Eagle Asset Management Inc. raised its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 489,280 shares of the semiconductor manufacturer’s stock after purchasing an additional 4,819 shares during the period. Broadcom makes up approximately 1.0% of Eagle Asset Management Inc.’s holdings, making the stock its 7th largest holding. Eagle Asset Management Inc. owned approximately 0.12% of Broadcom worth $233,308,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund raised its position in Broadcom by 1.3% during the second quarter. Oregon Public Employees Retirement Fund now owns 34,060 shares of the semiconductor manufacturer’s stock valued at $16,241,000 after purchasing an additional 435 shares in the last quarter. Mutual of America Capital Management LLC raised its position in Broadcom by 3.4% during the first quarter. Mutual of America Capital Management LLC now owns 57,905 shares of the semiconductor manufacturer’s stock valued at $26,848,000 after purchasing an additional 1,888 shares in the last quarter. Breakline Capital LLC purchased a new position in shares of Broadcom in the first quarter worth about $4,773,000. Miramar Capital LLC increased its holdings in shares of Broadcom by 3.9% in the second quarter. Miramar Capital LLC now owns 19,311 shares of the semiconductor manufacturer’s stock worth $9,417,000 after buying an additional 722 shares during the period. Finally, Tower Bridge Advisors increased its holdings in shares of Broadcom by 8.3% in the first quarter. Tower Bridge Advisors now owns 12,060 shares of the semiconductor manufacturer’s stock worth $5,592,000 after buying an additional 925 shares during the period. Institutional investors and hedge funds own 80.28% of the company’s stock.
Several research firms have recently commented on AVGO. Barclays lifted their price objective on Broadcom from $525.00 to $540.00 and gave the stock an “overweight” rating in a report on Friday, September 3rd. Deutsche Bank Aktiengesellschaft lifted their price objective on Broadcom from $525.00 to $560.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. UBS Group lifted their price objective on Broadcom from $550.00 to $580.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. BMO Capital Markets lifted their price objective on Broadcom from $550.00 to $575.00 and gave the stock an “outperform” rating in a report on Friday, September 3rd. Finally, Summit Redstone downgraded Broadcom to a “hold” rating in a report on Friday, September 3rd. Five analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and an average price target of $549.52.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 EPS for the quarter, topping analysts’ consensus estimates 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 analysts’ expectations of $6.76 billion. During the same period in the previous year, the firm posted $5.40 EPS. The business’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, research analysts forecast that Broadcom Inc. will post 24.42 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Stockholders of record on Wednesday, September 22nd will be given a $3.60 dividend. The ex-dividend date of this dividend is Tuesday, September 21st. This represents a $14.40 dividend on an annualized basis and a dividend yield of 2.89%. Broadcom’s dividend payout ratio is currently 78.05%.
In related news, COO Charlie B. Kawwas sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $500.83, for a total value of $1,502,490.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Justine Lien sold 340 shares of the business’s stock in a transaction that occurred on Monday, September 13th. The stock was sold at an average price of $502.00, for a total transaction of $170,680.00. The disclosure for this sale can be found here. Over the last three months, insiders sold 17,604 shares of company stock worth $8,823,434. Insiders own 2.40% of the company’s stock.
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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