Leo Wealth LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 29.9% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 10,403 shares of the semiconductor manufacturer's stock after selling 4,437 shares during the quarter. Leo Wealth LLC's holdings in Broadcom were worth $1,742,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also modified their holdings of the business. Vanguard Group Inc. raised its position in shares of Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after acquiring an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC increased its position in shares of Broadcom by 3.0% in the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock valued at $23,647,209,000 after buying an additional 3,018,294 shares in the last quarter. FMR LLC increased its position in shares of Broadcom by 3.2% in the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock valued at $21,624,718,000 after buying an additional 2,873,809 shares in the last quarter. Norges Bank bought a new stake in shares of Broadcom in the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp increased its position in shares of Broadcom by 12.0% in the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock valued at $11,380,411,000 after buying an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by institutional investors and hedge funds.
Broadcom Stock Performance
Shares of AVGO stock traded up $5.34 during trading hours on Tuesday, hitting $280.94. 17,895,803 shares of the company were exchanged, compared to its average volume of 28,036,148. The firm has a fifty day simple moving average of $249.82 and a 200 day simple moving average of $219.20. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $283.24. The stock has a market capitalization of $1.32 trillion, a price-to-earnings ratio of 105.22, a P/E/G ratio of 1.96 and a beta of 1.12.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. During the same quarter last year, the business posted $10.96 EPS. Broadcom's quarterly revenue was up 20.2% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom declared that its Board of Directors has approved a stock buyback plan on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's board of directors believes its shares are undervalued.
Broadcom Announces Dividend
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.84%. Broadcom's dividend payout ratio is 88.39%.
Insiders Place Their Bets
In related news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction that occurred 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 completion of the transaction, the insider directly owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the transaction, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 828,916 shares of company stock worth $216,785,761 in the last three months. Insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts recently commented on AVGO shares. Benchmark upped their price objective on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. UBS Group increased their target price on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Wall Street Zen upgraded Broadcom from a "hold" rating to a "buy" rating in a report on Saturday, July 5th. Susquehanna raised their price objective on Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a report on Friday, June 6th. Finally, Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating 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 assigned a strong buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus target price of $291.88.
View Our Latest Analysis on AVGO
Broadcom Company 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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