Walleye Capital LLC decreased its position in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 12.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,005 shares of the semiconductor manufacturer’s stock after selling 294 shares during the quarter. Walleye Capital LLC’s holdings in Broadcom were worth $1,263,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also modified their holdings of the company. Norges Bank acquired a new stake in Broadcom in the fourth quarter valued at $2,403,800,000. Jennison Associates LLC boosted its position in shares of Broadcom by 419.8% in the 1st quarter. Jennison Associates LLC now owns 1,860,573 shares of the semiconductor manufacturer’s stock worth $1,171,566,000 after buying an additional 1,502,640 shares in the last quarter. BlackRock Inc. grew its stake in Broadcom by 4.3% in the 1st quarter. BlackRock Inc. now owns 28,569,124 shares of the semiconductor manufacturer’s stock valued at $17,989,404,000 after acquiring an additional 1,180,078 shares during the last quarter. Fisher Asset Management LLC increased its holdings in Broadcom by 88.9% during the 1st quarter. Fisher Asset Management LLC now owns 1,421,008 shares of the semiconductor manufacturer’s stock valued at $894,781,000 after acquiring an additional 668,719 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position 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 during the last quarter. Institutional investors and hedge funds own 79.60% of the company’s stock.
Broadcom Stock Up 0.5 %
AVGO opened at $502.50 on Monday. The firm has a 50 day moving average price of $521.03 and a 200 day moving average price of $550.32. The company has a market cap of $203.51 billion, a PE ratio of 21.73, a price-to-earnings-growth ratio of 0.97 and a beta of 1.09. Broadcom Inc. has a 1 year low of $463.91 and a 1 year high of $677.76. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.05 and a current ratio of 2.32.
Broadcom (NASDAQ:AVGO – Get Rating) last posted its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share for the quarter, beating the consensus estimate of $9.56 by $0.17. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business’s quarterly revenue was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the business posted $6.32 EPS. Sell-side analysts expect that Broadcom Inc. will post 34.38 earnings per share for the current year.
Broadcom announced that its board has initiated a share repurchase plan on Thursday, May 26th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its shares are undervalued.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be paid a $4.10 dividend. The ex-dividend date is Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.26%. Broadcom’s dividend payout ratio (DPR) is currently 70.93%.
Wall Street Analyst Weigh In
Several analysts have recently commented on AVGO shares. Truist Financial lowered their price target on shares of Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research report on Friday, September 2nd. BMO Capital Markets lowered their price target on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, September 2nd. KeyCorp cut their price target on Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, September 2nd. Bank of America cut their price target on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Finally, Piper Sandler reissued a “buy” rating and issued a $750.00 price target on shares of Broadcom in a report on Tuesday, May 24th. Two research analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average target price of $675.33.
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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