Sivia Capital Partners LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 20.3% during the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 11,533 shares of the semiconductor manufacturer's stock after purchasing an additional 1,949 shares during the period. Broadcom comprises approximately 0.9% of Sivia Capital Partners LLC's investment portfolio, making the stock its 16th biggest holding. Sivia Capital Partners LLC's holdings in Broadcom were worth $1,931,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Vanguard Group Inc. increased its holdings in Broadcom by 1.4% during the fourth quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock worth $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Geode Capital Management LLC increased its holdings in Broadcom by 3.0% during the fourth quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer's stock worth $23,647,209,000 after buying an additional 3,018,294 shares during the last quarter. FMR LLC increased its holdings in Broadcom by 3.2% during the fourth quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer's stock worth $21,624,718,000 after buying an additional 2,873,809 shares during the last quarter. Norges Bank acquired a new position in Broadcom during the fourth quarter worth $16,893,010,000. Finally, Northern Trust Corp increased its holdings in Broadcom by 12.0% during the fourth quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer's stock worth $11,380,411,000 after buying an additional 5,258,925 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Broadcom Trading Down 5.0%
Shares of Broadcom stock opened at $246.95 on Friday. The stock has a market cap of $1.16 trillion, a PE ratio of 201.43, a PEG ratio of 2.29 and a beta of 1.11. The firm has a 50-day moving average of $203.73 and a 200-day moving average of $206.52. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $265.43. 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 posted 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 business had revenue of $15 billion during the quarter, compared to the consensus estimate of $14.98 billion. Broadcom had a return on equity of 28.00% and a net margin of 11.43%. Broadcom's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $10.96 earnings per share. As a group, sell-side analysts forecast that Broadcom Inc. will post 5.38 EPS for the current year.
Broadcom Announces Dividend
The business also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Friday, June 20th will be paid a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.96%. The ex-dividend date of this dividend is Friday, June 20th. Broadcom's dividend payout ratio (DPR) is presently 113.46%.
Broadcom declared that its Board of Directors has approved a stock buyback program on Monday, April 7th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to reacquire up to 1.4% of its shares through open market purchases. Shares buyback programs are typically an indication that the company's management believes its shares are undervalued.
Wall Street Analyst Weigh In
A number of equities analysts recently weighed in on AVGO shares. Wells Fargo & Company boosted their target price on shares of Broadcom from $230.00 to $255.00 and gave the stock an "equal weight" rating in a report on Friday. Truist Financial set a $295.00 price objective on shares of Broadcom and gave the stock a "buy" rating in a research report on Friday. Morgan Stanley lifted their price objective on shares of Broadcom from $260.00 to $270.00 and gave the stock an "overweight" rating in a research report on Friday. Wall Street Zen raised shares of Broadcom from a "hold" rating to a "buy" rating in a research report on Saturday. Finally, JPMorgan Chase & Co. lifted their price objective on shares of Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a research report on Friday. Two research analysts have rated the stock with a hold rating, twenty-seven have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Broadcom has a consensus rating of "Moderate Buy" and an average price target of $270.25.
View Our Latest Stock Report on AVGO
Insider Activity at Broadcom
In other Broadcom news, Director Justine Page sold 800 shares of the business's stock in a transaction dated Wednesday, May 14th. The stock was sold at an average price of $230.19, for a total transaction of $184,152.00. Following the completion of the transaction, the director now owns 26,182 shares of the company's stock, valued at approximately $6,026,834.58. The trade was a 2.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Mark David Brazeal sold 30,000 shares of the business's stock in a transaction dated Monday, March 24th. The stock was sold at an average price of $194.65, for a total value of $5,839,500.00. Following the transaction, the insider now directly owns 490,956 shares of the company's stock, valued at approximately $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 a total of 720,576 shares of company stock valued at $131,249,694 over the last quarter. 2.00% of the stock is owned by corporate insiders.
About Broadcom
(
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
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