Chemung Canal Trust Co. trimmed its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.1% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,553 shares of the semiconductor manufacturer's stock after selling 1,072 shares during the period. Chemung Canal Trust Co.'s holdings in Broadcom were worth $1,097,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of AVGO. Norges Bank purchased a new position in shares of Broadcom during the 4th quarter worth approximately $16,893,010,000. GAMMA Investing LLC grew its stake in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD grew its stake in shares of Broadcom by 46.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock valued at $11,018,089,000 after buying an additional 15,171,849 shares during the period. GQG Partners LLC grew its stake 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 buying an additional 6,809,245 shares during the period. Finally, Vanguard Group Inc. grew its stake in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.
Analysts Set New Price Targets
Several analysts have recently issued reports on AVGO shares. Wells Fargo & Company boosted their price objective on shares of Broadcom from $230.00 to $255.00 and gave the company an "equal weight" rating in a research note on Friday, June 6th. Citigroup lifted their target price on shares of Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday. Mizuho lifted their target price on shares of Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Cowen restated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Finally, Rosenblatt Securities lifted their target price on shares of Broadcom from $223.00 to $340.00 and gave the company a "buy" rating in a report on Friday, June 6th. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have given a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Buy" and a consensus price target of $285.00.
Check Out Our Latest Analysis on AVGO
Broadcom Stock Performance
Shares of AVGO traded up $6.10 during trading hours on Wednesday, hitting $277.90. The company had a trading volume of 20,105,827 shares, compared to its average volume of 28,408,606. The firm has a market cap of $1.31 trillion, a price-to-earnings ratio of 104.08, a PEG ratio of 1.95 and a beta of 1.12. The business has a fifty day moving average of $242.02 and a 200-day moving average of $217.92. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $279.37. 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 issued its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion for the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $10.96 earnings per share. Equities analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Broadcom announced that its Board of Directors has initiated a share repurchase 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 purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically a sign that the company's leadership believes its stock is undervalued.
Insiders Place Their Bets
In related news, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction dated 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 transaction, the chief executive officer directly owned 1,014,152 shares in the company, valued at approximately $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction dated Monday, June 23rd. The shares were sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the completion of the transaction, the insider owned 415,956 shares in the company, valued at $105,353,335.68. This trade represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 854,716 shares of company stock valued at $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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