Harvest Investment Services LLC purchased a new stake in Broadcom Inc (NASDAQ:AVGO) during the 1st quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 899 shares of the semiconductor manufacturer’s stock, valued at approximately $274,000.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Standard Life Aberdeen plc acquired a new stake in Broadcom in the third quarter valued at approximately $508,015,000. Vident Investment Advisory LLC acquired a new stake in Broadcom in the third quarter valued at approximately $912,000. Thrivent Financial for Lutherans grew its position in Broadcom by 76.6% in the third quarter. Thrivent Financial for Lutherans now owns 30,453 shares of the semiconductor manufacturer’s stock valued at $7,514,000 after acquiring an additional 13,206 shares in the last quarter. AQR Capital Management LLC grew its position in Broadcom by 490.2% in the third quarter. AQR Capital Management LLC now owns 513,589 shares of the semiconductor manufacturer’s stock valued at $126,718,000 after acquiring an additional 426,568 shares in the last quarter. Finally, Resources Management Corp CT ADV acquired a new stake in Broadcom in the third quarter valued at approximately $650,000. Hedge funds and other institutional investors own 86.95% of the company’s stock.
Broadcom stock opened at $320.53 on Thursday. The firm has a market capitalization of $126.08 billion, a price-to-earnings ratio of 17.02, a price-to-earnings-growth ratio of 1.48 and a beta of 0.68. The company has a debt-to-equity ratio of 1.47, a current ratio of 1.27 and a quick ratio of 1.14. Broadcom Inc has a 12 month low of $197.46 and a 12 month high of $320.94.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.32 by $1.23. The company had revenue of $5.79 billion for the quarter, compared to analysts’ expectations of $5.83 billion. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The firm’s quarterly revenue was up 8.6% compared to the same quarter last year. During the same period last year, the business posted $5.12 earnings per share. On average, analysts anticipate that Broadcom Inc will post 17.65 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Thursday, March 21st were paid a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is 56.29%.
AVGO has been the subject of several recent research reports. ValuEngine downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Wednesday, January 2nd. BidaskClub downgraded shares of Broadcom from a “strong-buy” rating to a “buy” rating in a research report on Saturday, January 5th. Morgan Stanley decreased their price target on shares of Broadcom from $265.00 to $261.00 and set an “equal weight” rating for the company in a research report on Monday, January 7th. Piper Jaffray Companies reissued an “overweight” rating and set a $310.00 price target on shares of Broadcom in a research report on Thursday, February 14th. Finally, Cowen downgraded shares of Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 price target for the company. in a research report on Friday, February 22nd. One research analyst has rated the stock with a sell rating, eight have issued a hold rating and thirty-three have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $301.99.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Monday, April 15th. The stock was sold at an average price of $315.07, for a total value of $6,301,400.00. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Charlie B. Kawwas sold 10,000 shares of the firm’s stock in a transaction on Tuesday, April 2nd. The shares were sold at an average price of $304.51, for a total value of $3,045,100.00. The disclosure for this sale can be found here. Insiders sold 87,824 shares of company stock worth $26,390,919 over the last quarter. 3.30% of the stock is currently owned by company insiders.
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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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