Lifestyle Asset Management Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 44.2% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 2,895 shares of the semiconductor manufacturer's stock after selling 2,296 shares during the period. Lifestyle Asset Management Inc.'s holdings in Broadcom were worth $485,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds also recently modified their holdings of the company. Matrix Trust Co grew its holdings in Broadcom by 2.6% during the 1st quarter. Matrix Trust Co now owns 13,653 shares of the semiconductor manufacturer's stock worth $2,286,000 after acquiring an additional 351 shares during the period. Clare Market Investments LLC grew its stake in shares of Broadcom by 40.1% during the first quarter. Clare Market Investments LLC now owns 15,373 shares of the semiconductor manufacturer's stock worth $2,574,000 after purchasing an additional 4,403 shares during the period. Secure Asset Management LLC increased its holdings in Broadcom by 12.6% in the first quarter. Secure Asset Management LLC now owns 6,274 shares of the semiconductor manufacturer's stock valued at $1,050,000 after purchasing an additional 703 shares during the last quarter. Portside Wealth Group LLC increased its holdings in Broadcom by 45.4% in the first quarter. Portside Wealth Group LLC now owns 3,256 shares of the semiconductor manufacturer's stock valued at $545,000 after purchasing an additional 1,017 shares during the last quarter. Finally, Long Run Wealth Advisors LLC lifted its stake in Broadcom by 43.5% in the first quarter. Long Run Wealth Advisors LLC now owns 8,223 shares of the semiconductor manufacturer's stock valued at $1,377,000 after buying an additional 2,494 shares during the period. Institutional investors own 76.43% of the company's stock.
Broadcom Price Performance
Shares of NASDAQ AVGO traded down $12.98 during mid-day trading on Friday, reaching $246.95. 41,055,118 shares of the company were exchanged, compared to its average volume of 30,954,185. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43. The company's 50 day moving average price is $202.16 and its 200 day moving average price is $205.65. The stock has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The company has a quick ratio of 1.07, a current ratio of 1.17 and a debt-to-equity ratio of 0.98.
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 the consensus estimate of $1.57 by $0.01. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period last year, the firm posted $10.96 earnings per share. The business's revenue was up 20.2% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 annualized dividend and a dividend yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is 113.46%.
Broadcom announced that its Board of Directors has authorized a share buyback program on Monday, April 7th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's board believes its shares are undervalued.
Wall Street Analyst Weigh In
Several equities research analysts have commented on AVGO shares. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday. Truist Financial set a $295.00 target price on Broadcom and gave the stock a "buy" rating in a report on Friday. Wells Fargo & Company increased their price target on Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, Barclays decreased their price objective on Broadcom from $260.00 to $215.00 and set an "overweight" rating for the company in a research report on Tuesday, April 22nd. Three investment analysts have rated the stock with a hold rating, twenty-six have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of "Moderate Buy" and an average target price of $270.25.
Read Our Latest Stock Analysis on AVGO
Insider Buying and Selling
In other Broadcom news, Director Henry Samueli sold 663,976 shares of the business's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the transaction, the director now directly owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. The trade was a 1.68% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of the business's stock in a transaction dated Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the transaction, the insider now owns 465,956 shares in the company, valued at $83,872,080. This represents a 5.09% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 720,576 shares of company stock valued at $131,249,694 over the last three months. 2.00% of the stock is owned by company 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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