Journey Strategic Wealth LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 96.0% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 78,284 shares of the semiconductor manufacturer's stock after purchasing an additional 38,342 shares during the period. Broadcom comprises about 0.5% of Journey Strategic Wealth LLC's portfolio, making the stock its 17th biggest position. Journey Strategic Wealth LLC's holdings in Broadcom were worth $13,107,000 at the end of the most recent quarter.
A number of other large investors have also recently made changes to their positions in the company. Norges Bank acquired a new stake in shares of Broadcom in the fourth quarter valued at approximately $16,893,010,000. GAMMA Investing LLC lifted its holdings in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares during the period. Franklin Resources Inc. raised its position in Broadcom by 27.4% in the fourth quarter. Franklin Resources Inc. now owns 26,897,909 shares of the semiconductor manufacturer's stock worth $6,236,011,000 after acquiring an additional 5,783,988 shares in the last quarter. Finally, Northern Trust Corp raised its position in Broadcom by 12.0% in the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after acquiring an additional 5,258,925 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
A number of research analysts have recently weighed in on AVGO shares. Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Thursday, June 5th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective for the company. Finally, Oppenheimer lifted their price objective on Broadcom from $265.00 to $305.00 and gave the stock an "outperform" rating in a research report on Tuesday, July 15th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of "Buy" and an average target price of $292.08.
Check Out Our Latest Stock Report on Broadcom
Insider Transactions at Broadcom
In other news, CEO Hock E. Tan sold 40,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $268.29, for a total value of $10,731,600.00. Following the transaction, the chief executive officer owned 482,836 shares of the company's stock, valued at approximately $129,540,070.44. This represents a 7.65% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Gayla J. Delly sold 3,000 shares of the company's stock in a transaction that occurred on Thursday, June 26th. The shares were sold at an average price of $265.13, for a total value of $795,390.00. Following the completion of the transaction, 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 disclosure for this sale can be found here. Over the last ninety days, insiders have sold 830,516 shares of company stock valued at $217,224,641. Company insiders own 2.00% of the company's stock.
Broadcom Price Performance
AVGO traded up $5.02 during trading on Thursday, hitting $288.71. The company's stock had a trading volume of 16,378,941 shares, compared to its average volume of 17,434,116. The firm's 50 day moving average price is $258.82 and its two-hundred day moving average price is $221.76. The stock has a market capitalization of $1.36 trillion, a price-to-earnings ratio of 108.13, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $291.20. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.
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 business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the firm earned $10.96 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.82%. Broadcom's payout ratio is presently 88.39%.
Broadcom announced that its Board of Directors has initiated a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board of directors believes its stock is undervalued.
Broadcom Company 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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