Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Menard Financial Group LLC

Menard Financial Group LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGO) by 18.1% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 834 shares of the semiconductor manufacturer’s stock after purchasing an additional 128 shares during the quarter. Menard Financial Group LLC’s holdings in Broadcom were worth $398,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Berman Capital Advisors LLC increased its holdings in shares of Broadcom by 26.7% in the second quarter. Berman Capital Advisors LLC now owns 1,493 shares of the semiconductor manufacturer’s stock valued at $711,000 after purchasing an additional 315 shares during the last quarter. Heritage Wealth Management LLC increased its stake in Broadcom by 4.1% during the second quarter. Heritage Wealth Management LLC now owns 2,760 shares of the semiconductor manufacturer’s stock worth $1,316,000 after acquiring an additional 108 shares during the last quarter. Bank of New York Mellon Corp increased its stake in Broadcom by 2.6% during the second quarter. Bank of New York Mellon Corp now owns 3,800,941 shares of the semiconductor manufacturer’s stock worth $1,812,439,000 after acquiring an additional 98,059 shares during the last quarter. Kalos Management Inc. increased its stake in Broadcom by 1.2% during the second quarter. Kalos Management Inc. now owns 9,155 shares of the semiconductor manufacturer’s stock worth $4,437,000 after acquiring an additional 112 shares during the last quarter. Finally, Vaughan David Investments LLC IL acquired a new stake in Broadcom during the second quarter worth $29,779,000. 80.28% of the stock is owned by hedge funds and other institutional investors.

NASDAQ:AVGO traded up $7.64 during midday trading on Wednesday, reaching $498.63. The company had a trading volume of 16,445 shares, compared to its average volume of 1,851,679. The firm has a market capitalization of $205.24 billion, a price-to-earnings ratio of 36.42, a PEG ratio of 1.39 and a beta of 0.93. The stock’s fifty day simple moving average is $486.80 and its 200-day simple moving average is $472.26. Broadcom Inc. has a 12-month low of $344.42 and a 12-month high of $510.70. The company has a current ratio of 2.41, a quick ratio of 2.23 and a debt-to-equity ratio of 1.65.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 earnings per share for the quarter, beating the Zacks’ consensus estimate of $6.88 by $0.08. Broadcom had a return on equity of 44.27% and a net margin of 22.90%. The company had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.76 billion. During the same period last year, the firm earned $5.40 earnings per share. Broadcom’s quarterly revenue was up 16.4% on a year-over-year basis. As a group, sell-side analysts expect that Broadcom Inc. will post 24.42 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 22nd will be paid a $3.60 dividend. This represents a $14.40 dividend on an annualized basis and a yield of 2.89%. The ex-dividend date of this dividend is Tuesday, September 21st. Broadcom’s dividend payout ratio is presently 78.05%.

In other news, Director Eddy W. Hartenstein sold 4,811 shares of Broadcom stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $499.12, for a total transaction of $2,401,266.32. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, insider Mark David Brazeal sold 9,453 shares of Broadcom stock in a transaction dated Friday, September 10th. The stock was sold at an average price of $502.38, for a total value of $4,748,998.14. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 17,604 shares of company stock worth $8,823,434. 2.40% of the stock is owned by insiders.

Several equities research analysts have issued reports on the company. Citigroup reissued a “buy” rating and set a $585.00 target price (up previously from $528.00) on shares of Broadcom in a research note on Friday, September 3rd. Barclays raised their target price on Broadcom from $525.00 to $540.00 and gave the stock an “overweight” rating in a research note on Friday, September 3rd. Robert W. Baird raised their target price on Broadcom from $500.00 to $550.00 and gave the stock an “outperform” rating in a research note on Monday, June 7th. Oppenheimer reissued a “buy” rating and set a $575.00 target price on shares of Broadcom in a research note on Thursday, May 27th. Finally, Mizuho raised their price target on Broadcom from $520.00 to $545.00 and gave the stock a “buy” rating in a research report on Friday, September 3rd. Five investment analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $549.52.

Broadcom Profile

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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