Harbour Investment Management LLC lowered its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.2% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 29,367 shares of the semiconductor manufacturer's stock after selling 1,295 shares during the period. Broadcom makes up about 2.2% of Harbour Investment Management LLC's portfolio, making the stock its 12th largest position. Harbour Investment Management LLC's holdings in Broadcom were worth $4,917,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Banco Bilbao Vizcaya Argentaria S.A. grew its position in shares of Broadcom by 3.8% in the 4th quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after buying an additional 18,845 shares during the last quarter. Nebula Research & Development LLC boosted its holdings in Broadcom by 1,100.8% in the fourth 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. Coppell Advisory Solutions LLC boosted its holdings in Broadcom by 1,512.3% in the fourth quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock worth $21,660,000 after acquiring an additional 86,884 shares in the last quarter. Colonial Trust Co SC boosted its holdings in Broadcom by 14.6% in the fourth quarter. Colonial Trust Co SC now owns 10,085 shares of the semiconductor manufacturer's stock worth $2,338,000 after acquiring an additional 1,285 shares in the last quarter. Finally, Mackenzie Financial Corp boosted its holdings in Broadcom by 7.3% in the fourth quarter. Mackenzie Financial Corp now owns 2,695,694 shares of the semiconductor manufacturer's stock worth $624,970,000 after acquiring an additional 183,474 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Broadcom Stock Performance
AVGO stock traded down $1.00 during trading on Monday, hitting $274.18. 16,743,337 shares of the company traded hands, compared to its average volume of 28,527,831. The stock's 50-day simple moving average is $238.77 and its 200 day simple moving average is $217.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market cap of $1.29 trillion, a PE ratio of 102.69, a P/E/G ratio of 1.96 and a beta of 1.12. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $277.71.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during 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%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same period last year, the business earned $10.96 earnings per share. On average, equities analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.86%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.
Broadcom declared that its board has authorized a share buyback program on Monday, April 7th that authorizes the company to buyback $10.00 billion in 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 a sign that the company's board believes its stock is undervalued.
Wall Street Analysts Forecast Growth
Several brokerages have weighed in on AVGO. Mizuho raised their price target on Broadcom from $310.00 to $315.00 and gave the stock an "outperform" rating in a report on Thursday. JPMorgan Chase & Co. raised 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. Citigroup raised their price target on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Evercore ISI reissued an "outperform" rating and issued a $304.00 price target (up previously from $267.00) on shares of Broadcom in a report on Friday, June 6th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $282.71.
Get Our Latest Stock Report on Broadcom
Insider Buying and Selling at Broadcom
In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction on Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider owned 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 50,000 shares of the company's stock in a transaction on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the transaction, the insider owned 415,956 shares of the company's stock, valued at $105,353,335.68. This represents a 10.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 854,716 shares of company stock worth $221,433,761. 2.00% of the stock is currently owned by corporate insiders.
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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