Broadcom Inc. (NASDAQ:AVGO) Shares Bought by Flagship Harbor Advisors LLC

Flagship Harbor Advisors LLC raised its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 7.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 3,573 shares of the semiconductor manufacturer’s stock after purchasing an additional 249 shares during the period. Flagship Harbor Advisors LLC’s holdings in Broadcom were worth $1,736,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Hanson & Doremus Investment Management purchased a new position in shares of Broadcom during the first quarter valued at approximately $26,000. Ahrens Investment Partners LLC increased its position in Broadcom by 125.0% during the first quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock worth $28,000 after purchasing an additional 25 shares during the last quarter. Semmax Financial Advisors Inc. increased its position in Broadcom by 300.0% during the fourth quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock worth $29,000 after purchasing an additional 33 shares during the last quarter. Hoey Investments Inc. acquired a new position in Broadcom during the first quarter worth approximately $30,000. Finally, Cordant Inc. acquired a new stake in shares of Broadcom in the first quarter worth $31,000. Hedge funds and other institutional investors own 79.60% of the company’s stock.

Broadcom Trading Down 1.4 %

Shares of AVGO 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’s fifty day simple moving average is $521.65 and its 200 day simple moving average is $548.60. The firm has a market capitalization of $195.27 billion, a P/E ratio of 20.85, a price-to-earnings-growth 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.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings results 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. The firm had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the firm posted $6.32 EPS. As a group, sell-side analysts predict that Broadcom Inc. will post 34.38 EPS for the current year.

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

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be paid a $4.10 dividend. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $16.40 annualized dividend and a dividend yield of 3.40%. Broadcom’s dividend payout ratio is presently 70.93%.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on the stock. Mizuho increased their price objective on shares of Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. Bank of America reduced their price objective on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Susquehanna restated a “buy” rating and issued a $680.00 price target on shares of Broadcom in a research report on Friday, September 2nd. Deutsche Bank Aktiengesellschaft cut their price objective on shares of Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. Finally, BMO Capital Markets lowered their target price on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research note on Friday, September 2nd. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $675.33.

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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