Marietta Wealth Management LLC cut its stake in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 4.0% during the first quarter, according to the company in its latest 13F filing with the Securities and Exchange Commission. The institutional investor held 9,427 shares of the semiconductor maker after selling 395 shares during the period. Marietta Wealth Management LLC’s holdings in Broadcom were worth $5,936,000 when it last filed with the SEC.
A number of other hedge funds and other institutional investors also bought and sold shares of AVGO. Thrivent Financial for Lutherans increased its stake in Broadcom by 1.4% in Q3. Thrivent Financial for Lutherans now owns 41,277 shares of the semiconductor maker worth $20,017,000 after buying 563 more shares last quarter. Migdal Insurance & Financial Holdings Ltd. increased its stake in Broadcom by 8.5% in the third quarter. Migdal Insurance & Financial Holdings Ltd. now owns 282 shares of the semiconductor maker worth $137,000 after buying 22 more shares last quarter. Cornerstone Advisory LLC increased its stake in Broadcom by 12.1% in the third quarter. Cornerstone Advisory LLC now owns 1,417 shares of the semiconductor maker worth $688,000 after buying 153 additional shares last quarter. Rehmann Capital Advisory Group increased its stake in Broadcom by 4.5% in the third quarter. Rehmann Capital Advisory Group now owns 2,031 shares of the semiconductor maker worth $988,000 after buying 87 more shares last quarter. Finally, Kozak & Associates Inc. bought a new position in Broadcom in Q3 worth approximately $117,000. 81.53% of the shares are currently held by institutional investors.
AVGO shares opened at $494.71 on Wednesday. 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 $199.77 billion, a price/earnings ratio of 24.98, a P/E/G ratio of 0.94 and a beta of 1.04. The stock has a fifty-day simple moving average of $562.78 and a two-hundred-day simple moving average of $589.50. The company has a current ratio of 2.14, a quick ratio of 1.90 and a debt ratio of 1.87.
Broadcom (NASDAQ:AVGO – Get Rating) last released its results on Thursday, May 26. The semiconductor maker reported earnings per share of $9.07 for the quarter, beating the consensus estimate of $7.88 by $1.19. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The company posted revenue of $8.10 billion in the quarter, versus $7.91 billion expected by analysts. During the same period of the previous year, the company achieved EPS of $5.89. The company’s revenue for the quarter increased by 22.6% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post an EPS of 33.95 for the current fiscal year.
Broadcom announced that its board of directors on Thursday (May 26) approved a stock repurchase plan that allows the company to repurchase $10.00 billion in stock. This repurchase authorization allows the semiconductor maker to purchase up to 4.3% of its shares through open market purchases. Stock repurchase plans usually indicate that the company’s board of directors believe its stock is undervalued.
The company also recently announced 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. This represents an annualized dividend of $16.40 and a dividend yield of 3.32%. The ex-dividend date is Tuesday, June 21. Broadcom’s dividend payout ratio is 81.31%.
Separately, COO Charlie B. Kawwas sold 2,520 shares of the company in a trade on Thursday, March 24. The stock was sold at an average price of $619.89, for a total transaction of $1,562,122.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. Additionally, director Gayla J. Delly sold 200 shares of the company in a trade on Friday, March 25. The stock was sold at an average price of $624.67, for a total value of $124,934.00. The disclosure of this sale can be found here. Insiders sold a total of 17,410 shares of the company valued at $10,704,843 during the last quarter. Insiders of the company own 2.30% of the shares of the company.
A number of analysts have published reports on AVGO shares. JPMorgan Chase & Co. raised its price target on Broadcom from $700.00 to $715.00 and gave the stock an “overweight” rating in a Friday, March 4 research note. Rosenblatt Securities raised its price target on Broadcom from $750.00 to $775.00 and gave the stock a “buy” rating in a Friday, March 4 research note. Morgan Stanley cut its price target on Broadcom from $723.00 to $703.00 and set an “overweight” rating on the stock in a Friday, March 4 research note. UBS Group raised its price target on Broadcom from $665.00 to $690.00 and gave the stock a “buy” rating in a Friday, March 4 research note. Finally, KeyCorp raised its price target on Broadcom from $720.00 to $780.00 and gave the stock an “overweight” rating in a Friday, May 27 research note. Four research analysts gave the stock a hold rating, twenty-one gave the company a buy rating and one gave the company a strong buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $685.70.
Broadcom Company Profile (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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