Allen Capital Group LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 25.5% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,750 shares of the semiconductor manufacturer’s stock after selling 1,281 shares during the period. Allen Capital Group LLC’s holdings in Broadcom were worth $3,253,000 as of its most recent filing with the Securities and Exchange Commission.
Other hedge funds have also recently made changes to their positions in the company. Altshuler Shaham Ltd bought a new position in shares of Broadcom in the 2nd quarter worth about $30,000. MRP Capital Investments LLC raised its position in shares of Broadcom by 60.0% in the 1st quarter. MRP Capital Investments LLC now owns 56 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 21 shares in the last quarter. Grey Fox Wealth Advisors LLC bought a new position in shares of Broadcom in the 4th quarter worth about $39,000. Sageworth Trust Co bought a new position in shares of Broadcom in the 1st quarter worth about $39,000. Finally, VitalStone Financial LLC raised its position in shares of Broadcom by 71.4% in the 1st quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock worth $40,000 after acquiring an additional 25 shares in the last quarter. 78.81% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several research analysts have recently weighed in on AVGO shares. Mizuho lifted their price objective on Broadcom from $840.00 to $960.00 in a research report on Friday, September 1st. Truist Financial reaffirmed a “buy” rating and issued a $995.00 target price on shares of Broadcom in a research report on Thursday, September 21st. Rosenblatt Securities reaffirmed a “buy” rating and issued a $1,000.00 target price on shares of Broadcom in a research report on Wednesday, September 20th. TD Cowen boosted their target price on Broadcom from $800.00 to $900.00 and gave the company a “market perform” rating in a research report on Friday, September 1st. Finally, Oppenheimer boosted their target price on Broadcom from $900.00 to $990.00 and gave the company an “outperform” rating in a research report on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $846.14.
Check Out Our Latest Research Report on AVGO
Insider Activity at Broadcom
In related news, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the transaction, the director now owns 9,123 shares in the company, valued at $7,806,368.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the transaction, the director now owns 9,123 shares in the company, valued at $7,806,368.64. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Harry L. You bought 1,000 shares of the stock in a transaction on Friday, September 15th. The shares were acquired at an average cost of $858.96 per share, for a total transaction of $858,960.00. Following the acquisition, the director now directly owns 3,510 shares in the company, valued at $3,014,949.60. The disclosure for this purchase can be found here. 2.20% of the stock is owned by company insiders.
Broadcom Stock Performance
Shares of NASDAQ AVGO traded up $8.45 during midday trading on Wednesday, reaching $823.28. The company’s stock had a trading volume of 519,319 shares, compared to its average volume of 2,467,912. Broadcom Inc. has a 12-month low of $415.07 and a 12-month high of $923.67. The firm has a 50 day moving average price of $859.01 and a 200-day moving average price of $780.76. The stock has a market capitalization of $339.80 billion, a P/E ratio of 25.06, a PEG ratio of 1.75 and a beta of 1.13. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The firm had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.85 billion. During the same quarter in the previous year, the business earned $9.07 EPS. The company’s revenue was up 4.5% compared to the same quarter last year. As a group, equities analysts predict that Broadcom Inc. will post 37.89 earnings per share for the current year.
Broadcom Announces Dividend
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, September 21st were paid a $4.60 dividend. The ex-dividend date of this dividend was Wednesday, September 20th. This represents a $18.40 annualized dividend and a yield of 2.23%. Broadcom’s payout ratio is 56.58%.
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.
Featured Articles
Receive News & Ratings for Broadcom Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Broadcom and related companies with MarketBeat.com’s FREE daily email newsletter.
