OneAscent Financial Services LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 60.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 5,204 shares of the semiconductor manufacturer's stock after acquiring an additional 1,964 shares during the quarter. OneAscent Financial Services LLC's holdings in Broadcom were worth $873,000 at the end of the most recent quarter.
Other large investors have also recently made changes to their positions in the company. Barnes Dennig Private Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $25,000. Inlight Wealth Management LLC purchased a new stake in shares of Broadcom during the first quarter valued at approximately $26,000. Sunbeam Capital Management LLC purchased a new stake in shares of Broadcom during the fourth quarter valued at approximately $28,000. Vermillion Wealth Management Inc. purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $30,000. Finally, Wood Tarver Financial Group LLC increased its stake in shares of Broadcom by 342.5% during the first quarter. Wood Tarver Financial Group LLC now owns 177 shares of the semiconductor manufacturer's stock valued at $30,000 after buying an additional 137 shares during the period. 76.43% of the stock is owned by hedge funds and other institutional investors.
Insider Activity at Broadcom
In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of Broadcom stock in a transaction 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 transaction, the insider directly owned 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 transaction 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 50,000 shares of the business's stock in a transaction that occurred on Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider directly owned 415,956 shares in the company, valued at approximately $105,353,335.68. This represents a 10.73% decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 830,516 shares of company stock valued at $217,224,641 over the last quarter. 2.00% of the stock is owned by insiders.
Broadcom Stock Down 1.1%
Shares of NASDAQ AVGO opened at $283.34 on Monday. The company has a debt-to-equity ratio of 0.89, a quick ratio of 0.98 and a current ratio of 1.08. The firm has a market capitalization of $1.33 trillion, a price-to-earnings ratio of 106.12, a PEG ratio of 2.02 and a beta of 1.12. The stock has a 50 day moving average price of $254.41 and a 200 day moving average price of $220.17. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $288.28.
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, beating analysts' consensus estimates of $1.57 by $0.01. The firm had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. Broadcom's quarterly revenue was up 20.2% on a year-over-year basis. During the same quarter in the previous year, the business earned $10.96 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current year.
Broadcom declared that its board has initiated a share repurchase program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are often a sign that the company's management believes its stock is undervalued.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.83%. The ex-dividend date was Friday, June 20th. Broadcom's payout ratio is 88.39%.
Wall Street Analysts Forecast Growth
Several research firms have recently issued reports on AVGO. Erste Group Bank raised Broadcom from a "hold" rating to a "buy" rating in a research note on Thursday, June 5th. Evercore ISI reissued an "outperform" rating and set a $304.00 target price (up from $267.00) on shares of Broadcom in a research note on Friday, June 6th. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 target price on the stock. Oppenheimer boosted their target price on Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday, July 15th. Finally, Hsbc Global Res upgraded Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have issued a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $292.08.
Read Our Latest Analysis on AVGO
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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