Hanson & Doremus Investment Management increased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3,602.8% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 13,330 shares of the semiconductor manufacturer's stock after purchasing an additional 12,970 shares during the quarter. Hanson & Doremus Investment Management's holdings in Broadcom were worth $2,232,000 as of its most recent filing with the SEC.
Several other large investors have also recently made changes to their positions in AVGO. SlateStone Wealth LLC lifted its stake in Broadcom by 0.3% during the 4th quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock worth $3,207,000 after acquiring an additional 47 shares in the last quarter. True Wealth Design LLC lifted its stake in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares in the last quarter. DT Investment Partners LLC lifted its stake in Broadcom by 0.9% during the 4th quarter. DT Investment Partners LLC now owns 5,397 shares of the semiconductor manufacturer's stock worth $1,251,000 after acquiring an additional 50 shares in the last quarter. Bfsg LLC lifted its stake in Broadcom by 12.5% during the 4th quarter. Bfsg LLC now owns 451 shares of the semiconductor manufacturer's stock worth $105,000 after acquiring an additional 50 shares in the last quarter. Finally, Global Strategic Investment Solutions LLC lifted its stake in Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock worth $782,000 after acquiring an additional 50 shares in the last quarter. 76.43% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several research firms recently issued reports on AVGO. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Evercore ISI reissued an "outperform" rating and set a $304.00 target price (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. JPMorgan Chase & Co. upped their price target on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Wall Street Zen downgraded Broadcom from a "buy" rating to a "hold" rating in a report on Sunday. Three investment analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $276.09.
Read Our Latest Stock Analysis on Broadcom
Insider Activity
In related news, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Mark David Brazeal sold 30,000 shares of Broadcom stock in a transaction on Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $95,564,585.40. This represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 730,576 shares of company stock valued at $133,778,494 in the last three months. 2.00% of the stock is currently owned by company insiders.
Broadcom Stock Down 2.9%
Broadcom stock opened at $248.70 on Monday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The stock has a 50 day moving average of $213.01 and a two-hundred day moving average of $209.85. The company has a current ratio of 1.17, a quick ratio of 1.07 and a debt-to-equity ratio of 0.98. The stock has a market capitalization of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The company's quarterly revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $10.96 EPS. As a group, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.95%. Broadcom's dividend payout ratio is currently 88.39%.
Broadcom declared that its Board of Directors has initiated a stock repurchase program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's board believes its stock is undervalued.
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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