McKinley Carter Wealth Services Inc. Raises Position in Broadcom Inc. (NASDAQ:AVGO)

McKinley Carter Wealth Services Inc. raised its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 2.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 9,916 shares of the semiconductor manufacturer’s stock after acquiring an additional 284 shares during the period. McKinley Carter Wealth Services Inc.’s holdings in Broadcom were worth $4,817,000 at the end of the most recent quarter.

A number of other hedge funds also recently bought and sold shares of the business. Hanson & Doremus Investment Management acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $26,000. Ahrens Investment Partners LLC increased its holdings in shares of Broadcom by 125.0% during the 1st quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 25 shares during the last quarter. Semmax Financial Advisors Inc. increased its holdings in shares of Broadcom by 300.0% during the 4th quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 33 shares during the last quarter. Hoey Investments Inc. acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $30,000. Finally, Cordant Inc. acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 79.60% of the company’s stock.

Broadcom Stock Down 2.6 %

Shares of Broadcom stock traded down $12.28 during trading on Friday, hitting $465.33. 78,349 shares of the stock were exchanged, compared to its average volume of 2,493,283. Broadcom Inc. has a 12-month low of $463.91 and a 12-month high of $677.76. The stock has a market cap of $188.46 billion, a price-to-earnings ratio of 20.37, a price-to-earnings-growth ratio of 0.93 and a beta of 1.09. The company has a debt-to-equity ratio of 1.88, a current ratio of 2.32 and a quick ratio of 2.05. The firm’s 50-day moving average price is $521.51 and its 200 day moving average price is $547.95.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same period in the previous year, the company earned $6.32 earnings per share. Broadcom’s quarterly revenue was up 24.9% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 34.38 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 22nd will be given a $4.10 dividend. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a yield of 3.52%. Broadcom’s dividend payout ratio (DPR) is presently 70.93%.

Broadcom declared that its board has approved a share repurchase plan on Thursday, May 26th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Wall Street Analyst Weigh In

A number of brokerages have recently issued reports on AVGO. Robert W. Baird restated an “outperform” rating and set a $700.00 price target on shares of Broadcom in a report on Tuesday, September 6th. BMO Capital Markets dropped their target price on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a report on Friday, September 2nd. Truist Financial dropped their target price on shares of Broadcom from $658.00 to $630.00 and set a “buy” rating for the company in a report on Friday, September 2nd. KeyCorp dropped their target price on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, September 2nd. Finally, Susquehanna reiterated a “buy” rating and issued a $680.00 target price on shares of Broadcom in a report on Friday, September 2nd. Two equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and a consensus target price of $675.33.

Broadcom Company Profile

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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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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