SOL Capital Management CO purchased a new stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 5,630 shares of the semiconductor manufacturer's stock, valued at approximately $943,000.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in Broadcom during the 4th quarter worth approximately $16,893,010,000. GAMMA Investing LLC boosted its position in shares of Broadcom by 18,179.3% during the first quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after buying an additional 17,181,652 shares during the last quarter. Price T Rowe Associates Inc. MD grew its holdings in Broadcom by 46.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 47,524,533 shares of the semiconductor manufacturer's stock worth $11,018,089,000 after buying an additional 15,171,849 shares in the last quarter. GQG Partners LLC grew its holdings in Broadcom by 200.0% during the fourth quarter. GQG Partners LLC now owns 10,213,160 shares of the semiconductor manufacturer's stock worth $2,367,819,000 after buying an additional 6,809,245 shares in the last quarter. Finally, Vanguard Group Inc. raised its position in Broadcom by 1.4% in the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer's stock valued at $110,155,206,000 after buying an additional 6,573,204 shares during the last quarter. Institutional investors own 76.43% of the company's stock.
Broadcom Trading Up 2.1%
Shares of AVGO opened at $270.17 on Friday. Broadcom Inc. has a twelve month low of $128.50 and a twelve month high of $271.67. The stock has a market cap of $1.27 trillion, a PE ratio of 101.19, a P/E/G ratio of 1.88 and a beta of 1.11. 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 business's 50-day moving average price is $227.46 and its 200-day moving average price is $214.61.
Broadcom (NASDAQ:AVGO - Get Free Report) last posted its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping analysts' consensus estimates of $1.57 by $0.01. Broadcom had a net margin of 22.64% and a return on equity of 35.49%. The business 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 posted $10.96 EPS. Broadcom's revenue was up 20.2% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom announced that its board has authorized a share buyback plan on Monday, April 7th that permits the company to buyback $10.00 billion in outstanding shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 1.4% of its stock through open market purchases. Stock buyback plans are typically a sign that the company's leadership believes its stock is undervalued.
Broadcom Announces Dividend
The firm also recently disclosed 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. The ex-dividend date of this dividend is Friday, June 20th. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.87%. Broadcom's dividend payout ratio (DPR) is presently 88.39%.
Insider Buying and Selling
In related news, Director Justine Page sold 800 shares of the firm's stock in a transaction that occurred on Monday, April 14th. The shares were sold at an average price of $185.00, for a total value of $148,000.00. Following the sale, the director now directly owns 25,380 shares of the company's stock, valued at $4,695,300. This trade represents a 3.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, insider Mark David Brazeal sold 25,000 shares of Broadcom stock in a transaction that occurred on Friday, April 11th. The shares were sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the sale, the insider now owns 465,956 shares of the company's stock, valued at approximately $83,872,080. The trade was a 5.09% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 337,818 shares of company stock worth $84,167,415. Corporate insiders own 2.00% of the company's stock.
Wall Street Analyst Weigh In
AVGO has been the topic of a number of analyst reports. Redburn Atlantic began coverage on shares of Broadcom in a report on Wednesday, May 28th. They set a "buy" rating and a $301.00 price objective on the stock. Barclays boosted their price target on shares of Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. Mizuho increased their price objective on shares of Broadcom from $300.00 to $310.00 and gave the company an "outperform" rating in a research note on Friday, June 6th. William Blair reissued an "outperform" rating on shares of Broadcom in a research report on Friday, March 7th. Finally, Truist Financial set a $295.00 target price on Broadcom and gave the company a "buy" rating in a report on Friday, June 6th. Two research analysts have rated the stock with a hold rating, twenty-six have issued a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus price target of $281.25.
View Our Latest Research Report on AVGO
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.
Further Reading
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGO - Free Report).
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