Perfromance Wealth Partners LLC lifted its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 16.1% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 158,936 shares of the semiconductor manufacturer's stock after purchasing an additional 22,007 shares during the quarter. Broadcom accounts for about 1.0% of Perfromance Wealth Partners LLC's investment portfolio, making the stock its 16th biggest holding. Perfromance Wealth Partners LLC's holdings in Broadcom were worth $26,611,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently modified their holdings of the company. Tallon Kerry Patrick bought a new position in Broadcom during the 4th quarter valued at about $357,000. Capital & Planning LLC raised its holdings in shares of Broadcom by 15.3% during the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after purchasing an additional 554 shares during the last quarter. LaFleur & Godfrey LLC lifted its position in Broadcom by 18.7% during the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock valued at $18,145,000 after purchasing an additional 12,345 shares during the period. Brighton Jones LLC lifted its position in Broadcom by 21.8% during the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock valued at $6,882,000 after purchasing an additional 5,322 shares during the period. Finally, Union Bancaire Privee UBP SA purchased a new stake in Broadcom in the fourth quarter worth approximately $71,312,000. 76.43% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
A number of equities research analysts have weighed in on AVGO shares. Cantor Fitzgerald reiterated an "overweight" rating and set a $300.00 target price on shares of Broadcom in a research note on Friday, June 6th. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a research report on Wednesday, April 30th. Wall Street Zen downgraded Broadcom from a "buy" rating to a "hold" rating in a report on Sunday, June 15th. Oppenheimer raised their target price on Broadcom from $225.00 to $265.00 and gave the stock an "outperform" rating in a research report on Friday, May 30th. Finally, Benchmark upped their price target 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. Three investment analysts have rated the stock with a hold rating, twenty-five have assigned a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat.com, Broadcom currently has an average rating of "Moderate Buy" and an average target price of $276.09.
Check Out Our Latest Stock Analysis on AVGO
Broadcom Stock Performance
NASDAQ AVGO opened at $249.99 on Friday. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $265.43. The business has a 50-day moving average price of $220.48 and a 200-day moving average price of $212.17. The firm has a market cap of $1.18 trillion, a price-to-earnings ratio of 93.63, a price-to-earnings-growth ratio of 1.79 and a beta of 1.11.
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 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 for the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the previous year, the firm earned $10.96 EPS. The firm's revenue was up 20.2% compared to the same quarter last year. As a group, equities research analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Announces Dividend
The business also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.94%. Broadcom's dividend payout ratio is 88.39%.
Broadcom announced that its Board of Directors has authorized a stock repurchase 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 reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company's board believes its stock is undervalued.
Insider Buying and Selling
In other Broadcom news, Director Henry Samueli sold 663,976 shares of the firm's stock in a transaction that occurred on Wednesday, March 26th. The stock was sold at an average price of $181.60, for a total transaction of $120,578,041.60. Following the completion of the transaction, the director now owns 38,798,721 shares in the company, valued at $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The stock was sold at an average price of $180.00, for a total value of $4,500,000.00. Following the completion of the sale, the insider now directly owns 465,956 shares in the company, valued at approximately $83,872,080. The trade was a 5.09% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 849,134 shares of company stock worth $163,760,949. 2.00% of the stock is owned by 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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