Keel Point LLC increased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 15.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,007 shares of the semiconductor manufacturer’s stock after purchasing an additional 133 shares during the period. Keel Point LLC’s holdings in Broadcom were worth $874,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in the business. MRP Capital Investments LLC boosted its stake in Broadcom by 60.0% during the first quarter. MRP Capital Investments LLC now owns 56 shares of the semiconductor manufacturer’s stock worth $36,000 after acquiring an additional 21 shares in the last quarter. Grey Fox Wealth Advisors LLC acquired a new position in Broadcom during the fourth quarter worth $39,000. Sageworth Trust Co acquired a new position in shares of Broadcom during the first quarter valued at about $39,000. VitalStone Financial LLC increased its position in shares of Broadcom by 71.4% during the first quarter. VitalStone Financial LLC now owns 60 shares of the semiconductor manufacturer’s stock worth $40,000 after acquiring an additional 25 shares in the last quarter. Finally, Osterweis Capital Management Inc. raised its stake in shares of Broadcom by 400.0% in the fourth quarter. Osterweis Capital Management Inc. now owns 75 shares of the semiconductor manufacturer’s stock worth $42,000 after purchasing an additional 60 shares during the last quarter. 78.81% of the stock is currently owned by institutional investors.
Insider Transactions at Broadcom
In related news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the transaction, the director now directly owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Broadcom news, Director Check Kian Low bought 11,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was acquired at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the completion of the purchase, the director now owns 15,951 shares of the company’s stock, valued at $13,909,750.53. The acquisition was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Eddy W. Hartenstein sold 1,500 shares of the business’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the sale, the director now directly owns 9,123 shares in the company, valued at $7,806,368.64. The disclosure for this sale can be found here. Corporate insiders own 2.20% of the company’s stock.
Broadcom Trading Down 0.6 %
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. The company had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.85 billion. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. Broadcom’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same period in the prior year, the business posted $9.07 earnings per share. On average, research analysts predict that Broadcom Inc. will post 37.88 EPS for the current year.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 21st will be issued a $4.60 dividend. The ex-dividend date is Wednesday, September 20th. This represents a $18.40 annualized dividend and a yield of 2.18%. Broadcom’s dividend payout ratio (DPR) is presently 56.58%.
Analysts Set New Price Targets
Several equities analysts have weighed in on AVGO shares. Rosenblatt Securities raised their price objective on Broadcom from $900.00 to $1,000.00 in a research note on Friday, September 1st. Robert W. Baird upped their price objective on shares of Broadcom from $900.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 5th. StockNews.com raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. BMO Capital Markets upped their target price on Broadcom from $890.00 to $1,000.00 and gave the company an “outperform” rating in a report on Friday, September 1st. Finally, TD Cowen boosted their price objective on Broadcom from $800.00 to $900.00 and gave the stock a “market perform” rating in a research report on Friday, September 1st. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $846.14.
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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