California Public Employees Retirement System acquired a new stake in shares of Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 854,113 shares of the semiconductor manufacturer’s stock, valued at approximately $207,242,000.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the business. Ladenburg Thalmann Financial Services Inc. bought a new position in Broadcom during the second quarter valued at $3,375,000. BTC Capital Management Inc. bought a new position in Broadcom during the second quarter valued at $4,086,000. Glenmede Trust Co. NA bought a new position in shares of Broadcom in the second quarter worth $11,341,000. Lake Street Advisors Group LLC bought a new position in shares of Broadcom in the second quarter worth $569,000. Finally, Argent Trust Co bought a new position in shares of Broadcom in the second quarter worth $1,002,000. 84.35% of the stock is owned by institutional investors and hedge funds.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Monday, July 16th. The stock was sold at an average price of $202.08, for a total transaction of $4,041,600.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 80,000 shares of company stock worth $18,078,200 in the last 90 days. Company insiders own 3.30% of the company’s stock.
NASDAQ AVGO opened at $236.34 on Monday. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $285.68. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. The stock has a market cap of $99.24 billion, a price-to-earnings ratio of 16.53, a PEG ratio of 0.95 and a beta of 0.94.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a return on equity of 28.54% and a net margin of 58.18%. The business had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. During the same quarter last year, the business posted $4.10 earnings per share. The company’s revenue for the quarter was up 13.4% on a year-over-year basis. analysts predict that Broadcom Inc will post 18.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th will be given a dividend of $1.75 per share. The ex-dividend date of this dividend is Tuesday, September 18th. This represents a $7.00 dividend on an annualized basis and a yield of 2.96%. Broadcom’s payout ratio is 48.95%.
A number of equities analysts have recently commented on AVGO shares. MKM Partners cut their price target on Broadcom to $255.00 in a report on Friday, September 7th. Benchmark started coverage on Broadcom in a report on Friday, June 15th. They issued a “buy” rating and a $300.00 price target for the company. Longbow Research started coverage on Broadcom in a report on Wednesday, May 30th. They issued a “buy” rating and a $295.00 price target for the company. Sanford C. Bernstein set a $320.00 price target on Broadcom and gave the stock a “buy” rating in a report on Friday, June 8th. Finally, B. Riley cut their price target on Broadcom from $310.00 to $308.00 and set a “buy” rating for the company in a report on Friday, June 8th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $288.56.
Broadcom Company Profile
Broadcom Inc 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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