AGF Management Ltd. lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,832,854 shares of the semiconductor manufacturer's stock after acquiring an additional 76,099 shares during the quarter. Broadcom accounts for about 1.6% of AGF Management Ltd.'s portfolio, making the stock its 9th largest position. AGF Management Ltd.'s holdings in Broadcom were worth $306,875,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other large investors have also modified their holdings of the stock. Barnes Dennig Private Wealth Management LLC acquired a new position in Broadcom in the first quarter valued at $25,000. Cheviot Value Management LLC acquired a new stake in shares of Broadcom during the first quarter worth about $25,000. Inlight Wealth Management LLC acquired a new stake in shares of Broadcom during the first quarter worth about $26,000. Sunbeam Capital Management LLC acquired a new stake in shares of Broadcom during the fourth quarter worth about $28,000. Finally, Vermillion Wealth Management Inc. acquired a new stake in shares of Broadcom during the fourth quarter worth about $30,000. Hedge funds and other institutional investors own 76.43% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently commented on AVGO shares. UBS Group increased their price target on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a report on Saturday. Oppenheimer raised their target price 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. Truist Financial set a $295.00 price target on shares of Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Two analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and three have issued a strong buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $294.92.
View Our Latest Analysis on AVGO
Insiders Place Their Bets
In other news, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total value of $10,731,600.00. Following the sale, the chief executive officer owned 482,836 shares of the company's stock, valued at $129,540,070.44. The trade was a 7.65% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total transaction of $795,390.00. Following the transaction, the director owned 33,352 shares in the company, valued at approximately $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock valued at $217,040,489 over the last 90 days. 2.00% of the stock is currently owned by company insiders.
Broadcom Price Performance
Shares of AVGO traded down $1.41 during trading hours on Wednesday, hitting $311.42. The stock had a trading volume of 2,580,334 shares, compared to its average volume of 26,223,553. Broadcom Inc. has a 52 week low of $134.90 and a 52 week high of $317.35. The company's fifty day moving average is $275.10 and its two-hundred day moving average is $227.64. 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 stock has a market capitalization of $1.46 trillion, a price-to-earnings ratio of 116.58, a P/E/G ratio of 2.16 and a beta of 1.15.
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, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter last year, the firm earned $10.96 EPS. On average, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Dividend Announcement
The firm also recently disclosed 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 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.
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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