BKM Wealth Management LLC lifted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 36.3% during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,702 shares of the semiconductor manufacturer's stock after acquiring an additional 4,444 shares during the quarter. Broadcom accounts for approximately 1.2% of BKM Wealth Management LLC's investment portfolio, making the stock its 21st biggest holding. BKM Wealth Management LLC's holdings in Broadcom were worth $2,796,000 at the end of the most recent quarter.
Other hedge funds have also modified their holdings of the company. Vanguard Group Inc. raised its holdings in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC increased its holdings in shares of Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC increased its holdings in shares of Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp increased its holdings in shares of Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. 76.43% of the stock is owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages have recently issued reports on AVGO. Wells Fargo & Company raised their price target on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday, June 6th. The Goldman Sachs Group began coverage on shares of Broadcom in a report on Thursday, July 10th. They set a "buy" rating and a $315.00 price target for the company. Cantor Fitzgerald restated an "overweight" rating and set a $300.00 price target on shares of Broadcom in a report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Finally, Evercore ISI restated an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price of $292.08.
View Our Latest Research Report on Broadcom
Insider Buying and Selling
In other news, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction dated 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 sale, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction dated Wednesday, June 11th. The shares were 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 directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 in the last quarter. Corporate insiders own 2.00% of the company's stock.
Broadcom Price Performance
Shares of NASDAQ:AVGO opened at $283.34 on Friday. The company's fifty day moving average price is $254.41 and its 200 day moving average price is $220.25. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $288.28. 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 firm has a market capitalization of $1.33 trillion, a P/E ratio of 106.12, a P/E/G ratio of 2.02 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, 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 firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same period last year, the business earned $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, sell-side analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.83%. Broadcom's dividend payout ratio is presently 88.39%.
Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management 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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