Calton & Associates Inc. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 6.5% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 796 shares of the semiconductor manufacturer’s stock after selling 55 shares during the quarter. Calton & Associates Inc.’s holdings in Broadcom were worth $387,000 as of its most recent filing with the SEC.
A number of other institutional investors and hedge funds have also recently bought and sold shares of AVGO. Hanson & Doremus Investment Management acquired a new stake in Broadcom during the 1st quarter worth approximately $26,000. Ahrens Investment Partners LLC boosted its holdings in Broadcom by 125.0% in the 1st quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 25 shares during the period. Semmax Financial Advisors Inc. boosted its holdings in Broadcom by 300.0% in the 4th quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 33 shares during the period. Hoey Investments Inc. purchased a new position in Broadcom in the 1st quarter worth approximately $30,000. Finally, Cordant Inc. purchased a new position in Broadcom in the 1st quarter worth approximately $31,000. Institutional investors and hedge funds own 79.60% of the company’s stock.
Analyst Upgrades and Downgrades
AVGO has been the subject of a number of analyst reports. Truist Financial decreased their price target on Broadcom from $658.00 to $630.00 and set a “buy” rating for the company in a report on Friday, September 2nd. Bank of America reduced their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Robert W. Baird reiterated an “outperform” rating and set a $700.00 target price on shares of Broadcom in a research note on Tuesday, September 6th. Susquehanna reiterated a “buy” rating and set a $680.00 target price on shares of Broadcom in a research note on Friday, September 2nd. Finally, Deutsche Bank Aktiengesellschaft reduced their target price on Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and a consensus price target of $675.33.
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Rating) last issued its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 EPS for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same period last year, the company earned $6.32 earnings per share. On average, research analysts expect that Broadcom Inc. will post 34.38 EPS for the current year.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be issued a dividend of $4.10 per share. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date of this dividend is Wednesday, September 21st. Broadcom’s dividend payout ratio (DPR) is 70.93%.
Broadcom declared that its Board of Directors has approved a share repurchase plan on Thursday, May 26th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board believes its shares are undervalued.
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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