Randolph Co Inc decreased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 25.9% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 392,103 shares of the semiconductor manufacturer's stock after selling 137,074 shares during the period. Broadcom comprises about 7.7% of Randolph Co Inc's investment portfolio, making the stock its biggest holding. Randolph Co Inc's holdings in Broadcom were worth $65,650,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the business. Tallon Kerry Patrick purchased a new position in shares of Broadcom in the 4th quarter worth $357,000. Capital & Planning LLC lifted its holdings in Broadcom by 15.3% in the fourth quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock valued at $969,000 after acquiring an additional 554 shares during the period. LaFleur & Godfrey LLC boosted its position in Broadcom by 18.7% in the fourth quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after purchasing an additional 12,345 shares during the last quarter. Brighton Jones LLC grew its stake in shares of Broadcom by 21.8% during the 4th 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 shares of Broadcom during the 4th quarter valued at about $71,312,000. Hedge funds and other institutional investors own 76.43% of the company's stock.
Analyst Upgrades and Downgrades
Several analysts recently issued reports on AVGO shares. Wall Street Zen lowered shares of Broadcom from a "buy" rating to a "hold" rating in a research report on Sunday. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Rosenblatt Securities raised their target price on Broadcom from $223.00 to $340.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Oppenheimer lifted their target price on Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Benchmark upped their price target on Broadcom from $255.00 to $315.00 and gave the stock 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 given a strong buy rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus target price of $276.09.
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Broadcom Price Performance
Shares of AVGO traded down $7.37 during midday trading on Friday, hitting $248.70. 19,002,301 shares of the company traded hands, compared to its average volume of 30,383,406. The stock has a market cap of $1.17 trillion, a price-to-earnings ratio of 202.86, a PEG ratio of 2.29 and a beta of 1.11. The firm has a 50 day moving average of $213.01 and a 200-day moving average of $209.50. The company has a debt-to-equity ratio of 0.98, a quick ratio of 1.07 and a current ratio of 1.17. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $265.43.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 EPS for the quarter, beating analysts' consensus estimates of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The firm's revenue was up 20.2% on a year-over-year basis. During the same period in the prior year, the company earned $10.96 earnings per share. On average, analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Stockholders of record on Friday, June 20th will be given a dividend of $0.59 per share. The ex-dividend date is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.95%. Broadcom's dividend payout ratio is currently 88.39%.
Broadcom announced that its board has initiated a stock buyback program on Monday, April 7th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's management believes its shares are undervalued.
Insider Activity at Broadcom
In other Broadcom news, insider Charlie B. Kawwas sold 10,000 shares of the company's stock in a transaction that occurred on Wednesday, June 11th. The stock was sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the sale, the insider now directly owns 789,784 shares in the company, valued at $199,720,577.92. This represents a 1.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director Henry Samueli sold 663,976 shares of Broadcom stock in a transaction that occurred on Wednesday, March 26th. The stock was 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 owns 38,798,721 shares of the company's stock, valued at approximately $7,045,847,733.60. This trade represents a 1.68% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 730,576 shares of company stock valued at $133,778,494. 2.00% of the stock is owned by corporate insiders.
Broadcom Profile
(
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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