Motiv8 Investments LLC lowered its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 23.2% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 5,099 shares of the semiconductor manufacturer's stock after selling 1,540 shares during the quarter. Motiv8 Investments LLC's holdings in Broadcom were worth $854,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds also recently bought and sold shares of AVGO. Norges Bank acquired a new position in Broadcom in the fourth quarter worth $16,893,010,000. GAMMA Investing LLC boosted its stake in Broadcom by 18,179.3% in the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock worth $2,892,548,000 after purchasing an additional 17,181,652 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its stake in Broadcom by 46.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after purchasing an additional 15,171,849 shares in the last quarter. GQG Partners LLC boosted its stake in Broadcom by 200.0% in the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after purchasing an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake 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 acquiring an additional 6,573,204 shares during the period. Institutional investors and hedge funds own 76.43% of the company's stock.
Broadcom Stock Up 2.1%
Shares of Broadcom stock opened at $270.17 on Friday. Broadcom Inc. has a 1 year low of $128.50 and a 1 year high of $271.67. The business has a 50-day moving average of $227.46 and a two-hundred day moving average of $214.61. The company has a market capitalization of $1.27 trillion, a P/E ratio of 101.19, a price-to-earnings-growth ratio of 1.88 and a beta of 1.11. 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 (NASDAQ:AVGO - Get Free Report) last announced 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 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 the consensus estimate of $14.98 billion. During the same period in the prior year, the company earned $10.96 earnings per share. The company's revenue for the quarter was up 20.2% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a $0.59 dividend. The ex-dividend date is Friday, June 20th. This represents a $2.36 annualized dividend and a dividend yield of 0.87%. Broadcom's dividend payout ratio (DPR) is currently 88.39%.
Broadcom declared that its board has initiated a share buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock buyback programs are typically an indication that the company's board believes its shares are undervalued.
Analysts Set New Price Targets
Several equities analysts have recently issued reports on the company. Barclays upped their price target on Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research note on Monday, June 9th. Cowen reaffirmed a "buy" rating on shares of Broadcom in a research note on Friday, June 6th. Oppenheimer upped their price target on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research note on Friday, May 30th. Wall Street Zen lowered Broadcom from a "buy" rating to a "hold" rating in a research note on Sunday, June 15th. Finally, Evercore ISI reaffirmed an "outperform" rating and set a $304.00 price target (up previously from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Two investment analysts have rated the stock with a hold rating, twenty-six have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus target price of $281.25.
View Our Latest Analysis on AVGO
Insiders Place Their Bets
In related news, CEO Hock E. Tan sold 117,758 shares of the stock in a transaction dated Thursday, June 12th. The stock was sold at an average price of $252.91, for a total transaction of $29,782,175.78. Following the completion of the transaction, the chief executive officer now directly owns 1,014,152 shares in the company, valued at approximately $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total value of $2,528,800.00. Following the transaction, the insider now owns 789,784 shares of the company's stock, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 337,818 shares of company stock worth $84,167,415 over the last ninety days. 2.00% of the stock is currently owned by corporate insiders.
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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