Berry Wealth Group LP cut its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 45,927 shares of the semiconductor manufacturer's stock after selling 1,447 shares during the quarter. Broadcom makes up approximately 6.0% of Berry Wealth Group LP's investment portfolio, making the stock its 2nd largest holding. Berry Wealth Group LP's holdings in Broadcom were worth $7,690,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of AVGO. Tallon Kerry Patrick acquired a new stake in Broadcom in the 4th quarter worth approximately $357,000. LaFleur & Godfrey LLC raised its stake in Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after acquiring an additional 12,345 shares during the last quarter. Brighton Jones LLC raised its stake in shares of Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Union Bancaire Privee UBP SA purchased a new stake in Broadcom in the fourth quarter valued at approximately $71,312,000. Finally, Revolve Wealth Partners LLC raised its position in Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
AVGO has been the subject of a number of recent research reports. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Oppenheimer upped their price objective on shares of Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Rosenblatt Securities raised 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. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have given a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $281.25.
View Our Latest Research Report on AVGO
Broadcom Price Performance
Shares of NASDAQ:AVGO traded up $5.52 during midday trading on Thursday, hitting $270.17. The company had a trading volume of 23,540,196 shares, compared to its average volume of 29,153,647. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $271.62. The stock has a market cap of $1.27 trillion, a price-to-earnings ratio of 101.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The business's 50-day simple moving average is $225.48 and its 200-day simple moving average is $213.98.
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 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the company earned $10.96 EPS. The company's revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.87%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is currently 88.39%.
Broadcom announced that its board has authorized a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its shares are undervalued.
Insiders Place Their Bets
In other news, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 40,000 shares of the firm's stock in a transaction dated Tuesday, June 24th. The stock was sold at an average price of $262.17, for a total value of $10,486,800.00. Following the sale, the chief executive officer now directly owns 974,152 shares of the company's stock, valued at $255,393,429.84. The trade was a 3.94% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 301,468 shares of company stock valued at $74,670,250 over the last ninety days. Company insiders own 2.00% of the company's stock.
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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