Hager Investment Management Services LLC decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.0% in the 1st quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 37,039 shares of the semiconductor manufacturer's stock after selling 5,532 shares during the quarter. Broadcom accounts for approximately 4.3% of Hager Investment Management Services LLC's holdings, making the stock its 4th largest position. Hager Investment Management Services LLC's holdings in Broadcom were worth $6,201,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of AVGO. Grey Fox Wealth Advisors LLC boosted its stake in Broadcom by 54.4% during the first quarter. Grey Fox Wealth Advisors LLC now owns 1,488 shares of the semiconductor manufacturer's stock valued at $249,000 after buying an additional 524 shares in the last quarter. Graybill Wealth Management LTD. bought a new position in Broadcom during the first quarter valued at about $45,000. Massachusetts Financial Services Co. MA boosted its stake in Broadcom by 10.6% during the first quarter. Massachusetts Financial Services Co. MA now owns 2,792,601 shares of the semiconductor manufacturer's stock valued at $467,565,000 after buying an additional 266,987 shares in the last quarter. OVERSEA CHINESE BANKING Corp Ltd boosted its stake in Broadcom by 412.0% during the first quarter. OVERSEA CHINESE BANKING Corp Ltd now owns 918,666 shares of the semiconductor manufacturer's stock valued at $153,812,000 after buying an additional 739,224 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in Broadcom by 11.8% during the first quarter. SBI Securities Co. Ltd. now owns 60,884 shares of the semiconductor manufacturer's stock valued at $10,194,000 after buying an additional 6,424 shares in the last quarter. Institutional investors own 76.43% of the company's stock.
Insiders Place Their Bets
In related news, CFO Kirsten M. Spears sold 56,310 shares of the firm's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total value of $14,176,042.50. Following the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This trade represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Hock E. Tan sold 117,758 shares of the firm's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at $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 830,516 shares of company stock worth $217,224,641 in the last three months. 2.00% of the stock is owned by insiders.
Wall Street Analyst Weigh In
AVGO has been the subject of several research reports. Wells Fargo & Company raised their target price on Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. UBS Group raised their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Morgan Stanley increased their price target on Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Finally, Erste Group Bank upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Thursday, June 5th. One investment analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the stock has an average rating of "Buy" and an average price target of $292.08.
Read Our Latest Stock Analysis on AVGO
Broadcom Stock Down 1.0%
Shares of NASDAQ AVGO traded down $2.85 during mid-day trading on Friday, reaching $283.60. The company had a trading volume of 10,333,854 shares, compared to its average volume of 27,834,866. The stock has a fifty day moving average of $252.91 and a two-hundred day moving average of $219.98. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.06, a PEG ratio of 2.00 and a beta of 1.12. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $288.28.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom announced that its Board of Directors has authorized a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its shares are undervalued.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.
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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