CIBC Asset Management Inc Cuts Stock Position in Brookfield Corporation $BN

CIBC Asset Management Inc lowered its position in Brookfield Corporation (NYSE:BN) by 4.4% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,235,536 shares of the company’s stock after selling 604,719 shares during the period. Brookfield makes up approximately 2.6% of CIBC Asset Management Inc’s investment portfolio, making the stock its 7th biggest holding. CIBC Asset Management Inc owned approximately 0.53% of Brookfield worth $908,447,000 at the end of the most recent quarter.

Other large investors have also modified their holdings of the company. Norges Bank bought a new stake in shares of Brookfield during the 2nd quarter worth approximately $1,040,160,000. Lone Pine Capital LLC bought a new position in Brookfield in the 2nd quarter valued at $347,683,000. Canada Pension Plan Investment Board increased its stake in Brookfield by 132.5% in the second quarter. Canada Pension Plan Investment Board now owns 6,540,631 shares of the company’s stock worth $405,065,000 after purchasing an additional 3,727,628 shares during the period. Picton Mahoney Asset Management bought a new stake in shares of Brookfield during the second quarter worth $140,555,000. Finally, Geode Capital Management LLC lifted its position in shares of Brookfield by 19.4% during the second quarter. Geode Capital Management LLC now owns 10,882,122 shares of the company’s stock worth $679,852,000 after purchasing an additional 1,770,378 shares during the last quarter. Hedge funds and other institutional investors own 61.60% of the company’s stock.

Brookfield Price Performance

BN opened at $47.17 on Friday. The firm has a market capitalization of $116.82 billion, a PE ratio of 131.01 and a beta of 1.58. The company has a debt-to-equity ratio of 1.54, a current ratio of 1.31 and a quick ratio of 1.19. The business’s 50-day moving average is $46.28 and its two-hundred day moving average is $45.33. Brookfield Corporation has a 1 year low of $29.07 and a 1 year high of $49.56.

Brookfield (NYSE:BN) last released its quarterly earnings results on Thursday, November 13th. The company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. Brookfield had a net margin of 1.34% and a return on equity of 3.92%. The business had revenue of $1.59 billion for the quarter, compared to analysts’ expectations of $1.58 billion. Research analysts anticipate that Brookfield Corporation will post 3.85 earnings per share for the current fiscal year.

Brookfield Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, December 31st. Investors of record on Tuesday, December 16th were given a $0.06 dividend. This represents a $0.24 annualized dividend and a dividend yield of 0.5%. The ex-dividend date of this dividend was Tuesday, December 16th. Brookfield’s dividend payout ratio (DPR) is presently 66.67%.

Wall Street Analysts Forecast Growth

Several research analysts recently commented on the stock. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $58.00 price target (up previously from $57.00) on shares of Brookfield in a research note on Monday, December 15th. BMO Capital Markets restated an “outperform” rating and issued a $49.00 target price (up from $46.00) on shares of Brookfield in a research note on Wednesday, December 17th. TD Securities raised their target price on shares of Brookfield from $57.00 to $59.00 and gave the stock a “buy” rating in a research report on Friday, November 14th. Keefe, Bruyette & Woods reiterated an “outperform” rating on shares of Brookfield in a report on Monday, December 1st. Finally, Wall Street Zen cut Brookfield from a “hold” rating to a “sell” rating in a research note on Saturday, January 17th. Two investment analysts have rated the stock with a Strong Buy rating, ten have issued a Buy rating and two have given a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $53.87.

About Brookfield

Brookfield Corporation (NYSE:BN) is a global alternative asset manager that specializes in real assets. The company invests in and operates businesses across real estate, infrastructure, renewable power and energy, private equity and credit. Its activities span both ownership and active management of physical assets as well as the operation of investment funds and vehicles that provide institutional and retail investors access to long‑lived, cash‑generating assets.

Brookfield’s services include asset management, direct investing, property development and the operation of infrastructure and energy businesses.