Princeton Global Asset Management LLC Lowers Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Princeton Global Asset Management LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 14.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 123,645 shares of the semiconductor manufacturer's stock after selling 20,642 shares during the quarter. Broadcom makes up 4.1% of Princeton Global Asset Management LLC's holdings, making the stock its 2nd biggest position. Princeton Global Asset Management LLC's holdings in Broadcom were worth $20,702,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds have also recently modified their holdings of the stock. Banco Bilbao Vizcaya Argentaria S.A. boosted its position in Broadcom by 3.8% during the fourth quarter. Banco Bilbao Vizcaya Argentaria S.A. now owns 515,388 shares of the semiconductor manufacturer's stock worth $120,070,000 after purchasing an additional 18,845 shares during the period. Nebula Research & Development LLC lifted its stake in shares of Broadcom by 1,100.8% during the 4th quarter. Nebula Research & Development LLC now owns 15,707 shares of the semiconductor manufacturer's stock valued at $3,642,000 after buying an additional 14,399 shares in the last quarter. Kovack Advisors Inc. boosted its holdings in Broadcom by 8.1% in the 4th quarter. Kovack Advisors Inc. now owns 34,380 shares of the semiconductor manufacturer's stock worth $7,971,000 after buying an additional 2,570 shares during the period. SOA Wealth Advisors LLC. boosted its holdings in Broadcom by 50.6% in the 4th quarter. SOA Wealth Advisors LLC. now owns 1,056 shares of the semiconductor manufacturer's stock worth $245,000 after buying an additional 355 shares during the period. Finally, Coppell Advisory Solutions LLC grew its stake in Broadcom by 1,512.3% in the 4th quarter. Coppell Advisory Solutions LLC now owns 92,629 shares of the semiconductor manufacturer's stock valued at $21,660,000 after buying an additional 86,884 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Broadcom Price Performance

Shares of Broadcom stock opened at $246.95 on Friday. The business's 50-day moving average price is $203.73 and its 200-day moving average price is $206.22. The firm has a market capitalization of $1.16 trillion, a PE ratio of 201.43, a price-to-earnings-growth ratio of 2.29 and a beta of 1.11. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a current ratio of 1.17, a quick ratio of 1.07 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. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 11.43% and a return on equity of 28.00%. The business's revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm posted $10.96 earnings per share. Sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.

Broadcom Announces Dividend

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 paid a $0.59 dividend. This represents a $2.36 annualized dividend and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's dividend payout ratio is presently 113.46%.

Broadcom declared that its board has initiated a share repurchase program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock repurchase programs are typically an indication that the company's management believes its shares are undervalued.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on the company. JPMorgan Chase & Co. increased their target price on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday. Truist Financial set a $295.00 price objective on Broadcom and gave the company a "buy" rating in a research note on Friday. Seaport Res Ptn raised Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. UBS Group lifted their target price on Broadcom from $270.00 to $290.00 and gave the company a "buy" rating in a report on Friday. Finally, Citigroup reissued a "buy" rating and issued a $276.00 price target (up from $210.00) on shares of Broadcom in a report on Tuesday. Two research analysts have rated the stock with a hold rating, twenty-seven have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $270.25.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Henry Samueli sold 663,976 shares of the company's stock in a transaction on Wednesday, March 26th. The shares were sold at an average price of $181.60, for a total value of $120,578,041.60. Following the completion of the transaction, the director now directly owns 38,798,721 shares in the company, valued at approximately $7,045,847,733.60. This represents 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 30,000 shares of the firm's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the completion of the sale, the insider now owns 490,956 shares of the company's stock, valued at $95,564,585.40. This trade represents a 5.76% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 720,576 shares of company stock worth $131,249,694 over the last three months. Company insiders own 2.00% of the company's stock.

Broadcom Company Profile

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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