Elyxium Wealth LLC increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 420.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 15,714 shares of the semiconductor manufacturer's stock after acquiring an additional 12,692 shares during the period. Broadcom comprises approximately 1.2% of Elyxium Wealth LLC's portfolio, making the stock its 21st biggest holding. Elyxium Wealth LLC's holdings in Broadcom were worth $2,631,000 as of its most recent filing with the Securities and Exchange Commission.
Several other hedge funds and other institutional investors have also modified their holdings of AVGO. OneAscent Family Office LLC grew its position in Broadcom by 297.1% during the first quarter. OneAscent Family Office LLC now owns 4,829 shares of the semiconductor manufacturer's stock worth $812,000 after buying an additional 3,613 shares in the last quarter. AustralianSuper Pty Ltd lifted its stake in Broadcom by 300.2% during the first quarter. AustralianSuper Pty Ltd now owns 1,660,769 shares of the semiconductor manufacturer's stock worth $278,063,000 after purchasing an additional 1,245,805 shares during the period. Copperwynd Financial LLC lifted its stake in Broadcom by 13.8% during the first quarter. Copperwynd Financial LLC now owns 20,878 shares of the semiconductor manufacturer's stock worth $3,496,000 after purchasing an additional 2,527 shares during the period. Calton & Associates Inc. bought a new position in Broadcom during the first quarter worth about $644,000. Finally, Fountainhead AM LLC lifted its stake in Broadcom by 24.1% during the first quarter. Fountainhead AM LLC now owns 13,270 shares of the semiconductor manufacturer's stock worth $2,222,000 after purchasing an additional 2,578 shares during the period. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
AVGO has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Barclays raised their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research note on Monday, June 9th. Erste Group Bank upgraded shares of Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. Finally, The Goldman Sachs Group began coverage on shares of Broadcom in a research note on Thursday, July 10th. They issued a "buy" rating and a $315.00 target price for the company. One 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's stock. Based on data from MarketBeat.com, Broadcom presently has an average rating of "Buy" and a consensus target price of $292.08.
View Our Latest Stock Report on Broadcom
Broadcom Stock Down 3.3%
AVGO traded down $9.38 during trading on Tuesday, hitting $278.83. The company had a trading volume of 10,957,163 shares, compared to its average volume of 27,712,400. The company has a market capitalization of $1.31 trillion, a PE ratio of 104.48, a PEG ratio of 2.02 and a beta of 1.12. Broadcom Inc. has a one year low of $128.50 and a one year high of $290.54. The firm's 50-day moving average price is $254.41 and its 200 day moving average price is $220.17. 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 quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the firm posted $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. As a group, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Announces Dividend
The business 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 dividend on an annualized basis and a yield of 0.85%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.
Broadcom declared that its Board of Directors has approved a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are generally an indication that the company's board of directors believes its shares are undervalued.
Insider Activity at Broadcom
In other Broadcom news, 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 transaction of $125,739,356.34. Following the transaction, the director owned 38,188,575 shares in the company, valued at $10,132,574,604.75. This represents a 1.23% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Justine Page sold 800 shares of the stock in a transaction that occurred on Monday, July 14th. The stock was sold at an average price of $274.30, for a total transaction of $219,440.00. Following the sale, the director owned 24,582 shares in the company, valued at $6,742,842.60. This represents a 3.15% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. 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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