Darden Wealth Group Inc decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 11.7% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 19,445 shares of the semiconductor manufacturer's stock after selling 2,580 shares during the quarter. Broadcom comprises approximately 2.5% of Darden Wealth Group Inc's investment portfolio, making the stock its 7th biggest holding. Darden Wealth Group Inc's holdings in Broadcom were worth $3,256,000 at the end of the most recent reporting period.
Several other hedge funds and other institutional investors have also bought and sold shares of AVGO. Migdal Insurance & Financial Holdings Ltd. grew its position in shares of Broadcom by 41.9% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 216,338 shares of the semiconductor manufacturer's stock valued at $36,221,000 after purchasing an additional 63,924 shares during the period. Ring Mountain Capital LLC grew its holdings in shares of Broadcom by 0.9% during the first quarter. Ring Mountain Capital LLC now owns 17,605 shares of the semiconductor manufacturer's stock worth $2,948,000 after buying an additional 151 shares in the last quarter. Gradient Capital Advisors LLC grew its holdings in shares of Broadcom by 3.6% during the first quarter. Gradient Capital Advisors LLC now owns 9,700 shares of the semiconductor manufacturer's stock worth $1,624,000 after buying an additional 340 shares in the last quarter. Carson Advisory Inc. grew its holdings in shares of Broadcom by 35.1% during the first quarter. Carson Advisory Inc. now owns 1,984 shares of the semiconductor manufacturer's stock worth $332,000 after buying an additional 515 shares in the last quarter. Finally, Commerzbank Aktiengesellschaft FI increased its position in shares of Broadcom by 1.0% in the first quarter. Commerzbank Aktiengesellschaft FI now owns 1,016,907 shares of the semiconductor manufacturer's stock valued at $170,261,000 after acquiring an additional 10,059 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Broadcom Stock Performance
Broadcom stock traded down $2.66 during trading on Friday, hitting $283.79. The stock had a trading volume of 3,175,243 shares, compared to its average volume of 27,807,476. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $288.28. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The stock's 50 day moving average is $252.91 and its two-hundred day moving average is $219.98. The stock has a market cap of $1.33 trillion, a price-to-earnings ratio of 106.54, a price-to-earnings-growth ratio of 2.00 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 EPS for the quarter, topping the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue for the quarter was up 20.2% on a year-over-year basis. During the same period last year, the firm earned $10.96 EPS. As a group, analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were given a $0.59 dividend. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.83%. Broadcom's payout ratio is 88.39%.
Broadcom declared that its Board of Directors has initiated a stock buyback program 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 stock through open market purchases. Stock repurchase programs are often an indication that the company's board of directors believes its shares are undervalued.
Analysts Set New Price Targets
AVGO has been the subject of several recent analyst reports. The Goldman Sachs Group initiated coverage on Broadcom in a report on Thursday, July 10th. They issued a "buy" rating and a $315.00 price objective for the company. Mizuho boosted their target price on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday. Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 target price for the company. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. Finally, Barclays increased their target price on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom has a consensus rating of "Buy" and an average price target of $292.08.
Check Out Our Latest Stock Report on Broadcom
Insider Buying and Selling
In related news, CFO Kirsten M. Spears sold 36,350 shares of the stock in a transaction dated 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 directly owned 325,587 shares in the company, valued at $85,066,115.49. This represents 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 dated 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 transaction, the chief executive officer owned 482,836 shares in the company, valued at $129,540,070.44. This represents 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 ninety days. Corporate 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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