Boyd Watterson Asset Management LLC OH reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 53,829 shares of the semiconductor manufacturer's stock after selling 6,085 shares during the quarter. Broadcom comprises approximately 2.9% of Boyd Watterson Asset Management LLC OH's investment portfolio, making the stock its 6th largest position. Boyd Watterson Asset Management LLC OH's holdings in Broadcom were worth $9,013,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of AVGO. True Wealth Design LLC lifted its position in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares in the last quarter. Mizuho Bank Ltd. lifted its position in Broadcom by 7.1% during the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after acquiring an additional 50 shares in the last quarter. Fulton Breakefield Broenniman LLC lifted its position in Broadcom by 2.4% during the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after acquiring an additional 50 shares in the last quarter. American Financial Advisors LLC lifted its position in Broadcom by 3.8% during the 1st quarter. American Financial Advisors LLC now owns 1,432 shares of the semiconductor manufacturer's stock worth $240,000 after acquiring an additional 52 shares in the last quarter. Finally, First Bank & Trust lifted its position in Broadcom by 1.9% during the 1st quarter. First Bank & Trust now owns 2,945 shares of the semiconductor manufacturer's stock worth $493,000 after acquiring an additional 55 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Broadcom Trading Up 1.8%
Shares of NASDAQ:AVGO traded up $5.10 during midday trading on Wednesday, reaching $283.69. The company had a trading volume of 20,467,451 shares, compared to its average volume of 27,725,330. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $295.19. The firm has a market cap of $1.33 trillion, a price-to-earnings ratio of 106.25, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. The company has a fifty day simple moving average of $257.70 and a two-hundred day simple moving average of $221.40.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company posted $10.96 EPS. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is 88.39%.
Broadcom declared that its board has approved a share buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its stock is undervalued.
Analyst Ratings Changes
A number of research analysts have commented on the stock. Evercore ISI reiterated an "outperform" rating and set a $304.00 price objective (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. UBS Group increased their price objective on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Saturday, July 5th. Rosenblatt Securities increased their price objective on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Oppenheimer increased their price objective on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, Broadcom presently has a consensus rating of "Buy" and a consensus target price of $292.08.
Check Out Our Latest Research Report on AVGO
Insider Buying and Selling at Broadcom
In other news, Director Gayla J. Delly sold 3,000 shares of Broadcom stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the completion of the sale, the director directly owned 33,352 shares in the company, valued at $8,842,615.76. The trade was a 8.25% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. The trade was a 10.04% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock worth $217,224,641 over the last quarter. Insiders own 2.00% of the company's stock.
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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