Violich Capital Management Inc. cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO - Free Report) by 5.4% during the first quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 18,275 shares of the semiconductor manufacturer's stock after selling 1,050 shares during the period. Violich Capital Management Inc.'s holdings in Broadcom were worth $3,060,000 as of its most recent SEC filing.
A number of other institutional investors have also recently modified their holdings of AVGO. Norges Bank acquired a new stake in shares of Broadcom during the 4th quarter valued at about $16,893,010,000. GAMMA Investing LLC grew its position in shares of Broadcom by 18,179.3% during the 1st quarter. GAMMA Investing LLC now owns 17,276,164 shares of the semiconductor manufacturer's stock valued at $2,892,548,000 after acquiring an additional 17,181,652 shares during the period. Price T Rowe Associates Inc. MD boosted its holdings in Broadcom by 46.9% in the 4th 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 during the last quarter. GQG Partners LLC boosted its holdings in Broadcom by 200.0% in the 4th 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 during the last quarter. Finally, Vanguard Group Inc. boosted its holdings in Broadcom by 1.4% in the 4th 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. 76.43% of the stock is currently owned by institutional investors and hedge funds.
Analyst Upgrades and Downgrades
AVGO has been the topic of several research analyst reports. Citigroup lifted their price objective on Broadcom from $285.00 to $315.00 and gave the stock a "buy" rating in a report on Monday, July 7th. JPMorgan Chase & Co. lifted their price objective on Broadcom from $250.00 to $325.00 and gave the stock an "overweight" rating in a report on Friday, June 6th. UBS Group lifted their price objective on Broadcom from $270.00 to $290.00 and gave the stock a "buy" rating in a report on Friday, June 6th. Susquehanna lifted their price objective on Broadcom from $280.00 to $300.00 and gave the stock a "positive" rating in a report on Friday, June 6th. Finally, Barclays lifted their price objective on Broadcom from $215.00 to $265.00 and gave the stock an "overweight" rating in a report on Monday, June 9th. One 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. According to data from MarketBeat.com, the company has a consensus rating of "Buy" and an average price target of $292.08.
Read Our Latest Stock Report on AVGO
Broadcom Trading Down 1.0%
Shares of AVGO stock traded down $2.86 during trading on Friday, hitting $283.59. 10,835,674 shares of the stock traded hands, compared to its average volume of 27,836,706. The firm has a market capitalization of $1.33 trillion, a P/E ratio of 106.23, a price-to-earnings-growth ratio of 2.00 and a beta of 1.12. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The firm's fifty day moving average price is $252.91 and its 200-day moving average price is $219.98. Broadcom Inc. has a 52-week low of $128.50 and a 52-week high of $288.28.
Broadcom (NASDAQ:AVGO - Get Free Report) last released its quarterly earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 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 net margin of 22.64% and a return on equity of 35.49%. The business'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 company earned $10.96 EPS. As a group, research analysts forecast that Broadcom Inc. will post 5.38 earnings per share 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 given a $0.59 dividend. This represents a $2.36 dividend on an annualized basis and a yield of 0.83%. The ex-dividend date of this dividend was Friday, June 20th. Broadcom's payout ratio is 88.39%.
Broadcom announced that its Board of Directors has initiated a share repurchase plan on Monday, April 7th that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company's leadership believes its shares are undervalued.
Insider Buying and Selling
In other Broadcom news, Director Gayla J. Delly sold 3,000 shares of the business's stock in a transaction that occurred on Thursday, June 26th. The stock was sold at an average price of $265.13, for a total value of $795,390.00. Following the sale, the director owned 33,352 shares of the company's stock, valued at $8,842,615.76. The trade was a 8.25% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Henry Samueli sold 473,898 shares of the business's stock in a transaction that occurred on Wednesday, June 25th. The shares were sold at an average price of $265.33, for a total value of $125,739,356.34. Following the completion of the sale, the director directly owned 38,188,575 shares in the company, valued at approximately $10,132,574,604.75. The trade was a 1.23% decrease in their position. The disclosure for this sale can be found here. Insiders have sold 830,516 shares of company stock valued at $217,224,641 over the last quarter. 2.00% of the stock is owned by corporate insiders.
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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