Forbes J M & Co. LLP grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 116,758 shares of the semiconductor manufacturer's stock after acquiring an additional 3,099 shares during the period. Broadcom comprises approximately 1.9% of Forbes J M & Co. LLP's holdings, making the stock its 11th biggest position. Forbes J M & Co. LLP's holdings in Broadcom were worth $19,549,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds also recently added to or reduced their stakes in AVGO. Brighton Jones LLC raised its position in shares of Broadcom by 21.8% during the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after buying an additional 5,322 shares in the last quarter. Revolve Wealth Partners LLC raised its position in shares of Broadcom by 10.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after buying an additional 756 shares in the last quarter. Bank Pictet & Cie Europe AG raised its position in shares of Broadcom by 16.4% during the 4th quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after buying an additional 31,225 shares in the last quarter. Highview Capital Management LLC DE raised its position in shares of Broadcom by 1.3% during the 4th quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after buying an additional 322 shares in the last quarter. Finally, Haverford Trust Co raised its position in shares of Broadcom by 2.3% during the 4th quarter. Haverford Trust Co now owns 21,415 shares of the semiconductor manufacturer's stock worth $4,965,000 after buying an additional 475 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
Several equities analysts have recently issued reports on the stock. Evercore ISI reissued an "outperform" rating and issued a $304.00 target price (up from $267.00) on shares of Broadcom in a research report on Friday, June 6th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective for the company in a research note on Tuesday, June 24th. Benchmark boosted their price objective on shares of Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Finally, Citigroup boosted their price objective on shares of Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a research note on Monday, July 7th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and an average price target of $292.08.
Get Our Latest Research Report on Broadcom
Broadcom Stock Down 3.3%
AVGO stock opened at $278.59 on Wednesday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The company has a market cap of $1.31 trillion, a PE ratio of 104.34, a price-to-earnings-growth ratio of 2.05 and a beta of 1.12. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $290.54. The business has a 50-day simple moving average of $254.41 and a 200 day simple moving average of $220.17.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its 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. The business had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same period last year, the company earned $10.96 EPS. Sell-side analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.85%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.
Broadcom announced that its Board of Directors has initiated a share buyback plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are generally an indication that the company's management believes its stock is undervalued.
Insider Buying and Selling at Broadcom
In other news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider directly owned 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 117,758 shares of Broadcom stock in a transaction on Thursday, June 12th. The stock was 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 in the company, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 830,516 shares of company stock worth $217,224,641. 2.00% of the stock is currently owned by insiders.
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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