BlackRock Inc. raised its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 0.4% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 25,780,514 shares of the semiconductor manufacturer’s stock after acquiring an additional 105,186 shares during the quarter. BlackRock Inc. owned approximately 6.48% of Broadcom worth $7,421,177,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently bought and sold shares of the business. Pinnacle Bank lifted its position in shares of Broadcom by 128.2% in the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 50 shares during the last quarter. Liberty Wealth Management LLC lifted its position in shares of Broadcom by 62.5% in the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 35 shares during the last quarter. Advisors Preferred LLC bought a new position in shares of Broadcom in the 2nd quarter worth about $27,000. FNY Investment Advisers LLC bought a new position in shares of Broadcom in the 2nd quarter worth about $51,000. Finally, Citizens Financial Group Inc RI lifted its position in shares of Broadcom by 257.1% in the 1st quarter. Citizens Financial Group Inc RI now owns 175 shares of the semiconductor manufacturer’s stock worth $52,000 after buying an additional 126 shares during the last quarter. Hedge funds and other institutional investors own 84.63% of the company’s stock.
A number of research firms have recently issued reports on AVGO. Royal Bank of Canada began coverage on shares of Broadcom in a research report on Tuesday, July 23rd. They issued an “outperform” rating and a $320.00 price target on the stock. Citigroup reduced their price target on shares of Broadcom from $320.00 to $300.00 and set a “buy” rating on the stock in a research report on Friday, June 14th. Robert W. Baird reduced their price target on shares of Broadcom from $300.00 to $280.00 and set an “outperform” rating on the stock in a research report on Monday, June 17th. Rosenblatt Securities restated a “buy” rating and issued a $350.00 price target on shares of Broadcom in a research report on Monday, June 10th. Finally, Daiwa Capital Markets downgraded shares of Broadcom from a “buy” rating to a “neutral” rating in a research report on Thursday, August 15th. Nine research analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average target price of $304.16.
Shares of NASDAQ:AVGO opened at $300.58 on Friday. The company has a market cap of $117.21 billion, a PE ratio of 15.96, a P/E/G ratio of 1.44 and a beta of 0.88. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. The company’s 50-day moving average price is $283.11 and its 200 day moving average price is $286.75. Broadcom Inc has a fifty-two week low of $208.23 and a fifty-two week high of $323.20.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $5.16 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $4.10 by $1.06. The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a net margin of 15.92% and a return on equity of 32.81%. Broadcom’s quarterly revenue was up 8.9% on a year-over-year basis. During the same quarter last year, the company earned $4.98 EPS. As a group, equities analysts anticipate that Broadcom Inc will post 17.23 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be paid a dividend of $2.65 per share. This represents a $10.60 annualized dividend and a yield of 3.53%. Broadcom’s payout ratio is 56.29%.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $292.16, for a total transaction of $5,843,200.00. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, SVP Bryan Ingram sold 11,922 shares of the firm’s stock in a transaction dated Wednesday, June 26th. The shares were sold at an average price of $278.58, for a total transaction of $3,321,230.76. The disclosure for this sale can be found here. In the last three months, insiders have sold 85,388 shares of company stock worth $23,607,682. 3.30% of the stock is owned by corporate insiders.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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