Symphony Financial Ltd. Co. lessened its stake in Broadcom Inc. (NASDAQ:AVGO - Free Report) by 75.0% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 11,670 shares of the semiconductor manufacturer's stock after selling 35,043 shares during the quarter. Broadcom makes up about 1.1% of Symphony Financial Ltd. Co.'s holdings, making the stock its 24th largest position. Symphony Financial Ltd. Co.'s holdings in Broadcom were worth $1,957,000 as of its most recent filing with the Securities & Exchange Commission.
Several other hedge funds also recently modified their holdings of AVGO. SlateStone Wealth LLC grew its holdings in shares of Broadcom by 0.3% during the fourth quarter. SlateStone Wealth LLC now owns 13,832 shares of the semiconductor manufacturer's stock valued at $3,207,000 after buying an additional 47 shares during the last quarter. True Wealth Design LLC lifted its position in Broadcom by 7.2% during the 4th quarter. True Wealth Design LLC now owns 712 shares of the semiconductor manufacturer's stock worth $165,000 after acquiring an additional 48 shares during the period. Global Strategic Investment Solutions LLC grew its stake in Broadcom by 1.5% during the 4th quarter. Global Strategic Investment Solutions LLC now owns 3,375 shares of the semiconductor manufacturer's stock valued at $782,000 after purchasing an additional 50 shares during the last quarter. Cascade Financial Partners LLC increased its holdings in shares of Broadcom by 1.8% in the fourth quarter. Cascade Financial Partners LLC now owns 2,882 shares of the semiconductor manufacturer's stock valued at $668,000 after purchasing an additional 50 shares during the period. Finally, Samalin Investment Counsel LLC raised its stake in shares of Broadcom by 1.0% in the fourth quarter. Samalin Investment Counsel LLC now owns 4,983 shares of the semiconductor manufacturer's stock worth $1,155,000 after purchasing an additional 50 shares during the last quarter. Hedge funds and other institutional investors own 76.43% of the company's stock.
Wall Street Analyst Weigh In
AVGO has been the subject of several research analyst reports. KeyCorp upped their target price on Broadcom from $260.00 to $275.00 and gave the stock an "overweight" rating in a research note on Friday, March 7th. Hsbc Global Res raised shares of Broadcom from a "hold" rating to a "strong-buy" rating in a research note on Tuesday. Oppenheimer upped their target price 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. Seaport Res Ptn upgraded Broadcom to a "strong-buy" rating in a report on Wednesday, April 30th. Finally, JPMorgan Chase & Co. raised their price target on shares of Broadcom from $250.00 to $325.00 and gave the company an "overweight" rating in a research report on Friday, June 6th. Two equities 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 stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus target price of $281.25.
Check Out Our Latest Stock Report on AVGO
Insider Transactions at Broadcom
In related news, insider Mark David Brazeal sold 25,000 shares of the company's stock in a transaction on Friday, April 11th. The stock was sold at an average price of $180.00, for a total transaction of $4,500,000.00. Following the completion of the sale, the insider now owns 465,956 shares in the company, valued at approximately $83,872,080. This represents a 5.09% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, insider Charlie B. Kawwas sold 10,000 shares of the stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total transaction of $2,528,800.00. Following the completion of the sale, the insider now owns 789,784 shares of the company's stock, valued at approximately $199,720,577.92. This trade represents a 1.25% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 211,468 shares of company stock worth $51,519,450. Corporate insiders own 2.00% of the company's stock.
Broadcom Stock Up 0.3%
Shares of NASDAQ:AVGO traded up $0.88 during trading on Wednesday, hitting $264.65. 18,755,666 shares of the company's stock traded hands, compared to its average volume of 29,285,863. Broadcom Inc. has a 52 week low of $128.50 and a 52 week high of $269.70. The company has a current ratio of 1.08, a quick ratio of 0.98 and a debt-to-equity ratio of 0.89. The company has a 50-day moving average price of $223.68 and a 200-day moving average price of $213.63. The company has a market cap of $1.24 trillion, a price-to-earnings ratio of 99.12, a price-to-earnings-growth ratio of 1.81 and a beta of 1.11.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings data on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.57 by $0.01. The firm had revenue of $15 billion for the quarter, compared to analyst estimates of $14.98 billion. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The business's revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the company earned $10.96 earnings per share. As a group, research analysts forecast that Broadcom Inc. will post 5.38 EPS for the current fiscal year.
Broadcom Dividend Announcement
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 paid a dividend of $0.59 per share. This represents a $2.36 annualized dividend and a yield of 0.89%. The ex-dividend date is Friday, June 20th. Broadcom's payout ratio is 88.39%.
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 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.
Read More
Before you consider Broadcom, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Broadcom wasn't on the list.
While Broadcom currently has a Buy rating among analysts, top-rated analysts believe these five stocks are better buys.
View The Five Stocks Here
Thinking about investing in Meta, Roblox, or Unity? Enter your email to learn what streetwise investors need to know about the metaverse and public markets before making an investment.
Get This Free Report
