Novare Capital Management LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 4.7% in the first quarter, according to its most recent filing with the SEC. The fund owned 152,422 shares of the semiconductor manufacturer’s stock after selling 7,578 shares during the period. Broadcom comprises 2.2% of Novare Capital Management LLC’s portfolio, making the stock its 8th biggest position. Novare Capital Management LLC’s holdings in Broadcom were worth $25,520,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Vanguard Group Inc. raised its position in Broadcom by 1.4% during the 4th quarter. Vanguard Group Inc. now owns 475,134,603 shares of the semiconductor manufacturer’s stock valued at $110,155,206,000 after purchasing an additional 6,573,204 shares in the last quarter. Geode Capital Management LLC raised its position in Broadcom by 3.0% during the 4th quarter. Geode Capital Management LLC now owns 102,207,120 shares of the semiconductor manufacturer’s stock valued at $23,647,209,000 after purchasing an additional 3,018,294 shares in the last quarter. FMR LLC raised its position in Broadcom by 3.2% during the 4th quarter. FMR LLC now owns 93,274,317 shares of the semiconductor manufacturer’s stock valued at $21,624,718,000 after purchasing an additional 2,873,809 shares in the last quarter. Norges Bank bought a new stake in Broadcom during the 4th quarter valued at $16,893,010,000. Finally, Northern Trust Corp raised its position in Broadcom by 12.0% during the 4th quarter. Northern Trust Corp now owns 49,087,351 shares of the semiconductor manufacturer’s stock valued at $11,380,411,000 after purchasing an additional 5,258,925 shares in the last quarter. 76.43% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
AVGO has been the subject of a number of research analyst reports. Barclays lifted their target price on Broadcom from $215.00 to $265.00 and gave the company an “overweight” rating in a research report on Monday, June 9th. Rosenblatt Securities lifted their target price on Broadcom from $223.00 to $340.00 and gave the company a “buy” rating in a research report on Friday, June 6th. Wall Street Zen raised Broadcom from a “hold” rating to a “buy” rating in a research report on Saturday. Mizuho lifted their target price on Broadcom from $310.00 to $315.00 and gave the company an “outperform” rating in a research report on Thursday. Finally, HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 target price for the company in a research report on Tuesday, June 24th. One analyst has rated the stock with a hold rating, twenty-seven have assigned a buy rating and two have given a strong buy rating to the company. According to MarketBeat, the stock currently has an average rating of “Buy” and a consensus price target of $281.46.
Broadcom Stock Up 1.8%
Shares of AVGO stock opened at $274.87 on Friday. Broadcom Inc. has a 1-year low of $128.50 and a 1-year high of $277.71. The stock’s fifty day moving average price is $238.77 and its 200 day moving average price is $217.17. The company has a debt-to-equity ratio of 0.89, a current ratio of 1.08 and a quick ratio of 0.98. The company has a market cap of $1.29 trillion, a price-to-earnings ratio of 102.95, a price-to-earnings-growth ratio of 1.96 and a beta of 1.12.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its earnings results on Thursday, June 5th. The semiconductor manufacturer reported $1.58 earnings per share for the quarter, topping the consensus estimate of $1.57 by $0.01. Broadcom had a return on equity of 35.49% and a net margin of 22.64%. The firm had revenue of $15 billion for the quarter, compared to the consensus estimate of $14.98 billion. During the same period in the previous year, the business earned $10.96 EPS. The firm’s revenue for the quarter was up 20.2% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 5.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Friday, June 20th were paid a dividend of $0.59 per share. The ex-dividend date of this dividend was Friday, June 20th. This represents a $2.36 annualized dividend and a yield of 0.86%. Broadcom’s dividend payout ratio (DPR) is 88.39%.
Broadcom declared that its Board of Directors has initiated a stock buyback plan on Monday, April 7th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to buy up to 1.4% of its shares through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
Insider Activity
In other Broadcom news, insider Mark David Brazeal sold 50,000 shares of the business’s stock in a transaction dated Monday, June 23rd. The stock was sold at an average price of $253.28, for a total transaction of $12,664,000.00. Following the sale, the insider owned 415,956 shares in the company, valued at approximately $105,353,335.68. The trade was a 10.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 10,000 shares of the business’s stock in a transaction dated Wednesday, June 11th. The shares were sold at an average price of $252.88, for a total value of $2,528,800.00. Following the sale, the insider owned 789,784 shares in the company, valued at approximately $199,720,577.92. The trade was a 1.25% decrease in their position. The disclosure for this sale can be found here. Insiders sold 854,716 shares of company stock worth $221,433,761 over the last quarter. Company insiders own 2.00% of the company’s stock.
About Broadcom
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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