Apollon Wealth Management LLC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 259,033 shares of the semiconductor manufacturer's stock after purchasing an additional 49,007 shares during the period. Broadcom makes up approximately 1.0% of Apollon Wealth Management LLC's investment portfolio, making the stock its 18th largest holding. Apollon Wealth Management LLC's holdings in Broadcom were worth $43,370,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also added to or reduced their stakes in AVGO. Norges Bank bought a new stake in shares of Broadcom in the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC boosted its stake in Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. GQG Partners LLC increased its stake in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after purchasing an additional 6,573,204 shares during the period. Institutional investors own 76.43% of the company's stock.
Broadcom Stock Up 0.4%
Shares of NASDAQ AVGO traded up $1.22 during trading hours on Monday, hitting $275.60. The company had a trading volume of 11,919,324 shares, compared to its average volume of 27,885,428. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $281.18. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm's 50 day moving average is $246.70 and its 200-day moving average is $218.54. The stock has a market capitalization of $1.30 trillion, a P/E ratio of 103.22, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter last year, the company posted $10.96 earnings per share. On average, analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom announced that its board has authorized a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's leadership believes its stock is undervalued.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Wall Street Analyst Weigh In
AVGO has been the subject of several research analyst reports. Redburn Atlantic assumed coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective for the company. KeyCorp increased their price target on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a report on Tuesday, July 8th. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research report on Tuesday, June 24th. Cowen reiterated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Finally, Barclays raised their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. One research analyst has rated the stock with a hold rating, twenty-seven 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 has a consensus rating of "Buy" and a consensus price target of $290.21.
View Our Latest Analysis on AVGO
Insider Activity
In related news, insider Mark David Brazeal sold 50,000 shares of the stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the sale, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 828,916 shares of company stock valued at $216,785,761. 2.00% of the stock is owned by insiders.
Broadcom Profile
(
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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