E Fund Management Hong Kong Co. Ltd. reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 51.7% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,456 shares of the semiconductor manufacturer's stock after selling 1,561 shares during the quarter. E Fund Management Hong Kong Co. Ltd.'s holdings in Broadcom were worth $244,000 as of its most recent filing with the Securities and Exchange Commission.
Other large investors have also recently added to or reduced their stakes in the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in shares of Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after acquiring an additional 18,845 shares during the last quarter. Nebula Research & Development LLC raised its stake in Broadcom by 1,100.8% during the fourth quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after purchasing an additional 14,399 shares during the period. Kovack Advisors Inc. boosted its holdings in shares of Broadcom by 8.1% in the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after purchasing an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. grew its stake in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after buying an additional 355 shares during the period. Finally, Coppell Advisory Solutions LLC increased its holdings in shares of Broadcom by 1,512.3% during the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after buying an additional 86,884 shares during the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
AVGO has been the topic of a number of research analyst reports. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report 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 research note on Friday, June 6th. JPMorgan Chase & Co. boosted their target price on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Oppenheimer raised their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. Finally, William Blair reiterated an "outperform" rating on shares of Broadcom in a research note on Friday, March 7th. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and a consensus price target of $276.09.
Check Out Our Latest Stock Report on AVGO
Insider Activity at Broadcom
In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the transaction, the insider now directly owns 465,956 shares of the company's stock, valued at $83,872,080. This trade represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 875,444 shares of company stock valued at $172,097,492. Corporate insiders own 2.00% of the company's stock.
Broadcom Stock Performance
Shares of AVGO opened at $253.77 on Tuesday. The firm has a market cap of $1.19 trillion, a price-to-earnings ratio of 95.04, a PEG ratio of 1.78 and a beta of 1.11. 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 business's 50 day moving average is $221.98 and its two-hundred day moving average is $213.28. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS 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 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 in the prior year, the firm posted $10.96 EPS. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.93%. Broadcom's dividend payout ratio (DPR) is 88.39%.
Broadcom announced that its board has authorized a stock repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company's leadership believes its stock is undervalued.
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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