Broadridge Financial Solutions Inc. will join the Standard & Poor's 500 stock index on Monday, executives said Wednesday.
The Lake Success-based distributor of annual reports, proxy statements and other documents to investors on behalf of public companies said being included in the S&P index recognizes Broadridge’s rapid growth in sales and profits in recent years.
The company posted a profit of $327 million in the year ended June 30, 2017, up 6 percent from a year earlier. Sales totaled $4 billion, a gain of 43 percent from the 2016 fiscal year.
Being chosen for the S&P 500 “reflects the recognition by the investment community of the importance of the work we do to power investing, governance and communications through leading technology-driven solutions,” CEO Richard J. Daly said in a statement.
In addition to delivering documents to investors, Broadridge tabulates shareholder votes and processes transactions for investment banks. It has 10,000 employees in 16 countries, including about 1,700 in Edgewood.
The other Long Island-based companies in the S&P 500 are health-care products distributor Henry Schein in Melville and shopping center owner Kimco Realty Corp. in New Hyde Park.
The S&P 500 is an index of large companies whose stocks trade on exchanges in the United States,including Apple, Microsoft, Amazon, Berkshire Hathaway, Facebook and JPMorganChase. Inclusion is determined by a committee of employees of S&P Dow Jones Indices. The index currently has 505 companies.
The index represents 75 to 80 percent of total stock market value in the United States, according to Zacks Investment Research in Chicago.
The announcement came after the stock market opened. Broadridge shares closed down 49 cents, or less than 1 percent, to $115.74 on the New York Stock Exchange.
CORRECTION: Broadridge joins two other companies with headquarters on Long Island that are part of the S&P 500. An earlier version of this story gave an incorrect number of local companies that are part of the S&P 500.