Segment Wealth Management LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 2.9% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 197,403 shares of the semiconductor manufacturer's stock after selling 5,940 shares during the quarter. Broadcom accounts for approximately 2.2% of Segment Wealth Management LLC's holdings, making the stock its 6th biggest position. Segment Wealth Management LLC's holdings in Broadcom were worth $33,051,000 at the end of the most recent reporting period.
Other large investors have also recently modified their holdings of the company. Tallon Kerry Patrick purchased a new position in Broadcom in the 4th quarter worth about $357,000. Capital & Planning LLC raised its position 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 buying an additional 554 shares during the last quarter. LaFleur & Godfrey LLC raised its position 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 buying an additional 12,345 shares during the last quarter. Brighton Jones LLC raised its position 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 buying an additional 5,322 shares during the last quarter. 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.
Analysts Set New Price Targets
Several research firms have recently commented on AVGO. Benchmark upped their price target on shares of Broadcom from $255.00 to $315.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Susquehanna upped their price target on shares of Broadcom from $280.00 to $300.00 and gave the company a "positive" rating in a research report on Friday, June 6th. Bank of America upped their price target on shares of Broadcom from $240.00 to $300.00 and gave the company a "buy" rating in a research report on Friday, June 6th. Oppenheimer upped their price target on shares of Broadcom from $225.00 to $265.00 and gave the company an "outperform" rating in a research report on Friday, May 30th. Finally, Truist Financial set a $295.00 price target on shares of Broadcom and gave the company a "buy" rating in a research report on Friday, June 6th. Three equities research analysts have rated the stock with a hold rating, twenty-five have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus target price of $276.09.
Get Our Latest Research Report on Broadcom
Insiders Place Their Bets
In other news, CFO Kirsten M. Spears sold 56,310 shares of the company's stock in a transaction that occurred on Wednesday, June 18th. The stock was sold at an average price of $251.75, for a total transaction of $14,176,042.50. Following the sale, the chief financial officer now directly owns 361,937 shares of the company's stock, valued at $91,117,639.75. This represents a 13.46% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Hock E. Tan sold 117,758 shares of the company's stock in a transaction that occurred on Thursday, June 12th. The stock was sold at an average price of $252.91, for a total value of $29,782,175.78. Following the sale, the chief executive officer now directly owns 1,014,152 shares in the company, valued at $256,489,182.32. This trade represents a 10.40% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 875,444 shares of company stock worth $172,097,492 in the last three months. 2.00% of the stock is owned by company insiders.
Broadcom Price Performance
AVGO stock traded up $3.78 during midday trading on Monday, hitting $253.77. The company's stock had a trading volume of 19,611,564 shares, compared to its average volume of 29,430,805. Broadcom Inc. has a 12 month low of $128.50 and a 12 month high of $265.43. The company has a quick ratio of 0.98, a current ratio of 1.08 and a debt-to-equity ratio of 0.89. The firm has a market capitalization of $1.19 trillion, a price-to-earnings ratio of 95.04, a price-to-earnings-growth ratio of 1.78 and a beta of 1.11. The company has a 50 day moving average of $221.98 and a two-hundred day moving average of $213.28.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its quarterly 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 35.49% and a net margin of 22.64%. The business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the prior year, the company posted $10.96 EPS. The firm's revenue for the quarter was up 20.2% compared to the same quarter last year. On average, analysts expect 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 Monday, June 30th. Shareholders of record on Friday, June 20th will be paid a $0.59 dividend. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.93%. Broadcom's payout ratio is 88.39%.
Broadcom announced that its Board of Directors has initiated a stock buyback program on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 1.4% of its shares through open market purchases. Shares buyback programs are generally a sign that the company's board of directors believes its shares are undervalued.
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.
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