Azzad Asset Management Inc. ADV raised its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.1% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 43,438 shares of the semiconductor manufacturer's stock after purchasing an additional 6,038 shares during the quarter. Broadcom makes up approximately 0.8% of Azzad Asset Management Inc. ADV's holdings, making the stock its 10th biggest position. Azzad Asset Management Inc. ADV's holdings in Broadcom were worth $7,273,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. grew its stake in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC boosted its stake in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Kovack Advisors Inc. increased its holdings in shares of Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after acquiring an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. increased its holdings in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after acquiring an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC increased its holdings in shares of Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after acquiring an additional 86,884 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have recently commented on AVGO shares. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a report on Friday, June 6th. Rosenblatt Securities increased their price objective on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. Benchmark increased their price objective on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday, June 6th. Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. Finally, William Blair reissued an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Three equities research analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.
Check Out Our Latest Stock Analysis on AVGO
Insider Activity at Broadcom
In related news, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now directly owns 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, insider Mark David Brazeal sold 30,000 shares of the firm's stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total value of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 730,576 shares of company stock valued at $133,778,494 in the last three months. Corporate insiders own 2.00% of the company's stock.
Broadcom Price Performance
Shares of AVGO traded down $7.37 during mid-day trading on Friday, reaching $248.70. The company had a trading volume of 19,002,301 shares, compared to its average volume of 30,383,406. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The company's 50-day moving average is $213.01 and its 200-day moving average is $209.50. The company has a market capitalization of $1.17 trillion, a P/E ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the firm posted $10.96 EPS. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom's payout ratio is presently 88.39%.
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 purchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board believes its shares are undervalued.
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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