Pittenger & Anderson Inc. lowered its stake in Broadcom Inc (NASDAQ:AVGO) by 12.1% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,940 shares of the semiconductor manufacturer’s stock after selling 1,227 shares during the period. Pittenger & Anderson Inc.’s holdings in Broadcom were worth $2,206,000 as of its most recent SEC filing.
Other large investors also recently made changes to their positions in the company. Marcus Capital LLC acquired a new stake in shares of Broadcom in the second quarter worth about $364,000. BP PLC acquired a new stake in shares of Broadcom in the second quarter worth about $12,135,000. Wesbanco Bank Inc. acquired a new stake in shares of Broadcom in the second quarter worth about $19,879,000. Sigma Investment Counselors Inc. acquired a new stake in shares of Broadcom in the second quarter worth about $286,000. Finally, KBC Group NV acquired a new stake in shares of Broadcom in the second quarter worth about $10,500,000. 88.01% of the stock is owned by institutional investors.
In related news, insider Hock E. Tan sold 20,000 shares of the business’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 sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Kirsten M. Spears sold 1,194 shares of the business’s stock in a transaction dated Friday, September 28th. The shares were sold at an average price of $246.52, for a total value of $294,344.88. The disclosure for this sale can be found here. Insiders have sold 61,194 shares of company stock worth $13,206,345 over the last 90 days. Corporate insiders own 3.30% of the company’s stock.
Shares of AVGO opened at $232.95 on Friday. Broadcom Inc has a 12-month low of $197.46 and a 12-month high of $285.68. The company has a debt-to-equity ratio of 0.64, a quick ratio of 3.42 and a current ratio of 3.98. The stock has a market cap of $102.01 billion, a P/E ratio of 16.29, a PEG ratio of 1.02 and a beta of 0.89.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share (EPS) for the quarter, beating the 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 firm had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. During the same period in the previous year, the company posted $4.10 earnings per share. The company’s quarterly revenue was up 13.4% compared to the same quarter last year. Analysts anticipate that Broadcom Inc will post 18.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 28th. Investors of record on Wednesday, September 19th were paid a dividend of $1.75 per share. The ex-dividend date was Tuesday, September 18th. This represents a $7.00 annualized dividend and a yield of 3.00%. Broadcom’s dividend payout ratio is 48.95%.
A number of analysts have weighed in on AVGO shares. Goldman Sachs Group cut Broadcom from a “buy” rating to a “neutral” rating and reduced their price target for the stock from $300.00 to $220.00 in a research report on Wednesday, July 18th. ValuEngine cut Broadcom from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 2nd. Mizuho reissued a “buy” rating and set a $280.00 price objective on shares of Broadcom in a research report on Friday, September 7th. MKM Partners cut their price objective on Broadcom to $255.00 in a research report on Friday, September 7th. Finally, Bank of America raised Broadcom from a “neutral” rating to a “buy” rating in a research report on Friday, September 7th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and thirty-one have assigned a buy rating to the stock. Broadcom has a consensus rating of “Buy” and a consensus target price of $290.77.
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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