Peterson Wealth Services raised its stake in shares of Broadcom Inc. (NASDAQ: AVGO – Get Rating) by 15.2% during the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 5,214 shares of the semiconductor manufacturer’s stock after buying an additional 687 shares during the period. Broadcom makes up 2.0% of Peterson Wealth Services’ portfolio, making the stock its 17th biggest position. Peterson Wealth Services’ holdings in Broadcom were worth $ 3,283,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors also recently added to or reduced their stakes in the business. Norges Bank bought a new position in shares of Broadcom during the 4th quarter valued at about $ 2,403,800,000. Fisher Asset Management LLC boosted its holdings in shares of Broadcom by 22,117.6% in the fourth quarter. Fisher Asset Management LLC now owns 752,289 shares of the semiconductor manufacturer’s stock worth $ 500,581,000 after buying an additional 748,903 shares during the period. Nuveen Asset Management LLC boosted its holdings in shares of Broadcom by 16.4% during the fourth quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock worth $ 2,949,003,000 after purchasing an additional 624,821 shares during the period. State Street Corp boosted its holdings in shares of Broadcom by 3.4% during the fourth quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock worth $ 11,001,395,000 after purchasing an additional 542,398 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its holdings in shares of Broadcom by 25.1% during the third quarter. UBS Asset Management Americas Inc. now owns 2,021,528 shares of the semiconductor manufacturer’s stock worth $ 980,300,000 after purchasing an additional 406,091 shares during the period. 81.53% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms recently commented on AVGO. Rosenblatt Securities raised their price target on shares of Broadcom from $ 750.00 to $ 775.00 and gave the stock a “buy” rating in a report on Friday, March 4th. Truist Financial raised their price objective on shares of Broadcom to $ 658.00 in a research report on Friday, May 27th. KeyCorp raised their price objective on shares of Broadcom from $ 720.00 to $ 780.00 and gave the company an “overweight” rating in a research report on Friday, May 27th. Susquehanna Bancshares reaffirmed a “buy” rating and set a $ 680.00 price objective on shares of Broadcom in a research report on Tuesday, March 1st. Finally, Susquehanna reaffirmed a “buy” rating and set a $ 680.00 price objective on shares of Broadcom in a research report on Tuesday, March 1st. Four equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has issued a strong buy rating to the company stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $ 685.70.
In related news, Director Diane M. Bryant sold 476 shares of Broadcom stock in a transaction dated Tuesday, April 5th. The stock was sold at an average price of $ 629.55, for a total value of $ 299,665.80. Following the completion of the transaction, the director now directly owns 1,560 shares of the company stock, valued at $ 982,098. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 2.30% of the company stock.
AVGO opened at $ 512.08 on Monday. Broadcom Inc. has a fifty-two week low of $ 455.71 and a fifty-two week high of $ 677.76. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.14 and a quick ratio of 1.90. The firm’s fifty day moving average price is $ 558.01 and its two-hundred day moving average price is $ 587.84. The company has a market capitalization of $ 206.79 billion, a P / E ratio of 25.24, a P / E / G ratio of 0.96 and a beta of 1.04.
Broadcom (NASDAQ: AVGO – Get Rating) last posted its quarterly earnings results on Thursday, May 26th. The semiconductor manufacturer reported $ 9.07 earnings per share for the quarter, topping analysts’ consensus estimates of $ 7.88 by $ 1.19. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The firm had revenue of $ 8.10 billion for the quarter, compared to the consensus estimate of $ 7.91 billion. During the same quarter in the previous year, the company earned $ 5.89 earnings per share. The business’s revenue was up 22.6% compared to the same quarter last year. On average, equities research analysts expect that Broadcom Inc. will post 33.95 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Stockholders of record on Wednesday, June 22nd will be paid a $ 4.10 dividend. The ex-dividend date is Tuesday, June 21st. This represents a $ 16.40 annualized dividend and a dividend yield of 3.20%. Broadcom’s dividend payout ratio is presently 81.31%.
Broadcom declared that its board has initiated a share buyback plan on Thursday, May 26th that allows the company to repurchase $ 10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to purchase up to 4.3% of its shares through open market purchases. Shares repurchase plans are typically a sign that the company leadership believes its stock is undervalued.
Broadcom Profile: (Get Rating)
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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