Dorsey Wright & Associates boosted its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.6% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 27,258 shares of the semiconductor manufacturer's stock after acquiring an additional 1,676 shares during the period. Broadcom makes up approximately 1.2% of Dorsey Wright & Associates' holdings, making the stock its 26th largest holding. Dorsey Wright & Associates' holdings in Broadcom were worth $4,564,000 at the end of the most recent reporting period.
Several other large investors have also recently added to or reduced their stakes in AVGO. Barnes Dennig Private Wealth Management LLC bought a new position in shares of Broadcom during the first quarter valued at $25,000. Inlight Wealth Management LLC bought a new position in Broadcom during the 1st quarter valued at about $26,000. Sunbeam Capital Management LLC bought a new position in Broadcom during the 4th quarter valued at about $28,000. Vermillion Wealth Management Inc. acquired a new position in Broadcom in the fourth quarter valued at about $30,000. Finally, Wood Tarver Financial Group LLC grew its stake in Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after buying an additional 137 shares during the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.
Insider Buying and Selling at Broadcom
In related news, insider Mark David Brazeal sold 50,000 shares of Broadcom stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total value of $12,664,000.00. Following the sale, the insider owned 415,956 shares of the company's stock, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Henry Samueli sold 473,898 shares of the stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 830,516 shares of company stock valued at $217,224,641 in the last three months. 2.00% of the stock is currently owned by insiders.
Wall Street Analysts Forecast Growth
AVGO has been the topic of a number of recent analyst reports. Rosenblatt Securities boosted their price objective on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Mizuho upped their price objective on Broadcom from $315.00 to $320.00 and gave the stock an "outperform" rating in a report on Wednesday, July 16th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Finally, UBS Group upped their target price on shares of Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a research report on Friday, June 6th. One 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. According to data from MarketBeat.com, Broadcom currently has an average rating of "Buy" and an average price target of $292.08.
Read Our Latest Research Report on AVGO
Broadcom Stock Up 1.8%
Shares of AVGO traded up $5.02 during midday trading on Thursday, hitting $288.71. The stock had a trading volume of 16,378,941 shares, compared to its average volume of 17,434,116. 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 firm has a market cap of $1.36 trillion, a price-to-earnings ratio of 108.13, a price-to-earnings-growth ratio of 2.02 and a beta of 1.12. The company has a 50 day simple moving average of $258.82 and a two-hundred day simple moving average of $221.76. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $291.20.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results 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. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the firm earned $10.96 EPS. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom announced that its Board of Directors has approved a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company's board of directors believes its stock is undervalued.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.82%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.
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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