Harbour Capital Advisors LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 57,380 shares of the semiconductor manufacturer's stock after selling 6,488 shares during the period. Broadcom accounts for approximately 2.2% of Harbour Capital Advisors LLC's portfolio, making the stock its 8th biggest position. Harbour Capital Advisors LLC's holdings in Broadcom were worth $8,837,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Banco Bilbao Vizcaya Argentaria S.A. boosted its holdings in Broadcom by 3.8% in the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares in the last quarter. Nebula Research & Development LLC boosted its stake in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock worth $3,642,000 after acquiring an additional 14,399 shares in the last quarter. Kovack Advisors Inc. increased its holdings in shares of Broadcom by 8.1% during the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock valued at $7,971,000 after acquiring an additional 2,570 shares during the last quarter. SOA Wealth Advisors LLC. increased its holdings in shares of Broadcom by 50.6% during the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock valued at $245,000 after acquiring an additional 355 shares during the last quarter. Finally, Coppell Advisory Solutions LLC raised its stake in shares of Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after acquiring an additional 86,884 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Analyst Ratings Changes
A number of brokerages have issued reports on AVGO. JPMorgan Chase & Co. upped their target price on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Seaport Res Ptn upgraded shares of Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. Truist Financial set a $295.00 target price on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday, June 6th. William Blair restated an "outperform" rating on shares of Broadcom in a report on Friday, March 7th. Finally, Benchmark lifted their price objective on Broadcom from $255.00 to $315.00 and gave the stock a "buy" rating in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, Broadcom presently has a consensus rating of "Buy" and a consensus target price of $281.25.
Read Our Latest Stock Analysis on AVGO
Insider Transactions at Broadcom
In other Broadcom news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the sale, the chief executive officer now directly owns 1,014,152 shares in the company, valued at $256,489,182.32. This represents a 10.40% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the transaction, the insider now owns 465,956 shares of the company's stock, valued at $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 301,468 shares of company stock valued at $74,670,250 over the last three months. 2.00% of the stock is currently owned by corporate insiders.
Broadcom Price Performance
Shares of NASDAQ AVGO traded up $5.52 during mid-day trading on Thursday, hitting $270.17. 23,540,196 shares of the stock were exchanged, compared to its average volume of 29,153,648. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $271.62. The stock's fifty day simple moving average is $225.48 and its two-hundred day simple moving average is $213.98. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The company has a market cap of $1.27 trillion, a P/E ratio of 101.19, a PEG ratio of 1.88 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 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The business had revenue of $15 billion for the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter last year, the business earned $10.96 earnings per share. As a group, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.87%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is 88.39%.
Broadcom announced that its Board of Directors has approved a share repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's leadership 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.
Featured Articles
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Looking for the next FAANG stock before everyone has heard about it? Enter your email address to see which stocks MarketBeat analysts think might become the next trillion dollar tech company.
Get This Free Report
