NorthCoast Asset Management LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 32.3% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 3,751 shares of the semiconductor manufacturer’s stock after buying an additional 915 shares during the period. NorthCoast Asset Management LLC’s holdings in Broadcom were worth $1,789,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Tsfg LLC grew its position in Broadcom by 218.8% during the 2nd quarter. Tsfg LLC now owns 51 shares of the semiconductor manufacturer’s stock worth $25,000 after acquiring an additional 35 shares during the last quarter. ShoreHaven Wealth Partners LLC bought a new stake in Broadcom during the 1st quarter worth approximately $27,000. Vigilant Capital Management LLC boosted its position in Broadcom by 124.0% in the 2nd quarter. Vigilant Capital Management LLC now owns 56 shares of the semiconductor manufacturer’s stock valued at $27,000 after buying an additional 31 shares during the last quarter. Solstein Capital LLC bought a new position in Broadcom in the 1st quarter valued at $29,000. Finally, MV Capital Management Inc. boosted its position in Broadcom by 588.9% in the 2nd quarter. MV Capital Management Inc. now owns 62 shares of the semiconductor manufacturer’s stock valued at $30,000 after buying an additional 53 shares during the last quarter. 80.28% of the stock is owned by institutional investors and hedge funds.
In related news, COO Charlie B. Kawwas sold 3,000 shares of Broadcom stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $500.83, for a total value of $1,502,490.00. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Mark David Brazeal sold 9,453 shares of Broadcom stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $502.38, for a total value of $4,748,998.14. The disclosure for this sale can be found here. Insiders sold a total of 17,604 shares of company stock worth $8,823,434 in the last three months. Company insiders own 2.40% of the company’s stock.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $6.88 by $0.08. Broadcom had a return on equity of 44.27% and a net margin of 22.90%. The firm had revenue of $6.78 billion for the quarter, compared to the consensus estimate of $6.76 billion. During the same quarter last year, the business posted $5.40 EPS. The company’s revenue for the quarter was up 16.4% on a year-over-year basis. Sell-side analysts anticipate that Broadcom Inc. will post 24.42 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 22nd will be paid a $3.60 dividend. This represents a $14.40 annualized dividend and a dividend yield of 2.93%. The ex-dividend date is Tuesday, September 21st. Broadcom’s dividend payout ratio is 78.05%.
A number of brokerages have commented on AVGO. Piper Sandler increased their price objective on Broadcom from $525.00 to $550.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. Summit Redstone lowered Broadcom to a “hold” rating in a research report on Friday, September 3rd. Barclays increased their price objective on Broadcom from $525.00 to $540.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. KeyCorp raised their price target on Broadcom from $565.00 to $575.00 and gave the stock an “overweight” rating in a research report on Friday, September 3rd. Finally, JPMorgan Chase & Co. raised their price target on Broadcom from $585.00 to $600.00 and gave the stock an “overweight” rating in a research report on Friday, September 3rd. Five investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and an average target price of $549.52.
Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.
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