1,794 Broadcom Inc. $AVGO Shares Sold by United Asset Strategies Inc.

Key Points

• United Asset Strategies Inc. reduced its Broadcom position by 2.1%, selling 1,794 shares and retaining 81,787 shares valued at approximately $28.7 million. Institutional investors and hedge funds collectively own 76.43% of Broadcom.
• Analysts remain broadly bullish on Broadcom, with a “Moderate Buy” consensus rating and an average price target of $530.52. Recent firms issued or reiterated “outperform,” “overweight,” and “buy” ratings.
• Broadcom reported quarterly EPS of $3.32 and revenue of $29.59 billion, exceeding analyst estimates, while revenue rose 85.5% year over year. The company also pays a quarterly dividend of $0.65 per share, for an annualized yield of about 0.8%.

United Asset Strategies Inc. trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.1% during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,787 shares of the semiconductor manufacturer's stock after selling 1,794 shares during the quarter. Broadcom accounts for approximately 2.0% of United Asset Strategies Inc.'s portfolio, making the stock its 7th largest holding. United Asset Strategies Inc.'s holdings in Broadcom were worth $28,723,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also modified their holdings of AVGO. State Street Corp raised its holdings in Broadcom by 8.7% in the second quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer's stock valued at $75,367,711,000 after buying an additional 16,651,378 shares during the period. Bank of America Corp DE grew its stake in Broadcom by 4.6% during the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer's stock worth $23,202,543,000 after buying an additional 2,685,916 shares during the period. Wellington Management Group LLP grew its stake in Broadcom by 3.8% during the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer's stock worth $19,484,611,000 after buying an additional 1,892,721 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in shares of Broadcom by 2.9% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer's stock worth $15,178,195,000 after acquiring an additional 1,140,598 shares in the last quarter. Finally, Legal & General Group Plc acquired a new stake in shares of Broadcom in the second quarter worth $11,998,148,000. 76.43% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research analysts have commented on AVGO shares. Royal Bank Of Canada initiated coverage on Broadcom in a research report on Thursday, September 3rd. They issued an "outperform" rating on the stock. Cantor Fitzgerald increased their target price on Broadcom from $525.00 to $600.00 and gave the company an "overweight" rating in a research note on Thursday, September 3rd. President Capital raised their target price on Broadcom from $520.00 to $546.00 and gave the company a "buy" rating in a report on Thursday, September 3rd. Wedbush began coverage on Broadcom in a report on Tuesday, October 27th. They set an "outperform" rating on the stock. Finally, Fox Advisors upgraded Broadcom to an "outperform" rating in a report on Thursday, September 3rd. One equities research analyst has rated the stock with a Strong Buy rating, thirty-nine have issued a Buy rating and five have given a Hold rating to the company's stock. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $530.52.

Broadcom Stock Down 1.2%

Shares of NASDAQ:AVGO opened at $322.23 on Tuesday. The company has a current ratio of 2.50, a quick ratio of 2.29 and a debt-to-equity ratio of 0.57. The company has a fifty day simple moving average of $351.88 and a 200 day simple moving average of $366.79. The firm has a market cap of $1.54 trillion, a PE ratio of 41.15 and a beta of 1.46. Broadcom Inc. has a 12-month low of $289.96 and a 12-month high of $495.00.

Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 EPS for the quarter, topping the consensus estimate of $3.22 by $0.10. The business had revenue of $29.59 billion for the quarter, compared to analysts' expectations of $29.24 billion. Broadcom had a net margin of 42.94% and a return on equity of 48.33%. The company's quarterly revenue was up 85.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.69 earnings per share. On average, equities research analysts anticipate that Broadcom Inc. will post 10.37 EPS for the current fiscal year.

Broadcom Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were given a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, September 21st. Broadcom's dividend payout ratio is currently 33.21%.

Broadcom Profile

Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company's semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.

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