Resonant Capital Advisors LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 8.8% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 555 shares of the semiconductor manufacturer’s stock after purchasing an additional 45 shares during the quarter. Resonant Capital Advisors LLC’s holdings in Broadcom were worth $270,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in Broadcom by 1.4% in the first quarter. Vanguard Group Inc. now owns 36,975,704 shares of the semiconductor manufacturer’s stock worth $23,282,861,000 after purchasing an additional 510,546 shares during the period. BlackRock Inc. boosted its stake in shares of Broadcom by 4.3% during the 1st quarter. BlackRock Inc. now owns 28,569,124 shares of the semiconductor manufacturer’s stock worth $17,989,404,000 after acquiring an additional 1,180,078 shares in the last quarter. State Street Corp grew its holdings in shares of Broadcom by 3.4% in the 4th quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock worth $11,001,395,000 after acquiring an additional 542,398 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Broadcom by 11.6% during the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after purchasing an additional 488,405 shares during the last quarter. Finally, Nuveen Asset Management LLC boosted its position in shares of Broadcom by 16.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $2,949,003,000 after purchasing an additional 624,821 shares during the period. 79.60% of the stock is owned by institutional investors and hedge funds.
Broadcom Stock Down 0.1 %
AVGO opened at $501.84 on Tuesday. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 1.88. Broadcom Inc. has a 1-year low of $463.91 and a 1-year high of $677.76. The business has a 50 day moving average of $521.41 and a 200-day moving average of $549.46. The stock has a market capitalization of $203.25 billion, a price-to-earnings ratio of 21.71, a P/E/G ratio of 0.97 and a beta of 1.09.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be given a dividend of $4.10 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $16.40 annualized dividend and a dividend yield of 3.27%. Broadcom’s dividend payout ratio (DPR) is currently 70.93%.
Broadcom declared that its Board of Directors has initiated a share buyback program on Thursday, May 26th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 4.3% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.
Analysts Set New Price Targets
A number of research firms have commented on AVGO. Piper Sandler reaffirmed a “buy” rating and set a $750.00 price objective on shares of Broadcom in a research note on Tuesday, May 24th. Bank of America cut their target price on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Mizuho raised their target price on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. Deutsche Bank Aktiengesellschaft reduced their price objective on Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. Finally, Robert W. Baird restated an “outperform” rating and set a $700.00 price target on shares of Broadcom in a report on Tuesday, September 6th. Two equities research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $675.33.
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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