Salem Investment Counselors Inc. increased its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 4.3% during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 29,985 shares of the semiconductor manufacturer's stock after purchasing an additional 1,245 shares during the period. Salem Investment Counselors Inc.'s holdings in Broadcom were worth $5,020,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in AVGO. Tallon Kerry Patrick purchased a new position in Broadcom in the 4th quarter worth approximately $357,000. Capital & Planning LLC lifted its holdings in Broadcom by 15.3% in the 4th quarter. Capital & Planning LLC now owns 4,178 shares of the semiconductor manufacturer's stock worth $969,000 after purchasing an additional 554 shares in the last quarter. LaFleur & Godfrey LLC increased its stake in Broadcom by 18.7% in the 4th quarter. LaFleur & Godfrey LLC now owns 78,265 shares of the semiconductor manufacturer's stock worth $18,145,000 after acquiring an additional 12,345 shares during the last quarter. Brighton Jones LLC increased its stake in Broadcom by 21.8% in the 4th quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after acquiring an additional 5,322 shares during the last quarter. Finally, Union Bancaire Privee UBP SA bought a new stake in Broadcom in the 4th quarter worth approximately $71,312,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
AVGO has been the topic of a number of research reports. Morgan Stanley lifted their price objective on Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research note on Friday, June 6th. Truist Financial set a $295.00 price objective on Broadcom and gave the stock a "buy" rating in a research note on Friday, June 6th. Redburn Atlantic initiated coverage on Broadcom in a research note on Wednesday, May 28th. They issued a "buy" rating and a $301.00 price objective on the stock. Mizuho lifted their price objective on Broadcom from $300.00 to $310.00 and gave the stock an "outperform" rating in a research note on Friday, June 6th. Finally, Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a research note on Friday, June 6th. Two equities research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average price target of $272.71.
Check Out Our Latest Stock Analysis on Broadcom
Broadcom Trading Down 2.9%
Broadcom stock traded down $7.37 during mid-day trading on Friday, hitting $248.70. The company's stock had a trading volume of 19,002,301 shares, compared to its average volume of 30,540,402. The company has a 50 day moving average of $211.15 and a 200-day moving average of $208.57. The stock has a market cap of $1.17 trillion, a PE ratio of 202.86, a P/E/G ratio of 2.29 and a beta of 1.11. 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 one year low of $128.50 and a one year high of $265.43.
Broadcom (NASDAQ:AVGO - Get Free Report) last issued its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. The business had revenue of $15 billion during the quarter, compared to analysts' expectations of $14.98 billion. During the same period in the prior year, the business earned $10.96 EPS. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, research analysts anticipate that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Friday, June 20th will be issued a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.95%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's payout ratio is 88.39%.
Broadcom declared that its Board of Directors has approved a share repurchase program on Monday, April 7th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company's leadership believes its stock is undervalued.
Insider Buying and Selling at Broadcom
In related news, Director Justine Page sold 800 shares of the business's stock in a transaction that occurred on Wednesday, May 14th. The shares were sold at an average price of $230.19, for a total value of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the business'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 completion of the transaction, the insider now directly owns 789,784 shares of the company's stock, valued at $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 730,576 shares of company stock valued at $133,778,494. Company insiders own 2.00% of the company's stock.
Broadcom Company 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.
Further Reading
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