E&G Advisors LP lifted its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 3.2% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 1,610 shares of the semiconductor manufacturer’s stock after buying an additional 50 shares during the quarter. E&G Advisors LP’s holdings in Broadcom were worth $1,397,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. Cantor Fitzgerald Investment Advisor L.P grew its position in shares of Broadcom by 94.4% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after acquiring an additional 36,458 shares during the period. Fairfield Bush & CO. grew its holdings in Broadcom by 2.6% in the first quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock valued at $3,114,000 after purchasing an additional 123 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its position in shares of Broadcom by 20.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock valued at $320,887,000 after buying an additional 87,945 shares in the last quarter. Loomis Sayles & Co. L P increased its position in shares of Broadcom by 1.1% in the first quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after buying an additional 420 shares in the last quarter. Finally, Ergoteles LLC acquired a new position in shares of Broadcom during the 1st quarter worth approximately $1,095,000. 78.81% of the stock is owned by institutional investors and hedge funds.
Insider Buying and Selling at Broadcom
In related news, Director Check Kian Low bought 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares of the company’s stock, valued at $13,909,750.53. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, Director Check Kian Low bought 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were purchased at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the purchase, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Harry L. You bought 1,000 shares of the stock in a transaction that occurred on Friday, September 15th. The shares were purchased at an average price of $858.96 per share, with a total value of $858,960.00. Following the completion of 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 currently owned by corporate insiders.
Wall Street Analysts Forecast Growth
Several brokerages recently commented on AVGO. Evercore ISI reissued an “outperform” rating and issued a $1,000.00 price target on shares of Broadcom in a report on Friday, September 1st. Wells Fargo & Company boosted their target price on shares of Broadcom from $800.00 to $900.00 and gave the stock an “equal weight” rating in a research note on Friday, September 1st. Wolfe Research began coverage on shares of Broadcom in a research note on Wednesday, July 19th. They issued a “market perform” rating on the stock. Mizuho lifted their price objective on Broadcom from $840.00 to $960.00 in a report on Friday, September 1st. Finally, KeyCorp reissued an “overweight” rating and set a $1,000.00 target price on shares of Broadcom in a report on Thursday, September 14th. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the stock. According to MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $846.14.
Check Out Our Latest Report on Broadcom
Broadcom Trading Down 0.4 %
NASDAQ:AVGO traded down $3.24 on Tuesday, hitting $831.71. The stock had a trading volume of 63,878 shares, compared to its average volume of 2,468,906. The company has a fifty day moving average price of $861.07 and a two-hundred day moving average price of $779.46. Broadcom Inc. has a 1-year low of $415.07 and a 1-year high of $923.67. The company has a quick ratio of 2.25, a current ratio of 2.50 and a debt-to-equity ratio of 1.73. The stock has a market cap of $343.28 billion, a price-to-earnings ratio of 25.67, a PEG ratio of 1.74 and a beta of 1.13.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, beating 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 analysts’ expectations of $8.85 billion. During the same period in the prior year, the firm posted $9.07 earnings per share. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 37.89 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Thursday, September 21st were issued 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 2.21%. Broadcom’s dividend payout ratio (DPR) is currently 56.58%.
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.
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