Gateway Advisory LLC purchased a new position in Broadcom Inc. (NASDAQ:AVGO – Free Report) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 275 shares of the semiconductor manufacturer’s stock, valued at approximately $239,000.
A number of other institutional investors and hedge funds also recently added to or reduced their stakes in AVGO. Great West Life Assurance Co. Can boosted its holdings in shares of Broadcom by 21.8% in the second quarter. Great West Life Assurance Co. Can now owns 351,572 shares of the semiconductor manufacturer’s stock valued at $306,153,000 after purchasing an additional 62,992 shares during the period. Profund Advisors LLC raised its position in Broadcom by 14.1% during the 2nd quarter. Profund Advisors LLC now owns 43,586 shares of the semiconductor manufacturer’s stock valued at $37,808,000 after purchasing an additional 5,377 shares in the last quarter. Moran Wealth Management LLC lifted its holdings in shares of Broadcom by 0.6% in the 2nd quarter. Moran Wealth Management LLC now owns 20,253 shares of the semiconductor manufacturer’s stock worth $17,568,000 after buying an additional 126 shares during the period. Trust Investment Advisors grew its position in shares of Broadcom by 10.9% during the 2nd quarter. Trust Investment Advisors now owns 2,928 shares of the semiconductor manufacturer’s stock worth $2,540,000 after buying an additional 287 shares in the last quarter. Finally, Angeles Wealth Management LLC purchased a new position in shares of Broadcom during the second quarter valued at $328,000. Institutional investors own 78.81% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of analysts recently weighed in on AVGO shares. Susquehanna reaffirmed a “positive” rating and issued a $1,010.00 price objective on shares of Broadcom in a research note on Monday, September 18th. Mizuho upped their price target on shares of Broadcom from $840.00 to $960.00 in a research report on Friday, September 1st. Rosenblatt Securities reissued a “buy” rating and set a $1,000.00 price objective on shares of Broadcom in a report on Wednesday, September 20th. Deutsche Bank Aktiengesellschaft upped their target price on Broadcom from $905.00 to $950.00 in a report on Friday, September 1st. Finally, Wells Fargo & Company increased their target price on Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a research report on Friday, September 1st. Six equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $848.52.
Broadcom Stock Performance
Shares of NASDAQ:AVGO traded up $18.18 on Friday, hitting $977.73. 1,979,461 shares of the company were exchanged, compared to its average volume of 2,423,349. The firm has a market capitalization of $403.55 billion, a P/E ratio of 30.07, a price-to-earnings-growth ratio of 1.90 and a beta of 1.11. The company has a current ratio of 2.50, a quick ratio of 2.25 and a debt-to-equity ratio of 1.73. Broadcom Inc. has a 1-year low of $511.00 and a 1-year high of $983.89. The stock’s 50 day moving average price is $868.63 and its 200 day moving average price is $838.77.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The firm’s revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $9.07 EPS. Sell-side analysts predict that Broadcom Inc. will post 37.83 EPS for the current year.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Thursday, September 21st were given a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a yield of 1.88%. The ex-dividend date was Wednesday, September 20th. Broadcom’s dividend payout ratio is presently 56.58%.
In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the stock in a transaction on Wednesday, September 6th. The shares were bought at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the completion of the acquisition, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other Broadcom news, Director Eddy W. Hartenstein sold 1,500 shares of Broadcom stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the transaction, the director now owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Check Kian Low bought 11,000 shares of the stock in a transaction dated Wednesday, September 6th. The shares were purchased at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the purchase, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The disclosure for this purchase can be found here. Insiders own 2.20% of the company’s stock.
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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