Coronation Fund Managers Ltd. Sells 168,923 Shares of LPL Financial Holdings Inc. (NASDAQ:LPLA)

Coronation Fund Managers Ltd. trimmed its stake in LPL Financial Holdings Inc. (NASDAQ:LPLA) by 56.7% during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 129,255 shares of the financial services provider’s stock after selling 168,923 shares during the period. LPL Financial makes up approximately 1.6% of Coronation Fund Managers Ltd.’s portfolio, making the stock its 21st biggest holding. Coronation Fund Managers Ltd. owned approximately 0.17% of LPL Financial worth $36,101,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also bought and sold shares of the company. DGS Capital Management LLC boosted its holdings in shares of LPL Financial by 2.8% in the 1st quarter. DGS Capital Management LLC now owns 1,625 shares of the financial services provider’s stock worth $429,000 after purchasing an additional 44 shares in the last quarter. Tortoise Investment Management LLC boosted its stake in LPL Financial by 74.7% in the second quarter. Tortoise Investment Management LLC now owns 131 shares of the financial services provider’s stock worth $37,000 after buying an additional 56 shares in the last quarter. King Luther Capital Management Corp boosted its stake in LPL Financial by 1.0% in the second quarter. King Luther Capital Management Corp now owns 5,860 shares of the financial services provider’s stock worth $1,637,000 after buying an additional 56 shares in the last quarter. Gulf International Bank UK Ltd grew its position in LPL Financial by 0.9% during the first quarter. Gulf International Bank UK Ltd now owns 6,410 shares of the financial services provider’s stock valued at $1,693,000 after acquiring an additional 60 shares during the last quarter. Finally, LVW Advisors LLC raised its stake in shares of LPL Financial by 1.9% during the first quarter. LVW Advisors LLC now owns 3,245 shares of the financial services provider’s stock worth $857,000 after acquiring an additional 61 shares in the last quarter. 95.66% of the stock is owned by hedge funds and other institutional investors.

LPL Financial Stock Performance

LPL Financial stock opened at $229.85 on Wednesday. LPL Financial Holdings Inc. has a fifty-two week low of $187.19 and a fifty-two week high of $289.88. The stock’s 50 day simple moving average is $216.09 and its two-hundred day simple moving average is $250.12. The company has a debt-to-equity ratio of 1.77, a quick ratio of 2.16 and a current ratio of 2.16. The stock has a market cap of $17.17 billion, a price-to-earnings ratio of 17.36, a PEG ratio of 1.27 and a beta of 0.88.

LPL Financial (NASDAQ:LPLA) last released its quarterly earnings results on Thursday, July 25th. The financial services provider reported $3.88 earnings per share for the quarter, beating the consensus estimate of $3.66 by $0.22. The company had revenue of $2.93 billion for the quarter, compared to analyst estimates of $2.89 billion. LPL Financial had a return on equity of 52.14% and a net margin of 8.91%. The firm’s revenue was up 18.8% on a year-over-year basis. During the same period in the previous year, the company posted $3.94 earnings per share. As a group, analysts expect that LPL Financial Holdings Inc. will post 15.88 earnings per share for the current fiscal year.

LPL Financial Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, August 23rd. Investors of record on Friday, August 9th were paid a $0.30 dividend. The ex-dividend date of this dividend was Friday, August 9th. This represents a $1.20 annualized dividend and a dividend yield of 0.52%. LPL Financial’s payout ratio is 9.06%.

Analyst Ratings Changes

LPLA has been the subject of a number of research reports. StockNews.com cut shares of LPL Financial from a “hold” rating to a “sell” rating in a research note on Tuesday. Keefe, Bruyette & Woods cut their price target on shares of LPL Financial from $326.00 to $315.00 and set an “outperform” rating for the company in a research report on Friday, July 26th. JPMorgan Chase & Co. lifted their price objective on LPL Financial from $261.00 to $268.00 and gave the stock a “neutral” rating in a report on Thursday, July 11th. UBS Group lowered their target price on LPL Financial from $290.00 to $215.00 and set a “neutral” rating for the company in a research note on Tuesday, August 6th. Finally, Wells Fargo & Company assumed coverage on LPL Financial in a research report on Thursday, September 12th. They set an “equal weight” rating and a $235.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have given a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $275.69.

LPL Financial Profile

LPL Financial Holdings Inc, together with its subsidiaries, provides an integrated platform of brokerage and investment advisory services to independent financial advisors and financial advisors at enterprises in the United States. Its brokerage offerings include variable and fixed annuities, mutual funds, equities, fixed income, alternative investments, retirement and 529 education savings plans, and insurance.