LBP AM SA cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 6.6% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 632,207 shares of the semiconductor manufacturer's stock after selling 44,813 shares during the period. Broadcom comprises approximately 2.5% of LBP AM SA's portfolio, making the stock its 7th largest position. LBP AM SA's holdings in Broadcom were worth $174,268,000 at the end of the most recent quarter.
Several other hedge funds have also added to or reduced their stakes in the business. Vanguard Group Inc. lifted its stake in Broadcom by 0.4% in the first quarter. Vanguard Group Inc. now owns 477,220,137 shares of the semiconductor manufacturer's stock valued at $79,900,968,000 after purchasing an additional 2,085,534 shares during the last quarter. Geode Capital Management LLC lifted its position 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 worth $23,647,209,000 after acquiring an additional 3,018,294 shares in the last quarter. FMR LLC raised its position 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 in the last quarter. Norges Bank purchased a new stake in shares of Broadcom in the fourth quarter worth $16,893,010,000. Finally, Price T Rowe Associates Inc. MD raised its position in Broadcom by 37.8% during the first quarter. Price T Rowe Associates Inc. MD now owns 65,509,579 shares of the semiconductor manufacturer's stock valued at $10,968,270,000 after purchasing an additional 17,985,046 shares in the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Insiders Place Their Bets
In other news, CEO Hock E. Tan sold 117,758 shares of the business's stock in a transaction that occurred on Thursday, June 12th. The shares were sold at an average price of $252.91, for a total value of $29,782,175.78. Following the completion of the transaction, the chief executive officer owned 1,014,152 shares of the company's stock, valued at $256,489,182.32. The trade was a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CFO Kirsten M. Spears sold 56,310 shares of the business's stock in a transaction that occurred on Wednesday, June 18th. The shares were sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the completion of the transaction, the chief financial officer directly owned 361,937 shares of the company's stock, valued at approximately $91,117,639.75. This represents a 13.46% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 830,516 shares of company stock valued at $217,224,641. 2.00% of the stock is currently owned by insiders.
Broadcom Price Performance
Shares of NASDAQ AVGO traded up $5.10 during midday trading on Wednesday, hitting $283.69. The company had a trading volume of 20,467,451 shares, compared to its average volume of 27,725,330. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.25, a price-to-earnings-growth ratio of 1.98 and a beta of 1.12. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $295.19. The business has a 50-day simple moving average of $257.70 and a two-hundred day simple moving average of $221.40.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced 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. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The firm's quarterly revenue was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the business posted $10.96 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom declared that its Board of Directors has approved a stock repurchase program on Monday, April 7th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares buyback programs are usually a sign that the company's board believes its stock is undervalued.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Friday, June 20th were given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's dividend payout ratio is presently 88.39%.
Analysts Set New Price Targets
A number of brokerages have recently issued reports on AVGO. HSBC raised Broadcom from a "hold" rating to a "buy" rating and set a $400.00 price objective on the stock in a research note on Tuesday, June 24th. Barclays lifted their target price on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a research report on Monday, June 9th. Mizuho boosted their price objective on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research report on Wednesday, July 16th. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Finally, Benchmark lifted their target price on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research note on Friday, June 6th. One equities research analyst has rated the stock with a hold rating, twenty-seven have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, Broadcom presently has an average rating of "Buy" and a consensus price target of $292.08.
Read Our Latest Research Report on AVGO
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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