Corebridge Financial Inc. Reduces Stake in BellRing Brands, Inc. (NYSE:BRBR)

Corebridge Financial Inc. lessened its holdings in shares of BellRing Brands, Inc. (NYSE:BRBR) by 4.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 146,237 shares of the company’s stock after selling 6,605 shares during the period. Corebridge Financial Inc. owned 0.11% of BellRing Brands worth $11,017,000 at the end of the most recent reporting period.

Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in BellRing Brands by 1.0% during the fourth quarter. Vanguard Group Inc. now owns 13,438,006 shares of the company’s stock worth $1,012,419,000 after purchasing an additional 135,105 shares in the last quarter. Stevens Capital Management LP purchased a new position in shares of BellRing Brands in the 4th quarter valued at $206,000. LPL Financial LLC grew its position in shares of BellRing Brands by 40.9% in the 4th quarter. LPL Financial LLC now owns 37,514 shares of the company’s stock valued at $2,826,000 after buying an additional 10,882 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in BellRing Brands during the 4th quarter worth $2,295,000. Finally, Sei Investments Co. boosted its stake in BellRing Brands by 2.4% in the fourth quarter. Sei Investments Co. now owns 394,037 shares of the company’s stock valued at $29,687,000 after acquiring an additional 9,281 shares in the last quarter. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts have recently commented on BRBR shares. TD Cowen lifted their target price on BellRing Brands from $83.00 to $86.00 and gave the stock a “buy” rating in a research report on Wednesday, January 8th. Citigroup lifted their price target on BellRing Brands from $83.00 to $90.00 and gave the stock a “buy” rating in a research report on Wednesday, January 29th. Morgan Stanley initiated coverage on BellRing Brands in a report on Monday. They issued an “overweight” rating and a $84.00 price objective for the company. Barclays lifted their target price on shares of BellRing Brands from $79.00 to $85.00 and gave the company an “overweight” rating in a report on Tuesday, February 4th. Finally, Stephens reiterated an “equal weight” rating and issued a $75.00 price target on shares of BellRing Brands in a research report on Tuesday, February 4th. Three analysts have rated the stock with a hold rating and twelve have issued a buy rating to the company’s stock. Based on data from MarketBeat, BellRing Brands presently has a consensus rating of “Moderate Buy” and a consensus target price of $79.13.

BellRing Brands Stock Up 0.6 %

Shares of BellRing Brands stock opened at $73.94 on Thursday. The firm has a market cap of $9.49 billion, a price-to-earnings ratio of 34.71, a price-to-earnings-growth ratio of 2.24 and a beta of 0.85. BellRing Brands, Inc. has a 52-week low of $48.06 and a 52-week high of $80.67. The company’s 50-day simple moving average is $73.53 and its 200-day simple moving average is $70.87.

BellRing Brands (NYSE:BRBR) last released its earnings results on Monday, February 3rd. The company reported $0.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.47 by $0.11. BellRing Brands had a negative return on equity of 130.14% and a net margin of 13.32%. Equities research analysts anticipate that BellRing Brands, Inc. will post 2.23 EPS for the current year.

BellRing Brands announced that its Board of Directors has approved a stock buyback program on Thursday, March 6th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the company to buy up to 3.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, Director Robert V. Vitale sold 28,453 shares of the business’s stock in a transaction dated Wednesday, February 12th. The shares were sold at an average price of $76.91, for a total transaction of $2,188,320.23. Following the sale, the director now owns 1,110,004 shares of the company’s stock, valued at approximately $85,370,407.64. The trade was a 2.50 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Over the last quarter, insiders sold 218,636 shares of company stock worth $16,677,550. 1.07% of the stock is owned by corporate insiders.

About BellRing Brands

BellRing Brands, Inc, together with its subsidiaries, provides various nutrition products in the United States. The company offers ready-to-drink (RTD) protein shakes, other RTD beverages, powders, nutrition bars, and other products primarily under the Premier Protein and Dymatize brands. It distributes its products through club, food, drug, mass, eCommerce, specialty, and convenience channels.