during the first quarter. Continuum Advisory LLC now owns 141 shares of the business services provider’s stock worth $34,000 after purchasing an additional 46 shares in the last quarter. Olde Wealth Management LLC acquired a new position in shares of Broadridge Financial Solutions during the first quarter worth $36,000. Finally, Minot DeBlois Advisors LLC purchased a new position in Broadridge Financial Solutions in the fourth quarter valued at $34,000. Institutional investors and hedge funds own 90.03% of the company’s stock.

Broadridge Financial Solutions Company 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.