Broadridge Financial Solutions , Inc. (NYSE:BR) has reported a significant transaction by one of its executives. Robert N. Duelks, a member of the company's board of directors, engaged in both buying and selling activities of the company's stock on June 5, 2024, as per the latest SEC filing.
Duelks sold a total of 3,473 shares of common stock at a weighted average price of $198.06, with the total transaction amounting to approximately $687,856. The sales were executed in multiple transactions at prices ranging from $198.01 to $198.15. In a corresponding move, Duelks also acquired 6,469 shares through the exercise of stock options at a price of $45.09 per share, totaling $291,687.
Following these transactions, Duelks' direct holdings in Broadridge Financial Solutions have adjusted to 22,588 shares of common stock. Additionally, Duelks has indirect holdings through BOMAR II LLC and the Mary E. Duelks 2007 Revocable Trust, amounting to 5,445 and 17,000 shares respectively, and a smaller amount of 131 shares through the Robert N. Duelks 2007 Revocable Trust.
Investors and shareholders may take note of these transactions as part of their assessment of the company's stock performance and insider confidence. The full details of the transaction can be provided upon request, as indicated by the footnote in the SEC filing.
The transactions were signed off by Maria Allen, under the power of attorney for Duelks, and reported in the SEC Form 4 filed on June 6, 2024.
In other recent news, Broadridge Financial Solutions has been experiencing a period of significant change and growth. The company's Chief Financial Officer, Edmund Reese, is set to leave his role by the end of June, with Ashima Ghei, currently CFO of Broadridge's Investor Communication Solutions segment, stepping in as Interim CFO. During Reese's tenure, Broadridge saw its market capitalization increase by 38% to $24 billion, indicating a strong financial performance.
The company's Q3 fiscal year 2024 results demonstrated a 4% increase in recurring revenue and a 9% rise in adjusted earnings per share (EPS). Despite challenges with annual meetings, Broadridge confirmed its full-year financial objectives, including a 100% free cash flow conversion. The company continues to allocate capital through share repurchases and mergers and acquisitions.
Following the release of these results, Broadridge received a reaffirmed Neutral rating and a steady price target of $185 from a DA Davidson analyst. While the earnings and total revenue for the quarter were slightly below the analyst's expectations, Broadridge's management confirmed their financial guidance for the fiscal year 2024. These are the latest developments in the ongoing evolution of Broadridge Financial Solutions.
InvestingPro Insights
As investors analyze the recent insider trading activity of Broadridge Financial Solutions, Inc. (NYSE:BR), it's essential to consider the company's financial metrics and market performance. Broadridge currently boasts a robust market capitalization of 23.4 billion USD, indicating its significant presence in the market. Additionally, the company's P/E ratio stands at 33.45, which suggests that the stock might be trading at a premium compared to its earnings.
An important InvestingPro Tip to note is that Broadridge has raised its dividend for 17 consecutive years, demonstrating a strong commitment to returning value to shareholders. This is supported by a healthy dividend yield of 1.62% as of the latest dividend ex-date on March 14, 2024. Furthermore, the company has maintained a steady dividend growth rate, with the last twelve months showing a 10.34% increase in its dividend payout.
Another critical aspect highlighted by InvestingPro Tips is Broadridge's low price volatility, which could be an attractive feature for investors seeking stability in their portfolio. This low volatility is reflected in the company's one-week price total return of 1.16%, indicating a relatively steady stock performance in the short term. Moreover, the 1-year price total return of 30.5% underscores the company's strong return over a longer period.
For those considering further analysis, there are additional InvestingPro Tips available, which can be accessed by visiting https://www.investing.com/pro/BR. Investors looking to delve deeper into Broadridge's financials and stock performance can benefit from these insights. To enhance the value of a yearly or biyearly Pro and Pro+ subscription, use the coupon code PRONEWS24 to receive an additional 10% off.
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