Zhang Financial LLC Reduces Holdings in Broadcom Inc. (NASDAQ:AVGO)

Zhang Financial LLC trimmed its stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 4.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 1,305 shares of the semiconductor manufacturer’s stock after selling 65 shares during the period. Zhang Financial LLC’s holdings in Broadcom were worth $634,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently modified their holdings of the company. RB Capital Management LLC increased its stake in shares of Broadcom by 7.2% in the 2nd quarter. RB Capital Management LLC now owns 2,822 shares of the semiconductor manufacturer’s stock worth $1,371,000 after acquiring an additional 189 shares in the last quarter. Arkadios Wealth Advisors increased its stake in shares of Broadcom by 13.9% in the 2nd quarter. Arkadios Wealth Advisors now owns 3,369 shares of the semiconductor manufacturer’s stock worth $1,637,000 after acquiring an additional 412 shares in the last quarter. Signature Estate & Investment Advisors LLC increased its stake in shares of Broadcom by 0.8% in the 2nd quarter. Signature Estate & Investment Advisors LLC now owns 72,618 shares of the semiconductor manufacturer’s stock worth $35,278,000 after acquiring an additional 585 shares in the last quarter. Stillwater Capital Advisors LLC increased its stake in shares of Broadcom by 1.1% in the 2nd quarter. Stillwater Capital Advisors LLC now owns 34,657 shares of the semiconductor manufacturer’s stock worth $16,837,000 after acquiring an additional 374 shares in the last quarter. Finally, BerganKDV Wealth Management LLC increased its stake in shares of Broadcom by 0.5% in the 2nd quarter. BerganKDV Wealth Management LLC now owns 5,429 shares of the semiconductor manufacturer’s stock worth $2,638,000 after acquiring an additional 29 shares in the last quarter. 79.60% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts recently issued reports on the stock. KeyCorp decreased their price target on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, September 2nd. Bank of America reduced their price objective on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Robert W. Baird restated an “outperform” rating and set a $700.00 price objective on shares of Broadcom in a research note on Tuesday, September 6th. BMO Capital Markets reduced their price objective on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a research note on Friday, September 2nd. Finally, Deutsche Bank Aktiengesellschaft reduced their price objective on shares of Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. Two analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $675.33.

Broadcom Trading Down 0.9 %

Broadcom stock opened at $477.61 on Friday. The stock has a market cap of $193.43 billion, a P/E ratio of 20.66, a PEG ratio of 0.95 and a beta of 1.09. The company has a debt-to-equity ratio of 1.88, a current ratio of 2.32 and a quick ratio of 2.05. Broadcom Inc. has a 1 year low of $463.91 and a 1 year high of $677.76. The firm’s 50 day moving average price is $521.51 and its 200-day moving average price is $547.95.

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

Broadcom announced that its Board of Directors has authorized a stock repurchase program on Thursday, May 26th that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the semiconductor manufacturer to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s board believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 22nd will be given a $4.10 dividend. This represents a $16.40 annualized dividend and a yield of 3.43%. The ex-dividend date is Wednesday, September 21st. Broadcom’s dividend payout ratio is presently 70.93%.

About Broadcom

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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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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