Carnegie Capital Asset Management LLC Has $3.04 Million Position in Broadcom Inc. (NASDAQ:AVGO)

Carnegie Capital Asset Management LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 19.9% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 6,379 shares of the semiconductor manufacturer’s stock after selling 1,587 shares during the period. Carnegie Capital Asset Management LLC’s holdings in Broadcom were worth $3,042,000 as of its most recent SEC filing.

Other large investors have also recently bought and sold shares of the company. Enterprise Financial Services Corp grew its stake in shares of Broadcom by 2.7% in the 4th quarter. Enterprise Financial Services Corp now owns 763 shares of the semiconductor manufacturer’s stock valued at $508,000 after buying an additional 20 shares during the period. Blair William & Co. IL grew its stake in shares of Broadcom by 14.9% in the 4th quarter. Blair William & Co. IL now owns 34,312 shares of the semiconductor manufacturer’s stock valued at $22,832,000 after buying an additional 4,460 shares during the period. Clearstead Advisors LLC grew its stake in shares of Broadcom by 14.1% in the 4th quarter. Clearstead Advisors LLC now owns 2,542 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after buying an additional 314 shares during the period. Aureus Asset Management LLC grew its stake in shares of Broadcom by 12.6% in the 4th quarter. Aureus Asset Management LLC now owns 9,523 shares of the semiconductor manufacturer’s stock valued at $6,337,000 after buying an additional 1,066 shares during the period. Finally, Mmbg Investment Advisors CO. acquired a new stake in shares of Broadcom in the 4th quarter valued at about $5,639,000. 79.60% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Bank of America reduced their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Deutsche Bank Aktiengesellschaft cut their price target on Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. Robert W. Baird reiterated an “outperform” rating and set a $700.00 price target on shares of Broadcom in a research note on Tuesday, September 6th. Mizuho lifted their price target on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a research note on Friday, May 27th. Finally, KeyCorp cut their price target on Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, September 2nd. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom currently has an average rating of “Moderate Buy” and a consensus price target of $675.33.

Broadcom Stock Down 1.4 %

Broadcom stock opened at $482.14 on Thursday. Broadcom Inc. has a 1-year low of $463.91 and a 1-year high of $677.76. The firm has a market capitalization of $195.27 billion, a price-to-earnings ratio of 20.85, a P/E/G ratio of 0.97 and a beta of 1.09. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 1.88. The firm has a 50 day simple moving average of $521.65 and a 200 day simple moving average of $548.60.

Broadcom (NASDAQ:AVGOGet Rating) last released its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.41 billion. During the same period in the previous year, the business earned $6.32 EPS. Broadcom’s revenue was up 24.9% compared to the same quarter last year. On average, analysts predict that Broadcom Inc. will post 34.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently declared 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 is Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.40%. Broadcom’s dividend payout ratio (DPR) is currently 70.93%.

Broadcom declared that its board has approved a share repurchase plan on Thursday, May 26th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Broadcom Profile

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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.

See Also

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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