CWM LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.2% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 574,860 shares of the semiconductor manufacturer's stock after selling 12,674 shares during the quarter. CWM LLC's holdings in Broadcom were worth $96,249,000 as of its most recent SEC filing.
Other institutional investors have also recently modified their holdings of the company. SlateStone Wealth LLC lifted its position in shares of Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after acquiring an additional 47 shares in the last quarter. True Wealth Design LLC lifted its position in shares of Broadcom by 7.2% during the fourth quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares in the last quarter. Samalin Investment Counsel LLC lifted its stake in Broadcom by 1.0% in the 4th quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after purchasing an additional 50 shares in the last quarter. Mizuho Bank Ltd. lifted its stake in Broadcom by 7.1% in the 4th quarter. Mizuho Bank Ltd. now owns 750 shares of the semiconductor manufacturer's stock worth $174,000 after purchasing an additional 50 shares in the last quarter. Finally, Fulton Breakefield Broenniman LLC lifted its stake in Broadcom by 2.4% in the 1st quarter. Fulton Breakefield Broenniman LLC now owns 2,130 shares of the semiconductor manufacturer's stock worth $357,000 after purchasing an additional 50 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Broadcom Trading Up 2.2%
Shares of AVGO traded up $6.14 during trading hours on Tuesday, reaching $281.74. 10,087,122 shares of the company traded hands, compared to its average volume of 27,986,407. The company's fifty day moving average price is $248.20 and its two-hundred day moving average price is $218.77. The company has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 105.56, a price-to-earnings-growth ratio of 1.95 and a beta of 1.12. 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 Inc. has a 12 month low of $128.50 and a 12 month high of $283.24.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The firm 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% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $10.96 EPS. Equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.84%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.
Broadcom announced that its Board of Directors has initiated a stock repurchase plan on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback plans are usually a sign that the company's management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several analysts have issued reports on AVGO shares. Mizuho increased their target price on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday, July 3rd. Wells Fargo & Company raised their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Wall Street Zen upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday, July 5th. Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Finally, Evercore ISI restated an "outperform" rating and set a $304.00 price objective (up previously from $267.00) on shares of Broadcom in a research report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $291.88.
View Our Latest Analysis on AVGO
Insider Activity at Broadcom
In related news, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of Broadcom stock in a transaction dated Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at $91,117,639.75. This trade represents a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 828,916 shares of company stock worth $216,785,761 over the last 90 days. 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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