Hohimer Wealth Management LLC trimmed its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 20.7% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 14,620 shares of the semiconductor manufacturer’s stock after selling 3,826 shares during the quarter. Broadcom comprises about 1.6% of Hohimer Wealth Management LLC’s holdings, making the stock its 6th largest position. Hohimer Wealth Management LLC’s holdings in Broadcom were worth $4,614,000 at the end of the most recent quarter.
A number of other institutional investors have also bought and sold shares of the stock. Minot Wealth Management LLC grew its position in Broadcom by 38.9% during the second quarter. Minot Wealth Management LLC now owns 9,394 shares of the semiconductor manufacturer’s stock worth $2,965,000 after buying an additional 2,630 shares in the last quarter. Keudell Morrison Wealth Management lifted its stake in Broadcom by 6.6% during the second quarter. Keudell Morrison Wealth Management now owns 1,050 shares of the semiconductor manufacturer’s stock worth $331,000 after purchasing an additional 65 shares during the last quarter. Boenning & Scattergood Inc. lifted its stake in Broadcom by 51.2% during the second quarter. Boenning & Scattergood Inc. now owns 7,661 shares of the semiconductor manufacturer’s stock worth $2,418,000 after purchasing an additional 2,594 shares during the last quarter. Verity & Verity LLC lifted its stake in Broadcom by 15.3% during the second quarter. Verity & Verity LLC now owns 12,115 shares of the semiconductor manufacturer’s stock worth $3,772,000 after purchasing an additional 1,612 shares during the last quarter. Finally, AdvisorShares Investments LLC bought a new stake in Broadcom during the second quarter worth about $1,014,000. Institutional investors and hedge funds own 81.19% of the company’s stock.
Shares of AVGO stock traded up $3.77 during midday trading on Tuesday, reaching $315.08. 1,835,265 shares of the stock were exchanged, compared to its average volume of 3,055,436. Broadcom Inc has a 1 year low of $155.67 and a 1 year high of $331.58. The company’s 50 day moving average is $307.16 and its two-hundred day moving average is $285.00. The company has a current ratio of 2.15, a quick ratio of 2.01 and a debt-to-equity ratio of 1.88. The firm has a market cap of $125.20 billion, a PE ratio of 56.36, a price-to-earnings-growth ratio of 1.52 and a beta of 0.90.
The company also recently announced a quarterly dividend, which was paid on Tuesday, June 30th. Shareholders of record on Monday, June 22nd were issued a dividend of $3.25 per share. The ex-dividend date of this dividend was Friday, June 19th. This represents a $13.00 dividend on an annualized basis and a dividend yield of 4.13%. Broadcom’s dividend payout ratio (DPR) is 74.67%.
AVGO has been the subject of several research analyst reports. KeyCorp lifted their price target on Broadcom from $290.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Mizuho reaffirmed a “buy” rating and set a $350.00 price target (up previously from $325.00) on shares of Broadcom in a research note on Sunday, June 21st. Piper Sandler lifted their price target on Broadcom from $300.00 to $360.00 and gave the stock an “overweight” rating in a research note on Friday, June 5th. Cowen boosted their target price on Broadcom from $230.00 to $305.00 and gave the company a “market perform” rating in a research note on Friday, June 5th. Finally, Credit Suisse Group began coverage on Broadcom in a research note on Monday, June 15th. They issued an “outperform” rating and a $400.00 target price for the company. Two equities research analysts have rated the stock with a sell rating, five have assigned a hold rating, twenty-eight have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $339.25.
In related news, SVP Charlie B. Kawwas sold 5,000 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $322.51, for a total value of $1,612,550.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CEO Hock E. Tan sold 57,171 shares of the company’s stock in a transaction that occurred on Tuesday, June 16th. The stock was sold at an average price of $310.65, for a total value of $17,760,171.15. The disclosure for this sale can be found here. Insiders have sold a total of 309,234 shares of company stock worth $97,080,132 in the last quarter. Company insiders own 3.00% of the company’s stock.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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