Quadrature Capital Ltd acquired a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the third quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 331,708 shares of the semiconductor manufacturer's stock, valued at approximately $109,397,000. Broadcom accounts for 1.3% of Quadrature Capital Ltd's portfolio, making the stock its 20th biggest holding.
Several other hedge funds also recently bought and sold shares of the company. Capital Counsel LLC NY purchased a new position in shares of Broadcom during the second quarter worth about $221,000. Waterloo Capital L.P. raised its stake in Broadcom by 7.0% in the second quarter. Waterloo Capital L.P. now owns 48,361 shares of the semiconductor manufacturer's stock valued at $13,331,000 after purchasing an additional 3,180 shares in the last quarter. Providence First Trust Co raised its stake in Broadcom by 1,099.3% in the third quarter. Providence First Trust Co now owns 8,923 shares of the semiconductor manufacturer's stock valued at $2,944,000 after purchasing an additional 8,179 shares in the last quarter. Aspen Wealth Strategies LLC lifted its position in Broadcom by 174.7% during the second quarter. Aspen Wealth Strategies LLC now owns 23,673 shares of the semiconductor manufacturer's stock valued at $6,525,000 after purchasing an additional 15,055 shares during the last quarter. Finally, RiverFront Investment Group LLC grew its stake in Broadcom by 107.6% in the 2nd quarter. RiverFront Investment Group LLC now owns 16,524 shares of the semiconductor manufacturer's stock worth $4,555,000 after buying an additional 8,566 shares in the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Broadcom Price Performance
Shares of Broadcom stock opened at $335.97 on Friday. The company has a debt-to-equity ratio of 0.80, a current ratio of 1.90 and a quick ratio of 1.73. Broadcom Inc. has a one year low of $138.10 and a one year high of $414.61. The business's 50 day simple moving average is $333.24 and its two-hundred day simple moving average is $344.15. The stock has a market capitalization of $1.59 trillion, a P/E ratio of 65.62, a price-to-earnings-growth ratio of 0.78 and a beta of 1.22.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Wednesday, March 4th. The semiconductor manufacturer reported $2.05 earnings per share for the quarter, beating the consensus estimate of $2.03 by $0.02. The business had revenue of $19.31 billion during the quarter, compared to analysts' expectations of $19.10 billion. Broadcom had a net margin of 36.57% and a return on equity of 38.61%. The firm's revenue for the quarter was up 29.5% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.60 EPS. Analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Tuesday, March 31st. Shareholders of record on Monday, March 23rd will be given a dividend of $0.65 per share. The ex-dividend date of this dividend is Monday, March 23rd. This represents a $2.60 dividend on an annualized basis and a yield of 0.8%. Broadcom's dividend payout ratio is presently 50.78%.
Insiders Place Their Bets
In other news, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction that occurred on Tuesday, January 6th. The stock was sold at an average price of $347.12, for a total transaction of $10,413,600.00. Following the transaction, the insider directly owned 210,573 shares of the company's stock, valued at approximately $73,094,099.76. The trade was a 12.47% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 70,000 shares of the company's stock in a transaction that occurred on Tuesday, January 6th. The shares were sold at an average price of $347.30, for a total value of $24,311,000.00. Following the transaction, the chief executive officer owned 132,836 shares of the company's stock, valued at approximately $46,133,942.80. This represents a 34.51% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 458,785 shares of company stock worth $155,508,157. Insiders own 1.90% of the company's stock.
Wall Street Analysts Forecast Growth
A number of equities analysts have recently commented on AVGO shares. Morgan Stanley increased their price target on shares of Broadcom from $462.00 to $470.00 and gave the stock an "overweight" rating in a report on Friday, March 6th. TD Cowen reaffirmed a "buy" rating on shares of Broadcom in a report on Friday, December 12th. Weiss Ratings reiterated a "buy (b)" rating on shares of Broadcom in a research report on Monday, December 29th. Barclays reissued an "overweight" rating and issued a $500.00 target price (up from $450.00) on shares of Broadcom in a research note on Friday, December 12th. Finally, Truist Financial raised their price target on Broadcom from $510.00 to $545.00 and gave the company a "buy" rating in a research report on Thursday, March 5th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have assigned a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $435.30.
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About Broadcom
(
Free Report)
Broadcom Inc NASDAQ: AVGO is a global technology company that designs, develops and supplies semiconductor and infrastructure software solutions for a broad range of markets. The company's semiconductor business provides components and systems for wired and wireless communications, enterprise and cloud storage, networking and broadband access, serving original equipment manufacturers, cloud service providers, telecommunications carriers and industrial customers worldwide. Broadcom is headquartered in Irvine, California, and operates globally with research, development and sales organizations across North America, Europe and Asia.
On the semiconductor side, Broadcom's portfolio includes system-on-chip (SoC) and application-specific integrated circuit (ASIC) solutions, radio-frequency and connectivity components, Ethernet switching and PHY devices, storage adapters and controllers, optical transceivers and other networking silicon.
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