Liberty One Investment Management LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 3.6% in the first quarter, according to its most recent filing with the SEC. The fund owned 29,167 shares of the semiconductor manufacturer's stock after selling 1,101 shares during the period. Liberty One Investment Management LLC's holdings in Broadcom were worth $4,883,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in 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 purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC increased its holdings 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 acquiring an additional 3,018,294 shares during the period. FMR LLC increased its holdings 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 acquiring an additional 2,873,809 shares during the period. Norges Bank purchased a new position in shares of Broadcom in the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp increased its holdings 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 acquiring an additional 5,258,925 shares during the period. 76.43% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
AVGO has been the topic of a number of analyst reports. Cowen reiterated a "buy" rating on shares of Broadcom in a report on Friday, June 6th. Mizuho lifted their price target on Broadcom from $310.00 to $315.00 and gave the company an "outperform" rating in a report on Thursday, July 3rd. Redburn Atlantic initiated coverage on Broadcom in a report on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price target on the stock. Citigroup lifted their price target on Broadcom from $285.00 to $315.00 and gave the company a "buy" rating in a report on Monday. Finally, KeyCorp boosted their target price on Broadcom from $315.00 to $330.00 and gave the stock an "overweight" rating in a research note on Tuesday. One equities research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $290.21.
Read Our Latest Report on Broadcom
Broadcom Stock Performance
AVGO traded down $1.02 on Friday, reaching $274.38. 14,264,387 shares of the stock were exchanged, compared to its average volume of 28,130,551. The company's 50-day moving average price is $246.70 and its 200 day moving average price is $218.87. Broadcom Inc. has a fifty-two week low of $128.50 and a fifty-two week high of $281.18. 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 firm has a market capitalization of $1.29 trillion, a PE ratio of 102.76, a PEG 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 EPS for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The company had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same quarter in the previous year, the firm posted $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were given a dividend of $0.59 per share. The ex-dividend date was Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a yield of 0.86%. Broadcom's dividend payout ratio is currently 88.39%.
Broadcom declared that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company's leadership believes its stock is undervalued.
Insider Activity at Broadcom
In other news, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction dated Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total value 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. The trade was a 1.23% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Kirsten M. Spears sold 36,350 shares of the business's stock in a transaction dated Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the transaction, the chief financial officer directly owned 325,587 shares of the company's stock, valued at approximately $85,066,115.49. This trade represents a 10.04% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 829,716 shares of company stock worth $216,933,761 in the last quarter. 2.00% of the stock is owned by insiders.
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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