Te Ahumairangi Investment Management Ltd reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 24.6% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 21,083 shares of the semiconductor manufacturer's stock after selling 6,892 shares during the period. Broadcom makes up 1.2% of Te Ahumairangi Investment Management Ltd's holdings, making the stock its 24th largest position. Te Ahumairangi Investment Management Ltd's holdings in Broadcom were worth $6,955,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. JCIC Asset Management Inc. acquired a new position in shares of Broadcom during the third quarter valued at about $31,000. Longfellow Investment Management Co. LLC acquired a new stake in Broadcom in the 2nd quarter worth approximately $27,000. Teachers Insurance & Annuity Association of America acquired a new stake in Broadcom in the 2nd quarter worth approximately $28,000. Manning & Napier Advisors LLC purchased a new stake in Broadcom during the 3rd quarter worth approximately $34,000. Finally, New England Capital Financial Advisors LLC acquired a new position in Broadcom during the 2nd quarter valued at approximately $31,000. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
A number of research analysts have issued reports on AVGO shares. Morgan Stanley raised their price target on shares of Broadcom from $462.00 to $470.00 and gave the stock an "overweight" rating in a report on Friday, March 6th. JPMorgan Chase & Co. upped their target price on Broadcom from $475.00 to $500.00 and gave the company an "overweight" rating in a research report on Thursday, March 5th. UBS Group set a $475.00 target price on Broadcom and gave the stock a "buy" rating in a research note on Monday, December 15th. Citigroup lifted their price target on Broadcom from $458.00 to $475.00 and gave the stock a "buy" rating in a research report on Thursday, March 5th. Finally, DA Davidson upgraded Broadcom to a "hold" rating in a research note on Friday, February 13th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $435.30.
Read Our Latest Research Report on AVGO
Broadcom Stock Performance
Shares of NASDAQ:AVGO traded down $9.23 during midday trading on Friday, reaching $326.75. The company's stock had a trading volume of 6,859,513 shares, compared to its average volume of 26,048,271. The company has a quick ratio of 1.73, a current ratio of 1.90 and a debt-to-equity ratio of 0.80. The stock has a fifty day moving average of $333.24 and a 200 day moving average of $344.15. Broadcom Inc. has a twelve month low of $138.10 and a twelve month high of $414.61. The firm has a market capitalization of $1.55 trillion, a PE ratio of 64.08, a P/E/G ratio of 0.78 and a beta of 1.22.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 EPS for the quarter, beating the consensus estimate of $2.03 by $0.02. The company had revenue of $19.31 billion for the quarter, compared to analyst estimates of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm's revenue was up 29.5% on a year-over-year basis. During the same period in the prior year, the company earned $1.60 earnings per share. On average, equities analysts expect that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Tuesday, March 31st. Stockholders of record on Monday, March 23rd will be paid a $0.65 dividend. The ex-dividend date is Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a dividend yield of 0.8%. Broadcom's dividend payout ratio is presently 50.78%.
Broadcom News Summary
Here are the key news stories impacting Broadcom this week:
Insider Activity
In other Broadcom news, insider Charlie B. Kawwas sold 1,928 shares of the business's stock in a transaction that occurred on Wednesday, December 17th. The stock was sold at an average price of $327.80, for a total value of $631,998.40. Following the completion of the transaction, the insider directly owned 23,582 shares of the company's stock, valued at approximately $7,730,179.60. The trade was a 7.56% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Harry L. You acquired 1,000 shares of the stock in a transaction on Thursday, December 18th. The stock was bought at an average price of $325.13 per share, for a total transaction of $325,130.00. Following the transaction, the director owned 36,602 shares in the company, valued at approximately $11,900,408.26. This represents a 2.81% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Insiders sold 458,785 shares of company stock valued at $155,508,157 over the last 90 days. Company insiders own 1.90% of the company's stock.
Broadcom Profile
(
Free Report)
Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
Featured Articles
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