Resonant Capital Advisors LLC grew its position in shares of Broadcom Inc. (NASDAQ: AVGO – Get Rating) by 11.8% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 510 shares of the semiconductor manufacturer’s stock after purchasing an additional 54 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Broadcom were worth $ 320,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new position in shares of Broadcom during the fourth quarter worth approximately $ 2,403,800,000. Fisher Asset Management LLC increased its position in Broadcom by 22,117.6% during the 4th quarter. Fisher Asset Management LLC now owns 752,289 shares of the semiconductor manufacturer’s stock valued at $ 500,581,000 after purchasing an additional 748,903 shares during the period. Nuveen Asset Management LLC increased its position in Broadcom by 16.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $ 2,949,003,000 after purchasing an additional 624,821 shares during the period. State Street Corp increased its position in Broadcom by 3.4% during the 4th quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock valued at $ 11,001,395,000 after purchasing an additional 542,398 shares during the period. Finally, Toronto Dominion Bank increased its position in Broadcom by 119.7% during the 4th quarter. Toronto Dominion Bank now owns 670,216 shares of the semiconductor manufacturer’s stock valued at $ 445,964,000 after purchasing an additional 365,162 shares during the period. 81.53% of the stock is currently owned by institutional investors.
Shares of Broadcom stock opened at $ 498.45 on Wednesday. The company fifty day simple moving average is $ 554.41 and its 200-day simple moving average is $ 586.33. The stock has a market capitalization of $ 201.28 billion, a PE ratio of 24.71, a P / E / G ratio of 0.96 and a beta of 1.04. Broadcom Inc. has a 1-year low of $ 455.71 and a 1-year 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.
Broadcom (NASDAQ: AVGO – Get Rating) last issued its quarterly earnings results on Thursday, May 26th. The semiconductor manufacturer reported $ 9.07 earnings per share for the quarter, topping the estimate consensus of $ 7.88 by $ 1.19. The business had revenue of $ 8.10 billion for the quarter, compared to analysts’ expectations of $ 7.91 billion. Broadcom had a net margin of 29.76% and a return on equity of 56.29%. The company revenue was up 22.6% compared to the same quarter last year. During the same quarter last year, the company posted $ 5.89 EPS. As a group, research analysts anticipate that Broadcom Inc. will post 33.95 EPS for the current year.
The company also recently announced 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. This represents a $ 16.40 dividend on an annualized basis and a dividend yield of 3.29%. The ex-dividend date is Tuesday, June 21st. Broadcom’s dividend payout ratio (DPR) is 81.31%.
Broadcom announced that its Board of Directors has initiated a share repurchase plan on Thursday, May 26th that authorizes the company to repurchase $ 10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are generally an indication that the company board believes its stock is undervalued.
A number of analysts have recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Broadcom from $ 700.00 to $ 715.00 and gave the company an “overweight” rating in a report on Friday, March 4th. Susquehanna restated a “buy” rating and set a $ 680.00 target price on shares of Broadcom in a report on Tuesday, March 1st. Piper Sandler restated a “buy” rating and set a $ 750.00 target price on shares of Broadcom in a report on Tuesday, May 24th. The Goldman Sachs Group dropped their target price on shares of Broadcom from $ 704.00 to $ 665.00 and set a “buy” rating on the stock in a report on Friday, March 4th. Finally, Susquehanna Bancshares reiterated a “buy” rating and issued a $ 680.00 price target on shares of Broadcom in a research note on Tuesday, March 1st. Four investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom has an average rating of “Moderate Buy” and an average price target of $ 685.70.
In related news, Director Diane M. Bryant sold 476 shares of Broadcom stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $ 629.55, for a total transaction of $ 299,665.80. Following the transaction, the director now owns 1,560 shares in the company, valued at approximately $ 982,098. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 2.30% of the stock is currently owned by insiders.
About Broadcom: (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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