Fortem Financial Group LLC lifted its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 7.5% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 34,715 shares of the semiconductor manufacturer's stock after acquiring an additional 2,427 shares during the period. Broadcom accounts for about 2.3% of Fortem Financial Group LLC's portfolio, making the stock its 7th largest position. Fortem Financial Group LLC's holdings in Broadcom were worth $5,812,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently modified their holdings of the company. Barnes Dennig Private Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth $25,000. Inlight Wealth Management LLC bought a new stake in shares of Broadcom in the 1st quarter worth $26,000. Sunbeam Capital Management LLC bought a new stake in shares of Broadcom in the 4th quarter worth $28,000. Vermillion Wealth Management Inc. bought a new stake in shares of Broadcom in the 4th quarter worth $30,000. Finally, Wood Tarver Financial Group LLC grew its stake in shares of Broadcom by 342.5% in the 1st quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock worth $30,000 after acquiring an additional 137 shares in the last quarter. Institutional investors and hedge funds own 76.43% of the company's stock.
Wall Street Analysts Forecast Growth
Several analysts have recently issued reports on the stock. Morgan Stanley upped their target price on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. UBS Group upped their target price on shares of Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. HSBC upgraded shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price for the company in a research note on Tuesday, June 24th. Hsbc Global Res upgraded shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, June 24th. Finally, Redburn Atlantic initiated coverage on shares of Broadcom in a research report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. One research analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus target price of $290.21.
View Our Latest Report on AVGO
Insiders Place Their Bets
In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of Broadcom stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total transaction of $9,497,164.50. Following the transaction, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the transaction, the director directly owned 38,188,575 shares in the company, 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 sold a total of 829,716 shares of company stock valued at $216,933,761 over the last three months. Corporate insiders own 2.00% of the company's stock.
Broadcom Price Performance
Shares of Broadcom stock traded down $1.02 on Friday, reaching $274.38. The stock had a trading volume of 14,264,387 shares, compared to its average volume of 28,130,552. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $281.18. The company has a market cap of $1.29 trillion, a P/E ratio of 102.76, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The business's 50 day moving average is $246.70 and its two-hundred day moving average is $218.87.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The business had revenue of $15 billion for 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 quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the firm posted $10.96 earnings per share. As a group, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Announces Dividend
The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is currently 88.39%.
Broadcom declared that its board has approved a stock repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.
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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