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C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors Lowers Position in Broadcom Inc. (NASDAQ:AVGO)

Broadcom logo with Computer and Technology background

Key Points

  • C2P Capital Advisory Group LLC reduced its stake in Broadcom Inc. by 53.7%, holding 15,824 shares valued at $2,667,000 at the end of the first quarter.
  • Analysts have raised their target prices for Broadcom stock recently, with JPMorgan Chase & Co. setting a new target of $325 and maintaining an "overweight" rating.
  • Broadcom recently reported earnings of $1.58 per share, exceeding analyst estimates, and announced a quarterly dividend of $0.59 per share, yielding 0.8% annually.
  • Looking to export and analyze Broadcom data? Unlock 5 Weeks of MarketBeat All Access for Just $5. Claim Your Limited-Time Discount.

C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors reduced its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 53.7% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,824 shares of the semiconductor manufacturer's stock after selling 18,359 shares during the period. C2P Capital Advisory Group LLC d.b.a. Prosperity Capital Advisors' holdings in Broadcom were worth $2,667,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in AVGO. Banco Bilbao Vizcaya Argentaria S.A. raised its holdings in Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock valued at $120,070,000 after acquiring an additional 18,845 shares in the last quarter. PARUS FINANCE UK Ltd increased its stake in shares of Broadcom by 175.3% in the 1st quarter. PARUS FINANCE UK Ltd now owns 100,578 shares of the semiconductor manufacturer's stock valued at $16,840,000 after purchasing an additional 64,038 shares during the last quarter. Nebula Research & Development LLC increased its stake in shares of Broadcom by 1,100.8% in the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after purchasing an additional 14,399 shares during the last quarter. Keener Financial Planning LLC increased its stake in shares of Broadcom by 34.8% in the 1st quarter. Keener Financial Planning LLC now owns 890 shares of the semiconductor manufacturer's stock valued at $149,000 after purchasing an additional 230 shares during the last quarter. Finally, Diversify Wealth Management LLC increased its stake in shares of Broadcom by 5.6% in the 1st quarter. Diversify Wealth Management LLC now owns 38,016 shares of the semiconductor manufacturer's stock valued at $6,365,000 after purchasing an additional 2,016 shares during the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the transaction, the chief executive officer directly owned 1,014,152 shares of the company's stock, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the company'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 in the company, valued at approximately $91,117,639.75. This trade represents a 13.46% 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 over the last three months. Insiders own 2.00% of the company's stock.

Broadcom Trading Up 2.9%

Shares of NASDAQ:AVGO traded up $8.93 during midday trading on Tuesday, reaching $312.83. The company's stock had a trading volume of 17,604,553 shares, compared to its average volume of 16,984,464. The firm has a market capitalization of $1.47 trillion, a price-to-earnings ratio of 117.16, a PEG ratio of 2.16 and a beta of 1.15. 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 firm has a 50 day moving average price of $275.10 and a two-hundred day moving average price of $227.64. Broadcom Inc. has a fifty-two week low of $134.90 and a fifty-two week high of $313.44.

Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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. The company had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's revenue was up 20.2% compared to the same quarter last year. During the same period in the previous year, the business earned $10.96 EPS. As a group, analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current year.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders 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 0.8%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is currently 88.39%.

Analysts Set New Price Targets

AVGO has been the topic of several recent analyst reports. Benchmark lifted their price target on Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. Citigroup lifted their price target on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a research note on Monday, July 7th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Finally, HSBC upgraded Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price target on the stock in a research note on Tuesday, June 24th. Two equities research analysts have rated the stock with a hold rating, twenty-six have given a buy rating and three have given a strong buy rating to the company. According to data from MarketBeat, Broadcom currently has an average rating of "Buy" and a consensus price target of $294.92.

Get Our Latest Research Report on AVGO

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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