CGN Advisors LLC reduced its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 15.2% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 25,343 shares of the semiconductor manufacturer's stock after selling 4,526 shares during the quarter. CGN Advisors LLC's holdings in Broadcom were worth $4,243,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Broadcom by 3.8% during the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after acquiring an additional 18,845 shares during the last quarter. Nebula Research & Development LLC lifted its stake in Broadcom by 1,100.8% in the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares during the last quarter. Destiny Wealth Partners LLC lifted its stake in shares of Broadcom by 1,211.3% during the 4th quarter. Destiny Wealth Partners LLC now owns 27,013 shares of the semiconductor manufacturer's stock worth $6,263,000 after acquiring an additional 24,953 shares during the last quarter. Mediolanum International Funds Ltd lifted its holdings in Broadcom by 36.3% during the 4th quarter. Mediolanum International Funds Ltd now owns 634,112 shares of the semiconductor manufacturer's stock valued at $149,017,000 after buying an additional 168,774 shares in the last quarter. Finally, Kovack Advisors Inc. raised its stake in shares of Broadcom by 8.1% during the fourth quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after acquiring an additional 2,570 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors.
Broadcom Stock Down 5.0%
Shares of AVGO traded down $12.98 during mid-day trading on Friday, hitting $246.95. 41,055,118 shares of the company traded hands, compared to its average volume of 30,998,721. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. The business has a 50 day moving average of $203.73 and a 200 day moving average of $206.22.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the business posted $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. Equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is 113.46%.
Broadcom declared that its board has authorized a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares buyback plans are often an indication that the company's board of directors believes its shares are undervalued.
Wall Street Analysts Forecast Growth
Several research firms have recently weighed in on AVGO. Morgan Stanley lifted their price target on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday. Benchmark boosted their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a report on Friday. Evercore ISI boosted their price objective on shares of Broadcom from $267.00 to $304.00 and gave the stock an "outperform" rating in a research note on Friday. Barclays reduced their price objective on shares of Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research note on Tuesday, April 22nd. Finally, Bank of America boosted their price objective on shares of Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a research note on Friday. Three research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average price target of $270.25.
Check Out Our Latest Stock Analysis on AVGO
Insider Activity at Broadcom
In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Justine Page sold 800 shares of Broadcom stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the transaction, the director now owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. This represents a 2.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 in the last ninety days. Company 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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