Caliber Wealth Management LLC KS purchased a new position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor purchased 29,779 shares of the semiconductor manufacturer's stock, valued at approximately $4,986,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Barnes Dennig Private Wealth Management LLC bought a new stake in Broadcom during the 1st quarter worth approximately $25,000. Inlight Wealth Management LLC bought a new stake in Broadcom during the 1st quarter worth approximately $26,000. Sunbeam Capital Management LLC bought a new stake in Broadcom during the 4th quarter worth approximately $28,000. Vermillion Wealth Management Inc. bought a new position in Broadcom in the 4th quarter valued at $30,000. Finally, Wood Tarver Financial Group LLC boosted its position in Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after buying an additional 137 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Insider Activity at Broadcom
In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the sale, the chief financial officer owned 325,587 shares of the company's stock, valued at $85,066,115.49. The trade was a 10.04% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Hock E. Tan sold 40,000 shares of the business's stock in a transaction on Thursday, June 26th. The shares were sold at an average price of $268.29, for a total transaction of $10,731,600.00. Following the sale, the chief executive officer directly owned 482,836 shares in the company, valued at $129,540,070.44. The trade was a 7.65% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock worth $217,224,641 over the last 90 days. Corporate insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have commented on the company. UBS Group increased their price objective on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Cowen restated a "buy" rating on shares of Broadcom in a research report on Friday, June 6th. Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Rosenblatt Securities raised their price target on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research report on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have given 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 $292.08.
View Our Latest Report on AVGO
Broadcom Trading Up 1.1%
Shares of Broadcom stock traded up $3.17 on Monday, hitting $293.35. 4,900,311 shares of the company's stock traded hands, compared to its average volume of 26,997,705. Broadcom Inc. has a one year low of $128.50 and a one year high of $293.27. 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 company has a fifty day moving average of $260.05 and a two-hundred day moving average of $222.08. The company has a market capitalization of $1.38 trillion, a price-to-earnings ratio of 109.80, a price-to-earnings-growth ratio of 2.06 and a beta of 1.12.
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, 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 company had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The business's revenue was up 20.2% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company's board of directors believes its shares are undervalued.
Broadcom Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.80%. Broadcom's payout ratio is currently 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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