Traynor Capital Management Inc. raised its position in Broadcom Inc. (NASDAQ: AVGO – Get Rating) by 17.7% during the 1st quarter, according to its most recent filing with the SEC. The institutional investor owned 1,236 shares of the semiconductor manufacturer’s stock after acquiring an additional 186 shares during the period. Traynor Capital Management Inc.’s holdings in Broadcom were worth $ 778,000 as of its most recent filing with the SEC.
A number of other large investors have also recently added to or reduced their stakes in AVGO. Norges Bank bought a new stake in Broadcom during the 4th quarter worth about $ 2,403,800,000. Fisher Asset Management LLC increased its position 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 valued at $ 500,581,000 after acquiring an additional 748,903 shares during the last quarter. Nuveen Asset Management LLC raised its holdings in 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 acquiring an additional 624,821 shares in the last quarter. State Street Corp boosted its position in Broadcom by 3.4% during the fourth 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 last quarter. Finally, UBS Asset Management Americas Inc. grew its stake in Broadcom by 25.1% in the third quarter. UBS Asset Management Americas Inc. now owns 2,021,528 shares of the semiconductor manufacturer’s stock valued at $ 980,300,000 after purchasing an additional 406,091 shares in the last quarter. 81.53% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ AVGO opened at $ 496.10 on Thursday. The business has a fifty day moving average price of $ 560.85 and a two-hundred day moving average price of $ 588.85. The stock has a market capitalization of $ 200.34 billion, a PE ratio of 24.60, a P / E / G ratio of 0.95 and a beta of 1.04. 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 Inc. has a fifty-two week low of $ 455.71 and a fifty-two week high of $ 677.76.
Broadcom (NASDAQ: AVGO – Get Rating) last posted its quarterly earnings results on Thursday, May 26th. The semiconductor manufacturer reported $ 9.07 EPS for the quarter, beating analysts’ consensus estimates of $ 7.88 by $ 1.19. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The business had revenue of $ 8.10 billion during the quarter, compared to the consensus estimate of $ 7.91 billion. During the same quarter in the previous year, the firm earned $ 5.89 earnings per share. Broadcom’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 33.95 EPS for the current year.
The company 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 $ 4.10 dividend. The ex-dividend date of this dividend is Tuesday, June 21st. This represents a $ 16.40 dividend on an annualized basis and a yield of 3.31%. Broadcom’s dividend payout ratio (DPR) is 81.31%.
Broadcom declared that its Board of Directors has initiated a share buyback program on Thursday, May 26th that authorizes the company to buyback $ 10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company board of directors believes its shares are undervalued.
Several equities research analysts have recently commented on the company. The Goldman Sachs Group cut their price target on Broadcom from $ 704.00 to $ 665.00 and set a “buy” rating for the company in a report on Friday, March 4th. Mizuho increased their price target on shares of Broadcom from $ 700.00 to $ 725.00 and gave the company a “buy” rating in a research note on Friday, May 27th. Rosenblatt Securities boosted their price target on shares of Broadcom from $ 750.00 to $ 775.00 and gave the stock a “buy” rating in a research note on Friday, March 4th. Piper Sandler reiterated a “buy” rating and issued a $ 750.00 target price on shares of Broadcom in a research note on Tuesday, May 24th. Finally, Morgan Stanley reduced their price target on Broadcom from $ 723.00 to $ 703.00 and set an “overweight” rating for the company in a report on Friday, March 4th. Four equities research analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has issued a strong buy rating to the company stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $ 685.70.
In other news, Director Gayla J. Delly sold 200 shares of Broadcom stock in a transaction on Friday, March 25th. The shares were sold at an average price of $ 624.67, for a total transaction of $ 124,934.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CFO Kirsten M. Spears sold 3,000 shares of the business’s stock in a transaction on Monday, March 28th. The stock was sold at an average price of $ 625.86, for a total transaction of $ 1,877,580.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 3,676 shares of company stock valued at $ 2,302,180. Company insiders own 2.30% of the company stock.
Broadcom Company 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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