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Brookstone Capital Management reduces its position in Broadcom Inc. (NASDAQ:AVGO)


Brookstone Capital Management reduced its position in shares of Broadcom Inc. (NASDAQ: AVGO – Get Rating) by 11.2% in the first quarter, according to the company in its latest 13F filing with the Securities & Exchange Commission. The fund held 3,568 shares of the semiconductor maker after selling 448 shares during the period. Brookstone Capital Management’s holdings in Broadcom were worth $2,072,000 when it last filed with the SEC.

Several other hedge funds have also recently increased or reduced their stakes in the company. CHICAGO TRUST Co NA increased its stake in Broadcom shares by 59.5% in Q1. CHICAGO TRUST Co NA now owns 721 shares of the semiconductor maker worth $454,000 after buying 269 additional shares in the last quarter. Cooper Financial Group increased its stake in Broadcom shares by 1.8% in the first quarter. Cooper Financial Group now owns 1,004 shares of the semiconductor maker worth $632,000 after buying 18 more shares in the last quarter. Insight Wealth Strategies LLC increased its stake in Broadcom by 35.2% in Q1. Insight Wealth Strategies LLC now owns 6,516 shares of the semiconductor maker valued at $4,103,000 after buying an additional 1,696 shares last quarter. Crestwood Advisors Group LLC increased its stake in Broadcom by 146.4% in the 1st quarter. Crestwood Advisors Group LLC now owns 1,700 shares of the semiconductor maker valued at $1,070,000 after buying an additional 1,010 shares last quarter. Finally, Aurora Investment Managers LLC. acquired a new stake in Broadcom in Q1 worth $2,240,000. Institutional investors and hedge funds own 81.53% of the company’s shares.

AVGO has been the subject of several recent research reports. Truist Financial raised its price target on Broadcom to $658.00 in a Friday, May 27 report. Susquehanna reiterated a “buy” rating and issued a price target of $680.00 on Broadcom shares in a Tuesday, March 1 report. Morgan Stanley lowered its price target on Broadcom from $723.00 to $703.00 and set an “overweight” rating for the company in a Friday, March 4 report. StockNews.com upgraded Broadcom from a “buy” rating to a “strong buy” rating in a Friday, May 13 research rating. Finally, Susquehanna Bancshares restated a “buy” rating and set a target price of $680.00 on Broadcom shares in a Tuesday, March 1 research note. Four investment analysts gave the stock a hold rating, twenty-one gave the stock a buy rating and one gave the stock a strong buy rating. According to data from MarketBeat.com, the stock has an average rating of “moderate buy” and an average target price of $685.70.

Shares of NASDAQ:AVGO opened at $496.58 on Friday. Broadcom Inc. has a 12-month low of $455.71 and a 12-month high of $677.76. The stock has a market capitalization of $200.53 billion, a price/earnings ratio of 24.62, a PEG ratio of 0.95 and a beta of 1.04. The stock’s 50-day moving average price is $559.30 and its 200-day moving average price is $588.38. The company has a debt ratio of 1.87, a current ratio of 2.14 and a quick ratio of 1.90.

Broadcom (NASDAQ:AVGO – Get Rating) last announced its results on Thursday, May 26. The semiconductor maker reported EPS of $9.07 for the quarter, beating the consensus estimate of $7.88 by $1.19. The company posted revenue of $8.10 billion for the quarter, versus $7.91 billion expected by analysts. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The company’s quarterly revenue increased by 22.6% compared to the same quarter last year. In the same quarter of the previous year, the company had earned earnings per share of $5.89. On average, sell-side analysts expect Broadcom Inc. to post EPS of 33.95 for the current year.

The company also recently declared a quarterly dividend, which will be paid on Thursday, June 30. Shareholders of record on Wednesday, June 22 will receive a dividend of $4.10. The ex-dividend date is Tuesday, June 21. This represents an annualized dividend of $16.40 and a dividend yield of 3.30%. Broadcom’s dividend payout ratio is currently 81.31%.

Broadcom announced that its board of directors launched a stock repurchase program on Thursday, May 26 that allows the company to repurchase $10.00 billion in stock. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 4.3% of its shares through purchases on the open market. Stock buyback programs are usually a sign that a company’s management believes its stock is undervalued.

Separately, CFO Kirsten M. Spears sold 3,000 shares of the company in a trade on Monday, March 28. The shares were sold at an average price of $625.86, for a total transaction of $1,877,580.00. The transaction was disclosed in a legal filing with the SEC, accessible via this link. Additionally, director Diane M. Bryant sold 476 shares of the company in a trade on Tuesday, April 5. The shares were sold at an average price of $629.55, for a total transaction of $299,665.80. Following the transaction, the administrator now owns 1,560 shares of the company, valued at $982,098. The disclosure of this sale can be found here. 2.30% of the shares are currently held by company insiders.

About Broadcom (Get a rating)

Broadcom Inc designs, develops and supplies various semiconductor devices with emphasis on complex digital and mixed signal complementary metal oxide semiconductor devices and III-V analog products worldwide. The Company operates in two segments, Semiconductor Solutions and Infrastructure Software.

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Institutional ownership by quarter for Broadcom (NASDAQ:AVGO)



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