Alpine Woods Capital Investors LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.8% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 82,663 shares of the semiconductor manufacturer's stock after selling 16,697 shares during the quarter. Broadcom comprises approximately 3.5% of Alpine Woods Capital Investors LLC's investment portfolio, making the stock its 2nd largest holding. Alpine Woods Capital Investors LLC's holdings in Broadcom were worth $13,840,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the business. Norges Bank bought a new stake in shares of Broadcom in the 4th quarter worth approximately $16,893,010,000. GAMMA Investing LLC grew its position in Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after buying an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Broadcom by 46.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares during the last quarter. GQG Partners LLC increased its position in shares of Broadcom by 200.0% during the 4th quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock valued at $2,367,819,000 after purchasing an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Trading Down 0.9%
AVGO stock traded down $2.50 during midday trading on Thursday, hitting $275.40. The stock had a trading volume of 17,848,136 shares, compared to its average volume of 28,277,906. Broadcom Inc. has a 12-month low of $128.50 and a 12-month high of $281.42. The company's 50-day moving average price is $243.73 and its 200 day moving average price is $218.33. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm has a market cap of $1.30 trillion, a PE ratio of 103.15, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued 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. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the previous year, the business posted $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.
Broadcom announced that its board has initiated a share buyback plan on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company's leadership believes its stock is undervalued.
Wall Street Analyst Weigh In
AVGO has been the subject of several analyst reports. Wells Fargo & Company increased their price target on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research report on Friday, June 6th. Oppenheimer lifted their target price on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a report on Friday, May 30th. UBS Group upped their price target on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Citigroup lifted their target price on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday. Finally, Cantor Fitzgerald reissued an "overweight" rating and set a $300.00 price objective on shares of Broadcom in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Broadcom has an average rating of "Buy" and an average target price of $290.21.
Read Our Latest Research Report on Broadcom
Insider Transactions at Broadcom
In related news, insider Charlie B. Kawwas sold 10,000 shares of the 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 transaction, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the transaction, the chief financial officer owned 361,937 shares of the company's stock, valued at $91,117,639.75. The trade was a 13.46% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 854,716 shares of company stock worth $221,433,761 in 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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