Guardian Asset Advisors LLC purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor purchased 1,229 shares of the semiconductor manufacturer's stock, valued at approximately $206,000.
Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. WJ Wealth Management LLC grew its stake in shares of Broadcom by 2.6% in the first quarter. WJ Wealth Management LLC now owns 3,858 shares of the semiconductor manufacturer's stock worth $646,000 after purchasing an additional 98 shares during the last quarter. CFM Wealth Partners LLC acquired a new position in Broadcom during the 1st quarter worth about $614,000. Colonial River Investments LLC grew its position in shares of Broadcom by 4.0% in the 1st quarter. Colonial River Investments LLC now owns 14,425 shares of the semiconductor manufacturer's stock valued at $2,415,000 after buying an additional 561 shares during the last quarter. WealthBridge Capital Management LLC increased its stake in shares of Broadcom by 7.0% in the first quarter. WealthBridge Capital Management LLC now owns 4,626 shares of the semiconductor manufacturer's stock valued at $774,000 after buying an additional 302 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. raised its position in shares of Broadcom by 3.7% during the first quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,687,767 shares of the semiconductor manufacturer's stock worth $1,956,883,000 after acquiring an additional 416,994 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Insider Activity
In other news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the sale, the chief executive officer now owns 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director now directly owns 38,188,575 shares in the company, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 811,716 shares of company stock worth $209,906,771 over the last 90 days. 2.00% of the stock is currently owned by corporate insiders.
Broadcom Stock Performance
AVGO opened at $269.35 on Friday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $271.85. The company has a market cap of $1.27 trillion, a price-to-earnings ratio of 100.88, a PEG ratio of 1.92 and a beta of 1.11. The company's fifty day moving average price is $229.43 and its two-hundred day moving average price is $215.50. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the firm posted $10.96 earnings per share. The firm's revenue for the quarter was up 20.2% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom announced that its board has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company's board believes its stock is undervalued.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.88%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Wall Street Analyst Weigh In
Several analysts recently commented on the company. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a report on Tuesday, June 24th. Benchmark upped their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. Finally, UBS Group increased their price target on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and two have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus price target of $281.25.
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About Broadcom
(
Free Report)
Broadcom Inc designs, develops, and supplies various semiconductor devices with a focus on complex digital and mixed signal complementary metal oxide semiconductor based devices and analog III-V based products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.
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