Duncker Streett & Co. Inc. reduced its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 21.5% during the first quarter, according to its most recent filing with the SEC. The fund owned 86,060 shares of the semiconductor manufacturer's stock after selling 23,553 shares during the quarter. Broadcom accounts for approximately 2.9% of Duncker Streett & Co. Inc.'s portfolio, making the stock its 4th largest holding. Duncker Streett & Co. Inc.'s holdings in Broadcom were worth $14,409,000 as of its most recent SEC filing.
Other institutional investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake 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 valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. Geode Capital Management LLC increased its holdings in Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after acquiring an additional 3,018,294 shares during the last quarter. FMR LLC raised its stake in 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 bought a new stake in Broadcom in the 4th quarter valued at about $16,893,010,000. Finally, Northern Trust Corp lifted its holdings in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Broadcom Price Performance
Shares of AVGO traded up $10.00 during midday trading on Tuesday, reaching $263.77. The stock had a trading volume of 32,724,001 shares, compared to its average volume of 29,327,658. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a market capitalization of $1.24 trillion, a price-to-earnings ratio of 98.79, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11. The company's 50-day moving average is $223.68 and its 200 day moving average is $213.63. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $265.58.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same quarter in the prior year, the firm earned $10.96 earnings per share. On average, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The firm 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 dividend on an annualized basis and a yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is presently 88.39%.
Broadcom announced that its board has authorized a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's management believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on AVGO. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a research report on Friday, June 6th. Barclays lifted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a research report on Tuesday. Susquehanna lifted their price target on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Finally, Wall Street Zen cut Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Three research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $281.25.
Check Out Our Latest Research Report on AVGO
Insiders Place Their Bets
In other news, insider Mark David Brazeal sold 25,000 shares of the stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through 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 transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $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. Insiders sold 875,444 shares of company stock valued at $172,097,492 over the last three months. Insiders own 2.00% of the company's stock.
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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