D.A. Davidson & CO. reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 1.8% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 686,704 shares of the semiconductor manufacturer's stock after selling 12,572 shares during the quarter. Broadcom comprises about 0.9% of D.A. Davidson & CO.'s portfolio, making the stock its 19th largest holding. D.A. Davidson & CO.'s holdings in Broadcom were worth $114,975,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other institutional investors also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC grew its holdings in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC increased its position in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after acquiring an additional 2,873,809 shares during the period. Norges Bank purchased a new position in Broadcom in the 4th quarter worth $16,893,010,000. Finally, Northern Trust Corp lifted its position in Broadcom by 12.0% during the 4th 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 during the period. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Stock Up 1.8%
Broadcom stock opened at $274.87 on Friday. 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 $1.29 trillion, a PE ratio of 102.95, a price-to-earnings-growth ratio of 1.92 and a beta of 1.12. The business has a 50 day simple moving average of $237.12 and a 200-day simple moving average of $216.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly 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 company had revenue of $15 billion during 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 firm's revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 EPS. On average, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Announces Dividend
The business 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 was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Broadcom declared that its Board of Directors has authorized a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase plans are often a sign that the company's board believes its stock is undervalued.
Analyst Upgrades and Downgrades
A number of research analysts have recently weighed in on the company. UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday, June 6th. Citigroup increased their price target on shares of Broadcom from $276.00 to $285.00 and gave the stock a "buy" rating in a report on Monday, June 9th. JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Evercore ISI reaffirmed an "outperform" rating and issued a $304.00 price objective (up from $267.00) on shares of Broadcom in a report on Friday, June 6th. Finally, Mizuho increased their price objective on shares of Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $281.46.
Read Our Latest Report on AVGO
Insider Transactions at Broadcom
In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the business's stock in a transaction that occurred 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 completion of the sale, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock worth $221,433,761 in the last three months. 2.00% of the stock is owned by corporate insiders.
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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