FormulaFolio Investments LLC acquired a new stake in Broadcom Inc (NASDAQ:AVGO) in the 3rd quarter, according to its most recent disclosure with the SEC. The fund acquired 662 shares of the semiconductor manufacturer’s stock, valued at approximately $241,000.
Other large investors also recently added to or reduced their stakes in the company. Provident Wealth Management LLC bought a new position in shares of Broadcom in the third quarter worth $28,000. Price Wealth LLC acquired a new stake in Broadcom during the second quarter worth about $37,000. Costello Asset Management INC bought a new position in Broadcom in the 2nd quarter valued at about $46,000. Financial Management Professionals Inc. acquired a new position in shares of Broadcom in the 2nd quarter valued at approximately $82,000. Finally, Allworth Financial LP lifted its holdings in shares of Broadcom by 21.2% during the 2nd quarter. Allworth Financial LP now owns 286 shares of the semiconductor manufacturer’s stock worth $90,000 after acquiring an additional 50 shares during the period. Hedge funds and other institutional investors own 81.82% of the company’s stock.
AVGO has been the subject of several research analyst reports. BMO Capital Markets boosted their price objective on shares of Broadcom from $350.00 to $400.00 and gave the company an “outperform” rating in a research report on Monday, August 31st. They noted that the move was a valuation call. Truist boosted their price target on Broadcom from $360.00 to $411.00 in a report on Friday, September 4th. Goldman Sachs Group raised their price objective on Broadcom from $322.00 to $360.00 and gave the company a “neutral” rating in a research note on Friday, September 4th. Credit Suisse Group boosted their target price on Broadcom from $400.00 to $420.00 and gave the stock an “outperform” rating in a research note on Friday, September 4th. Finally, KeyCorp raised their price target on shares of Broadcom from $360.00 to $410.00 and gave the company an “overweight” rating in a research note on Friday, September 4th. One investment analyst has rated the stock with a sell rating, five have given a hold rating, twenty-seven have given a buy rating and one has given a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $382.48.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 3rd. The semiconductor manufacturer reported $5.40 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $5.24 by $0.16. Broadcom had a return on equity of 32.44% and a net margin of 10.70%. The firm had revenue of $5.82 billion during the quarter, compared to analyst estimates of $5.76 billion. During the same period last year, the company posted $5.16 EPS. The business’s quarterly revenue was up 5.5% on a year-over-year basis. On average, equities analysts anticipate that Broadcom Inc will post 18.15 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 22nd were given a dividend of $3.25 per share. This represents a $13.00 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date was Monday, September 21st. Broadcom’s payout ratio is 74.67%.
In other Broadcom news, Director Raul J. Fernandez purchased 84 shares of the company’s stock in a transaction that occurred on Wednesday, September 9th. The shares were acquired at an average price of $358.11 per share, with a total value of $30,081.24. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Hock E. Tan sold 57,171 shares of the business’s stock in a transaction that occurred on Tuesday, July 28th. The stock was sold at an average price of $308.49, for a total value of $17,636,681.79. The disclosure for this sale can be found here. Over the last quarter, insiders sold 712,112 shares of company stock worth $246,515,630. 3.30% of the stock is owned by company insiders.
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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