Centerpoint Advisory Group grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 20.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 7,941 shares of the semiconductor manufacturer's stock after acquiring an additional 1,371 shares during the period. Broadcom accounts for 1.3% of Centerpoint Advisory Group's holdings, making the stock its 22nd largest position. Centerpoint Advisory Group's holdings in Broadcom were worth $1,330,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds have also recently bought and sold shares of AVGO. Norges Bank acquired a new stake in Broadcom during the fourth quarter worth approximately $16,893,010,000. GAMMA Investing LLC lifted 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 acquiring an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its position in Broadcom by 46.9% during the fourth 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 acquiring an additional 15,171,849 shares during the last quarter. GQG Partners LLC lifted its position in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares during the last quarter. Finally, Vanguard Group Inc. lifted its position in 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 during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Price Performance
Shares of NASDAQ AVGO traded up $5.52 during midday trading on Thursday, reaching $270.17. 23,540,196 shares of the company were exchanged, compared to its average volume of 29,084,360. The stock's 50-day moving average price is $227.46 and its 200-day moving average price is $214.61. The stock has a market cap of $1.27 trillion, a P/E ratio of 101.19, a PEG ratio of 1.88 and a beta of 1.11. Broadcom Inc. has a one year low of $128.50 and a one year high of $271.62. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company's revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $10.96 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom announced that its Board of Directors has authorized a stock repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company's leadership believes its stock is undervalued.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.87%. Broadcom's payout ratio is presently 88.39%.
Insiders Place Their Bets
In related news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction 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 sale, the chief executive officer now owns 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction on Tuesday, June 24th. The stock was sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the completion of the sale, the chief financial officer now directly owns 325,587 shares in the company, valued at approximately $85,066,115.49. This represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 337,818 shares of company stock valued at $84,167,415. 2.00% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the stock. Mizuho lifted their price target on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research report on Friday, June 6th. Citigroup lifted their price target on shares of Broadcom from $276.00 to $285.00 and gave the company a "buy" rating in a research report on Monday, June 9th. Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Susquehanna lifted their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Finally, Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Two research analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have assigned a strong buy rating to the company's stock. According to MarketBeat, Broadcom currently has an average rating of "Buy" and an average target price of $281.25.
Read 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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