Broadcom Inc. $AVGO Stock: United Asset Strategies Inc. Decreases Holdings

United Asset Strategies Inc. cut its stake in Broadcom Inc. (NASDAQ:AVGO) by 2.1% during the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 81,787 shares of the semiconductor manufacturer’s stock after selling 1,794 shares during the period. Broadcom accounts for 2.0% of United Asset Strategies Inc.’s holdings, making the stock its 7th biggest holding. United Asset Strategies Inc.’s holdings in Broadcom were worth $28,723,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds also recently added to or reduced their stakes in the stock. State Street Corp lifted its position in Broadcom by 8.7% in the 2nd quarter. State Street Corp now owns 208,031,610 shares of the semiconductor manufacturer’s stock valued at $75,367,711,000 after purchasing an additional 16,651,378 shares during the last quarter. Bank of America Corp DE raised its holdings in shares of Broadcom by 4.6% during the second quarter. Bank of America Corp DE now owns 61,423,013 shares of the semiconductor manufacturer’s stock valued at $23,202,543,000 after buying an additional 2,685,916 shares during the last quarter. Wellington Management Group LLP raised its holdings in shares of Broadcom by 3.8% during the second quarter. Wellington Management Group LLP now owns 51,580,703 shares of the semiconductor manufacturer’s stock valued at $19,484,611,000 after buying an additional 1,892,721 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Broadcom by 2.9% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 40,180,530 shares of the semiconductor manufacturer’s stock worth $15,178,195,000 after buying an additional 1,140,598 shares during the period. Finally, Legal & General Group Plc acquired a new position in shares of Broadcom during the second quarter worth approximately $11,998,148,000. 76.43% of the stock is currently owned by institutional investors.

Broadcom Trading Down 1.2%

Shares of NASDAQ AVGO opened at $322.23 on Tuesday. Broadcom Inc. has a 12 month low of $289.96 and a 12 month high of $495.00. The business has a fifty day simple moving average of $351.88 and a 200-day simple moving average of $366.79. The company has a market cap of $1.54 trillion, a price-to-earnings ratio of 41.15 and a beta of 1.46. The company has a quick ratio of 2.29, a current ratio of 2.50 and a debt-to-equity ratio of 0.57.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, September 2nd. The semiconductor manufacturer reported $3.32 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.22 by $0.10. Broadcom had a return on equity of 48.33% and a net margin of 42.94%. The company had revenue of $29.59 billion during the quarter, compared to analyst estimates of $29.24 billion. During the same quarter in the prior year, the company earned $1.69 earnings per share. The company’s revenue for the quarter was up 85.5% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc. will post 10.37 EPS for the current year.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Shareholders of record on Monday, September 21st were issued a dividend of $0.65 per share. This represents a $2.60 annualized dividend and a yield of 0.8%. The ex-dividend date was Monday, September 21st. Broadcom’s dividend payout ratio (DPR) is 33.21%.

Wall Street Analyst Weigh In

Several analysts recently commented on AVGO shares. Morgan Stanley restated an “overweight” rating and issued a $505.00 target price (up from $502.00) on shares of Broadcom in a research report on Thursday, September 3rd. Lake Street Capital upgraded Broadcom to a “buy” rating in a research report on Thursday, September 3rd. Raymond James Financial reissued an “outperform” rating and issued a $475.00 price target (up from $450.00) on shares of Broadcom in a research note on Thursday, September 3rd. Arete Research raised their price target on Broadcom from $488.00 to $530.00 and gave the company a “buy” rating in a report on Tuesday, July 21st. Finally, President Capital lifted their price objective on shares of Broadcom from $520.00 to $546.00 and gave the company a “buy” rating in a research note on Thursday, September 3rd. One analyst has rated the stock with a Strong Buy rating, thirty-nine have given a Buy rating and five have given a Hold rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of “Moderate Buy” and an average target price of $530.52.

Broadcom Company Profile

Broadcom Inc (NASDAQ: AVGO) is a global technology company that designs, develops and supplies semiconductor and infrastructure software products. Its semiconductor solutions support data center, networking, broadband, wireless communications, storage, industrial and other electronic applications.

The company’s semiconductor portfolio includes networking and switching components, custom accelerators, connectivity and wireless devices, broadband equipment, optical products, storage controllers and related infrastructure technologies.