Elk River Wealth Management LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.7% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 107,158 shares of the semiconductor manufacturer's stock after selling 5,297 shares during the period. Broadcom makes up approximately 3.4% of Elk River Wealth Management LLC's investment portfolio, making the stock its 9th largest holding. Elk River Wealth Management LLC's holdings in Broadcom were worth $17,942,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Banco Bilbao Vizcaya Argentaria S.A. lifted its position in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC raised its stake in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares during the last quarter. Kovack Advisors Inc. lifted 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 buying an additional 2,570 shares during the period. SOA Wealth Advisors LLC. boosted its stake in shares of Broadcom by 50.6% in the fourth quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after buying an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC grew its holdings in Broadcom by 1,512.3% during the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after acquiring an additional 86,884 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.
Wall Street Analyst Weigh In
A number of brokerages have issued reports on AVGO. Cantor Fitzgerald reissued an "overweight" rating and issued a $300.00 price target on shares of Broadcom in a report on Friday. Evercore ISI increased their price target on shares of Broadcom from $267.00 to $304.00 and gave the stock an "outperform" rating in a report on Friday. Susquehanna lifted their price objective on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday. Cowen reissued a "buy" rating on shares of Broadcom in a research note on Friday. Finally, JPMorgan Chase & Co. lifted their price target on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research note on Friday. Two equities research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has assigned a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $270.25.
Get Our Latest Report on AVGO
Broadcom Trading Down 5.0%
Shares of Broadcom stock opened at $246.95 on Friday. The company has a debt-to-equity ratio of 0.98, a current ratio of 1.17 and a quick ratio of 1.07. The stock's 50 day simple moving average is $203.73 and its 200-day simple moving average is $206.22. The stock has a market cap of $1.16 trillion, a P/E ratio of 201.43, a P/E/G ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43.
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 firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business posted $10.96 earnings per share. Analysts predict 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 dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.96%. Broadcom's dividend payout ratio is currently 113.46%.
Broadcom announced that its board has authorized a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy 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 shares are undervalued.
Insider Activity
In other Broadcom news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction dated Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the company's stock in a transaction that occurred on Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the transaction, the insider now owns 490,956 shares in the company, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 720,576 shares of company stock valued at $131,249,694. 2.00% of the stock is currently owned by company 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.
Further Reading
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