Franklin Street Advisors Inc. NC increased its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 30.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 209,611 shares of the semiconductor manufacturer's stock after purchasing an additional 49,347 shares during the quarter. Broadcom accounts for approximately 2.5% of Franklin Street Advisors Inc. NC's holdings, making the stock its 8th biggest position. Franklin Street Advisors Inc. NC's holdings in Broadcom were worth $35,095,000 at the end of the most recent reporting period.
Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new position in Broadcom in the fourth quarter worth $16,893,010,000. GAMMA Investing LLC raised its position in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after acquiring an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD raised its position in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after acquiring an additional 15,171,849 shares in the last quarter. GQG Partners LLC raised its position in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after acquiring an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Broadcom by 1.4% in the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after acquiring an additional 6,573,204 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Broadcom
In other Broadcom news, Director Henry Samueli sold 663,976 shares of the stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total value of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the firm's stock in a transaction on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the completion of the transaction, the insider now owns 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 730,576 shares of company stock worth $133,778,494. Insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
Several research firms have issued reports on AVGO. JPMorgan Chase & Co. increased their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Barclays raised their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. KeyCorp raised their price target on Broadcom from $260.00 to $275.00 and gave the company an "overweight" rating in a research report on Friday, March 7th. Oppenheimer raised their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Truist Financial set a $295.00 price target on Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $276.09.
Check Out Our Latest Analysis on Broadcom
Broadcom Stock Performance
Broadcom stock traded down $7.37 during trading hours on Friday, hitting $248.70. The stock had a trading volume of 19,002,301 shares, compared to its average volume of 30,383,406. The company has a 50-day moving average of $213.01 and a two-hundred day moving average of $209.15. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98. The company has a market cap of $1.17 trillion, a PE ratio of 202.86, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $265.43.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the firm posted $10.96 EPS. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom announced that its board has initiated a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase plans are often a sign that the company's board of directors believes its stock is undervalued.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be given a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.95%. Broadcom's payout ratio is 88.39%.
Broadcom Profile
(
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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