Investor s Fiduciary Advisor Network LLC trimmed its position in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 13.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 13,692 shares of the semiconductor manufacturer's stock after selling 2,137 shares during the quarter. Broadcom makes up approximately 1.1% of Investor s Fiduciary Advisor Network LLC's holdings, making the stock its 24th largest position. Investor s Fiduciary Advisor Network LLC's holdings in Broadcom were worth $2,292,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also made changes to their positions in the company. Vanguard Group Inc. grew its holdings in shares of Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares during the last quarter. FMR LLC boosted its holdings in shares of Broadcom by 3.2% in the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the period. Norges Bank purchased a new position in shares of Broadcom in the fourth quarter worth approximately $16,893,010,000. Finally, Northern Trust Corp boosted its stake in Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after purchasing an additional 5,258,925 shares during the period. 76.43% of the stock is owned by institutional investors and hedge funds.
Broadcom Price Performance
Broadcom stock traded up $1.81 during mid-day trading on Monday, reaching $276.99. 6,716,101 shares of the company were exchanged, compared to its average volume of 28,489,424. The company has a fifty day simple moving average of $238.77 and a 200-day simple moving average of $217.17. The firm has a market cap of $1.30 trillion, a PE ratio of 103.68, a PEG ratio of 1.96 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $277.71.
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, topping analysts' consensus estimates 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 revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $10.96 EPS. As a group, equities research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom declared that its board 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 reacquire up to 1.4% of its stock through open market purchases. Stock buyback programs are generally an indication that the company's board believes its shares are undervalued.
Broadcom Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a dividend yield of 0.85%. The ex-dividend date was Friday, June 20th. Broadcom's dividend payout ratio (DPR) is currently 88.39%.
Insiders Place Their Bets
In related news, insider Mark David Brazeal sold 50,000 shares of the firm'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 completion of the transaction, the insider directly owned 415,956 shares of the company's stock, valued at $105,353,335.68. This trade represents a 10.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction dated Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total value of $14,176,042.50. Following the completion of the sale, the chief financial officer owned 361,937 shares in the company, valued at $91,117,639.75. This trade represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 854,716 shares of company stock worth $221,433,761 over the last quarter. 2.00% of the stock is currently owned by corporate insiders.
Analyst Upgrades and Downgrades
A number of research analysts have commented on the company. Oppenheimer boosted their target price on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. 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. Barclays raised their price target on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a report on Monday, June 9th. JPMorgan Chase & Co. increased their target price on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday, June 6th. Finally, Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research note on Wednesday, April 30th. One investment 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 stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $281.46.
Check Out Our Latest Stock Analysis on Broadcom
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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