Cozad Asset Management Inc. Invests $4.85 Million in Broadcom Inc (AVGO)
Cozad Asset Management Inc. bought a new stake in Broadcom Inc (NASDAQ:AVGO) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 20,006 shares of the semiconductor manufacturer’s stock, valued at approximately $4,854,000. Broadcom accounts for about 1.5% of Cozad Asset Management Inc.’s portfolio, making the stock its 14th largest position.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Massey Quick Simon & CO. LLC purchased a new stake in Broadcom in the second quarter valued at $104,000. Zions Bancorporation purchased a new stake in Broadcom in the second quarter valued at $109,000. MUFG Americas Holdings Corp purchased a new stake in Broadcom in the second quarter valued at $109,000. MUFG Securities EMEA plc purchased a new stake in Broadcom in the second quarter valued at $117,000. Finally, First Personal Financial Services purchased a new stake in Broadcom in the second quarter valued at $126,000. 84.35% of the stock is currently owned by hedge funds and other institutional investors.
Several equities research analysts have recently issued reports on the stock. Sanford C. Bernstein reissued a “buy” rating on shares of Broadcom in a research note on Thursday, July 12th. ValuEngine raised shares of Broadcom from a “strong sell” rating to a “sell” rating in a research note on Wednesday, July 25th. Craig Hallum reissued a “buy” rating and set a $300.00 target price (down from $330.00) on shares of Broadcom in a research note on Friday, September 7th. Longbow Research lowered shares of Broadcom from a “buy” rating to a “neutral” rating in a research note on Thursday, July 12th. Finally, MKM Partners lowered their target price on shares of Broadcom to $255.00 in a research note on Friday, September 7th. One 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 an average rating of “Buy” and an average target price of $288.56.
Broadcom (NASDAQ:AVGO) last issued 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. The firm had revenue of $5.06 billion for the quarter, compared to analyst estimates of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. Broadcom’s quarterly revenue was up 13.4% compared to the same quarter last year. During the same period last year, the company posted $4.10 EPS. sell-side analysts forecast that Broadcom Inc will post 18.09 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Wednesday, September 19th will be paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 2.97%. The ex-dividend date is Tuesday, September 18th. Broadcom’s dividend payout ratio is presently 48.95%.
In related news, SVP Bryan Ingram sold 20,000 shares of the firm’s stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $251.31, for a total value of $5,026,200.00. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders sold a total of 80,000 shares of company stock worth $18,078,200 over the last ninety days. 3.30% of the stock is currently owned by corporate insiders.
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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