Private Capital Group LLC lowered its stake in Broadcom Inc (NASDAQ:AVGO) by 18.9% during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 1,582 shares of the semiconductor manufacturer’s stock after selling 368 shares during the period. Private Capital Group LLC’s holdings in Broadcom were worth $373,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors also recently bought and sold shares of the company. Geode Capital Management LLC grew its stake in shares of Broadcom by 3.4% in the 4th quarter. Geode Capital Management LLC now owns 4,141,614 shares of the semiconductor manufacturer’s stock worth $1,061,670,000 after buying an additional 135,437 shares during the last quarter. TCW Group Inc. grew its stake in shares of Broadcom by 18.9% in the 4th quarter. TCW Group Inc. now owns 137,278 shares of the semiconductor manufacturer’s stock worth $35,267,000 after buying an additional 21,849 shares during the last quarter. Pinnacle Associates Ltd. grew its stake in shares of Broadcom by 12.4% in the 4th quarter. Pinnacle Associates Ltd. now owns 12,602 shares of the semiconductor manufacturer’s stock worth $3,238,000 after buying an additional 1,394 shares during the last quarter. Caxton Associates LP grew its stake in shares of Broadcom by 103.7% in the 4th quarter. Caxton Associates LP now owns 4,074 shares of the semiconductor manufacturer’s stock worth $1,047,000 after buying an additional 2,074 shares during the last quarter. Finally, Scotia Capital Inc. grew its stake in shares of Broadcom by 1.5% in the 4th quarter. Scotia Capital Inc. now owns 57,714 shares of the semiconductor manufacturer’s stock worth $14,829,000 after buying an additional 859 shares during the last quarter. Institutional investors own 86.85% of the company’s stock.
In related news, Director Lake Group L.L.C. Silver bought 344,761 shares of the firm’s stock in a transaction that occurred on Friday, April 13th. The shares were bought at an average cost of $247.94 per share, with a total value of $85,480,042.34. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, SVP Bryan Ingram sold 10,604 shares of the firm’s stock in a transaction on Friday, June 15th. The stock was sold at an average price of $270.02, for a total value of $2,863,292.08. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 85,604 shares of company stock worth $22,207,492. 3.30% of the stock is owned by insiders.
Shares of Broadcom stock opened at $260.95 on Wednesday. Broadcom Inc has a one year low of $221.98 and a one year high of $285.68. The firm has a market capitalization of $114.18 billion, a P/E ratio of 18.25, a P/E/G ratio of 1.20 and a beta of 0.93. The company has a current ratio of 5.70, a quick ratio of 5.04 and a debt-to-equity ratio of 0.60.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 EPS for the quarter, topping the Zacks’ consensus estimate of $4.05 by $0.83. Broadcom had a return on equity of 30.85% and a net margin of 56.32%. The company had revenue of $5.02 billion for the quarter, compared to analysts’ expectations of $5 billion. During the same period last year, the firm earned $3.69 EPS. Broadcom’s revenue for the quarter was up 19.4% compared to the same quarter last year. analysts forecast that Broadcom Inc will post 17.48 earnings per share for the current year.
Broadcom announced that its Board of Directors has initiated a share buyback program on Thursday, April 12th that allows the company to repurchase $12.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 12.2% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.
The business also recently announced a quarterly dividend, which will be paid on Friday, June 29th. Investors of record on Wednesday, June 20th will be issued a $1.75 dividend. The ex-dividend date is Tuesday, June 19th. This represents a $7.00 dividend on an annualized basis and a yield of 2.68%. Broadcom’s dividend payout ratio is currently 48.95%.
Several analysts recently weighed in on the company. Deutsche Bank assumed coverage on Broadcom in a research note on Thursday, March 15th. They issued a “buy” rating and a $325.00 price target on the stock. UBS Group started coverage on Broadcom in a research note on Wednesday, April 4th. They issued a “buy” rating and a $350.00 price target on the stock. DA Davidson cut their target price on Broadcom to $300.00 and set a “positive” rating on the stock in a research note on Thursday, May 10th. BidaskClub upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Saturday. Finally, Canaccord Genuity reiterated a “buy” rating and set a $340.00 target price (up from $325.00) on shares of Broadcom in a research note on Friday, March 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating, thirty-three have assigned a buy rating and two have assigned a strong buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average price target of $311.27.
Broadcom Limited designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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