Shared Vision Wealth Group LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 10.3% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,263 shares of the semiconductor manufacturer's stock after selling 1,631 shares during the period. Broadcom accounts for approximately 1.3% of Shared Vision Wealth Group LLC's holdings, making the stock its 18th biggest position. Shared Vision Wealth Group LLC's holdings in Broadcom were worth $2,388,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also made changes to their positions in the company. Brighton Jones LLC increased its position in Broadcom by 21.8% in the fourth quarter. Brighton Jones LLC now owns 29,683 shares of the semiconductor manufacturer's stock worth $6,882,000 after purchasing an additional 5,322 shares during the last quarter. Revolve Wealth Partners LLC increased its position in Broadcom by 10.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 7,997 shares of the semiconductor manufacturer's stock worth $1,854,000 after purchasing an additional 756 shares during the last quarter. Bank Pictet & Cie Europe AG increased its position in Broadcom by 16.4% in the fourth quarter. Bank Pictet & Cie Europe AG now owns 221,199 shares of the semiconductor manufacturer's stock worth $51,283,000 after purchasing an additional 31,225 shares during the last quarter. Highview Capital Management LLC DE increased its position in Broadcom by 1.3% in the fourth quarter. Highview Capital Management LLC DE now owns 25,522 shares of the semiconductor manufacturer's stock worth $5,917,000 after purchasing an additional 322 shares during the last quarter. Finally, Proficio Capital Partners LLC increased its position in Broadcom by 46.2% in the fourth quarter. Proficio Capital Partners LLC now owns 19,529 shares of the semiconductor manufacturer's stock worth $4,528,000 after purchasing an additional 6,168 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have weighed in on the stock. Barclays boosted their price objective on shares of Broadcom from $215.00 to $265.00 and gave the company an "overweight" rating in a research report on Monday, June 9th. HSBC raised shares of Broadcom from a "hold" rating to a "buy" rating and set a $400.00 target price on the stock in a research note on Tuesday, June 24th. Oppenheimer increased their target price on shares of Broadcom from $265.00 to $305.00 and gave the company an "outperform" rating in a research note on Tuesday. Morgan Stanley increased their target price on shares of Broadcom from $260.00 to $270.00 and gave the company an "overweight" rating in a research note on Friday, June 6th. Finally, Mizuho increased their target price on shares of Broadcom from $315.00 to $320.00 and gave the company an "outperform" rating in a research note on Wednesday. One research analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus target price of $292.08.
Check Out Our Latest Research Report on AVGO
Broadcom Stock Down 1.1%
Shares of NASDAQ AVGO traded down $3.16 during midday trading on Friday, reaching $283.29. 8,177,681 shares of the company's stock traded hands, compared to its average volume of 27,825,957. 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 stock's 50 day simple moving average is $252.91 and its 200-day simple moving average is $219.98. Broadcom Inc. has a one year low of $128.50 and a one year high of $288.28. The company has a market cap of $1.33 trillion, a price-to-earnings ratio of 105.89, a P/E/G ratio of 2.00 and a beta of 1.12.
Broadcom (NASDAQ:AVGO - Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, beating the consensus estimate of $1.57 by $0.01. The company had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. Broadcom's revenue was up 20.2% compared to the same quarter last year. During the same period last year, the firm earned $10.96 earnings per share. On average, analysts predict that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Friday, June 20th were paid a $0.59 dividend. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.83%. Broadcom's dividend payout ratio (DPR) is 88.39%.
Broadcom announced that its board has approved a share repurchase program on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to repurchase up to 1.4% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company's leadership believes its shares are undervalued.
Insider Buying and Selling
In other Broadcom news, CFO Kirsten M. Spears sold 36,350 shares of the firm's stock in a transaction that occurred on Tuesday, June 24th. The shares were sold at an average price of $261.27, for a total value of $9,497,164.50. Following the completion of the sale, the chief financial officer directly owned 325,587 shares in the company, valued at $85,066,115.49. This trade represents a 10.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Henry Samueli sold 473,898 shares of Broadcom stock in a transaction that occurred on Wednesday, June 25th. The stock was sold at an average price of $265.33, for a total transaction of $125,739,356.34. Following the completion of the sale, the director owned 38,188,575 shares of the company's stock, valued at $10,132,574,604.75. This trade represents a 1.23% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 830,516 shares of company stock valued at $217,224,641 over the last quarter. 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.
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