Alpha Cubed Investments LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 1,885 shares of the semiconductor manufacturer’s stock after selling 91 shares during the quarter. Alpha Cubed Investments LLC’s holdings in Broadcom were worth $837,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in AVGO. Cantor Fitzgerald Investment Advisor L.P boosted its holdings in shares of Broadcom by 94.4% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after acquiring an additional 36,458 shares during the last quarter. Fairfield Bush & CO. lifted its stake in shares of Broadcom by 2.6% in the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after purchasing an additional 123 shares during the period. Mirae Asset Global Investments Co. Ltd. lifted its stake in shares of Broadcom by 20.9% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock worth $320,887,000 after purchasing an additional 87,945 shares during the period. Loomis Sayles & Co. L P lifted its stake in shares of Broadcom by 1.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock worth $25,412,000 after purchasing an additional 420 shares during the period. Finally, Ergoteles LLC bought a new position in shares of Broadcom in the 1st quarter worth approximately $1,095,000. Hedge funds and other institutional investors own 81.28% of the company’s stock.
Insider Activity at Broadcom
In related news, Director Justine Page sold 170 shares of the firm’s stock in a transaction on Tuesday, December 13th. The shares were sold at an average price of $574.86, for a total value of $97,726.20. Following the completion of the transaction, the director now directly owns 2,981 shares of the company’s stock, valued at $1,713,657.66. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 2.30% of the stock is currently owned by insiders.
Broadcom Trading Up 1.3 %
Broadcom (NASDAQ:AVGO – Get Rating) last posted its earnings results on Thursday, December 8th. The semiconductor manufacturer reported $9.75 earnings per share for the quarter, beating analysts’ consensus estimates of $9.50 by $0.25. Broadcom had a net margin of 34.62% and a return on equity of 70.00%. The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.90 billion. During the same period last year, the firm posted $7.01 earnings per share. Broadcom’s revenue for the quarter was up 20.6% compared to the same quarter last year. On average, equities analysts expect that Broadcom Inc. will post 37.39 earnings per share for the current fiscal year.
Broadcom Increases Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, December 30th. Investors of record on Tuesday, December 20th were issued a $4.60 dividend. The ex-dividend date of this dividend was Monday, December 19th. This is a positive change from Broadcom’s previous quarterly dividend of $4.10. This represents a $18.40 dividend on an annualized basis and a dividend yield of 3.22%. Broadcom’s dividend payout ratio (DPR) is 69.43%.
Wall Street Analysts Forecast Growth
AVGO has been the topic of several recent research reports. Wells Fargo & Company initiated coverage on shares of Broadcom in a research note on Friday, December 9th. They issued an “equal weight” rating on the stock. Mizuho lowered their price objective on shares of Broadcom from $725.00 to $700.00 and set a “buy” rating on the stock in a research note on Friday, December 9th. UBS Group decreased their target price on shares of Broadcom from $690.00 to $675.00 in a research note on Friday, December 9th. Truist Financial raised their target price on shares of Broadcom from $630.00 to $662.00 in a research note on Friday, December 9th. Finally, Oppenheimer restated an “outperform” rating and set a $720.00 target price on shares of Broadcom in a research note on Monday, December 5th. Two investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $667.37.
Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.
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