Reliant Investment Management LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.2% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 71,755 shares of the semiconductor manufacturer's stock after selling 3,110 shares during the quarter. Broadcom comprises 6.2% of Reliant Investment Management LLC's investment portfolio, making the stock its biggest holding. Reliant Investment Management LLC's holdings in Broadcom were worth $12,014,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently made changes to their positions in the company. AAFMAA Wealth Management & Trust LLC boosted its holdings in Broadcom by 19.7% in the first quarter. AAFMAA Wealth Management & Trust LLC now owns 14,828 shares of the semiconductor manufacturer's stock worth $2,483,000 after acquiring an additional 2,442 shares in the last quarter. GGM Financials LLC acquired a new position in shares of Broadcom during the first quarter worth approximately $386,000. Independence Bank of Kentucky raised its position in shares of Broadcom by 24.8% during the first quarter. Independence Bank of Kentucky now owns 18,775 shares of the semiconductor manufacturer's stock worth $3,143,000 after purchasing an additional 3,725 shares during the period. KFG Wealth Management LLC lifted its holdings in shares of Broadcom by 7.7% in the 1st quarter. KFG Wealth Management LLC now owns 2,435 shares of the semiconductor manufacturer's stock worth $408,000 after purchasing an additional 174 shares in the last quarter. Finally, Sara Bay Financial grew its position in Broadcom by 0.8% in the 1st quarter. Sara Bay Financial now owns 7,966 shares of the semiconductor manufacturer's stock valued at $1,347,000 after purchasing an additional 62 shares during the period. Institutional investors own 76.43% of the company's stock.
Broadcom Trading Down 5.0%
Shares of AVGO stock opened at $246.95 on Friday. The company 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 52-week low of $128.50 and a 52-week high of $265.43. The business's fifty day moving average is $203.73 and its 200 day moving average is $206.22. 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 (NASDAQ:AVGO - Get Free Report) last issued 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 net margin of 11.43% and a return on equity of 28.00%. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. During the same quarter in the prior year, the firm earned $10.96 EPS. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, equities research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
The firm 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 $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is presently 113.46%.
Broadcom declared that its Board of Directors has approved a stock repurchase plan on Monday, April 7th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback plans are usually an indication that the company's management believes its stock is undervalued.
Analyst Ratings Changes
Several research analysts have weighed in on the stock. Wells Fargo & Company upped their price objective on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday. Citigroup restated a "buy" rating and issued a $276.00 target price (up previously from $210.00) on shares of Broadcom in a report on Tuesday. Redburn Atlantic began coverage on Broadcom in a research note on Wednesday, May 28th. They set a "buy" rating and a $301.00 price target for the company. Morgan Stanley boosted their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a report on Friday. Finally, Cantor Fitzgerald restated an "overweight" rating and issued a $300.00 target price on shares of Broadcom in a report on Friday. Two investment analysts have rated the stock with a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Broadcom presently has a consensus rating of "Moderate Buy" and an average price target of $270.25.
View Our Latest Report on AVGO
Insiders Place Their Bets
In related news, Director Justine Page sold 800 shares of the company's stock in a transaction on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the sale, the director now directly owns 26,182 shares in the company, valued at $6,026,834.58. This represents a 2.96% 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 30,000 shares of the stock in a transaction on Monday, March 24th. The shares were sold at an average price of $194.65, for a total transaction of $5,839,500.00. Following the sale, the insider now directly owns 490,956 shares of the company's stock, valued at $95,564,585.40. The trade was a 5.76% decrease in their position. The disclosure for this sale can be found here. Insiders sold 720,576 shares of company stock valued at $131,249,694 over the last three months. Insiders own 2.00% of the company's stock.
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.
See Also
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Enter your email address and we'll send you MarketBeat's list of ten stocks that are set to soar in Summer 2025, despite the threat of tariffs and other economic uncertainty. These ten stocks are incredibly resilient and are likely to thrive in any economic environment.
Get This Free Report
Like this article? Share it with a colleague.
Link copied to clipboard.
