Sagace Wealth Management LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 32.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,599 shares of the semiconductor manufacturer's stock after selling 1,231 shares during the period. Sagace Wealth Management LLC's holdings in Broadcom were worth $435,000 as of its most recent filing with the Securities & Exchange Commission.
A number of other large investors have also modified their holdings of the stock. SlateStone Wealth LLC lifted its holdings in shares of Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC lifted its holdings in shares of Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock valued at $165,000 after buying an additional 48 shares during the last quarter. DT Investment Partners LLC lifted its holdings in shares of Broadcom by 0.9% during the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer's stock valued at $1,251,000 after buying an additional 50 shares during the last quarter. Bfsg LLC lifted its holdings in shares of Broadcom by 12.5% during the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer's stock valued at $105,000 after buying an additional 50 shares during the last quarter. Finally, Global Strategic Investment Solutions LLC lifted its holdings in shares of Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock valued at $782,000 after buying an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Analyst Upgrades and Downgrades
AVGO has been the subject of several analyst reports. Bank of America boosted their target price on Broadcom from $240.00 to $300.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Barclays boosted their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday. Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research note on Friday, June 6th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Two investment analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $272.71.
Read Our Latest Stock Analysis on AVGO
Broadcom Stock Performance
Shares of AVGO traded up $3.16 during mid-day trading on Thursday, reaching $256.07. The company's stock had a trading volume of 20,362,986 shares, compared to its average volume of 30,820,128. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $265.43. The stock has a market cap of $1.20 trillion, a P/E ratio of 208.87, a PEG ratio of 2.29 and a beta of 1.11. The business has a 50-day simple moving average of $209.12 and a two-hundred day simple moving average of $207.94. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period last year, the firm posted $10.96 earnings per share. The business's revenue was up 20.2% on a year-over-year basis. As a group, equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.92%. Broadcom's payout ratio is 88.39%.
Broadcom announced that its board has authorized a stock 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 shares through open market purchases. Shares buyback programs are generally an indication that the company's management believes its stock is undervalued.
Insider Activity
In other news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the sale, the director now directly owns 38,798,721 shares of the company's stock, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the sale, the insider now directly owns 465,956 shares of the company's stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock valued at $131,249,694 over the last three months. Insiders own 2.00% of the company's stock.
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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