JB Capital LLC cut its holdings in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 12.3% in the 1st quarter, according to its most recent 13F filing with the SEC. The fund owned 1,074 shares of the semiconductor manufacturer’s stock after selling 150 shares during the period. JB Capital LLC’s holdings in Broadcom were worth $677,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also modified their holdings of AVGO. Fifth Third Bancorp increased its holdings in shares of Broadcom by 5.6% during the 1st quarter. Fifth Third Bancorp now owns 274,736 shares of the semiconductor manufacturer’s stock worth $172,996,000 after buying an additional 14,666 shares during the last quarter. Graypoint LLC increased its holdings in shares of Broadcom by 10.6% during the 1st quarter. Graypoint LLC now owns 6,757 shares of the semiconductor manufacturer’s stock worth $4,255,000 after buying an additional 647 shares during the last quarter. Highland Capital Management LLC increased its holdings in shares of Broadcom by 0.6% during the 1st quarter. Highland Capital Management LLC now owns 31,640 shares of the semiconductor manufacturer’s stock worth $19,923,000 after buying an additional 201 shares during the last quarter. Green Alpha Advisors LLC acquired a new stake in shares of Broadcom during the 1st quarter worth $592,000. Finally, Relyea Zuckerberg Hanson LLC acquired a new stake in shares of Broadcom during the 1st quarter worth $270,000. Institutional investors own 81.53% of the company’s stock.
In other Broadcom news, Director Diane M. Bryant sold 476 shares of the firm’s stock in a transaction that occurred on Tuesday, April 5th. The shares were sold at an average price of $629.55, for a total value of $299,665.80. Following the sale, the director now owns 1,560 shares in the company, valued at $982,098. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 2.30% of the stock is currently owned by company insiders.
AVGO has been the subject of a number of research reports. The Goldman Sachs Group decreased their price target on shares of Broadcom from $704.00 to $665.00 and set a “buy” rating for the company in a research report on Friday, March 4th. Morgan Stanley decreased their price objective on shares of Broadcom from $723.00 to $703.00 and set an “overweight” rating for the company in a research report on Friday, March 4th. StockNews.com raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research report on Friday, May 13th. 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. Finally, UBS Group raised their price objective on shares of Broadcom from $665.00 to $690.00 and gave the company a “buy” rating in a research report on Friday, March 4th. Four investment analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average price target of $683.17.
AVGO opened at $490.41 on Thursday. The firm has a market cap of $198.04 billion, a price-to-earnings ratio of 24.31, a price-to-earnings-growth ratio of 0.96 and a beta of 1.04. Broadcom Inc. has a fifty-two week low of $455.71 and a fifty-two week high of $677.76. The company’s 50-day moving average price is $552.26 and its 200-day moving average price is $585.67. The company has a quick ratio of 1.90, a current ratio of 2.14 and a debt-to-equity ratio of 1.87.
Broadcom (NASDAQ:AVGO – Get Rating) last released its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, topping the consensus estimate of $7.88 by $1.19. The firm had revenue of $8.10 billion for the quarter, compared to analyst estimates of $7.91 billion. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. Broadcom’s quarterly revenue was up 22.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.89 earnings per share. Research analysts anticipate that Broadcom Inc. will post 33.95 earnings per share for the current year.
Broadcom announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 26th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s management believes its shares are undervalued.
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd will be paid a dividend of $4.10 per share. The ex-dividend date is Tuesday, June 21st. This represents a $16.40 annualized dividend and a yield of 3.34%. Broadcom’s dividend payout ratio (DPR) is 81.31%.
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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