Broadcom Inc. (NASDAQ:AVGO) Stock Position Lifted by Arkadios Wealth Advisors

Arkadios Wealth Advisors grew its position in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 13.9% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,369 shares of the semiconductor manufacturer’s stock after buying an additional 412 shares during the period. Arkadios Wealth Advisors’ holdings in Broadcom were worth $1,637,000 as of its most recent SEC filing.

Other large investors also recently bought and sold shares of the company. Modera Wealth Management LLC acquired a new stake in shares of Broadcom during the 1st quarter worth approximately $407,000. Sara Bay Financial increased its position in Broadcom by 36.5% in the 1st quarter. Sara Bay Financial now owns 580 shares of the semiconductor manufacturer’s stock valued at $365,000 after acquiring an additional 155 shares during the period. Chicago Partners Investment Group LLC increased its position in Broadcom by 5.7% in the 1st quarter. Chicago Partners Investment Group LLC now owns 666 shares of the semiconductor manufacturer’s stock valued at $380,000 after acquiring an additional 36 shares during the period. Coastal Investment Advisors Inc. increased its position in Broadcom by 34.3% in the 1st quarter. Coastal Investment Advisors Inc. now owns 1,369 shares of the semiconductor manufacturer’s stock valued at $862,000 after acquiring an additional 350 shares during the period. Finally, L.M. Kohn & Company acquired a new stake in Broadcom in the 1st quarter valued at approximately $231,000. Institutional investors own 79.60% of the company’s stock.

Broadcom Stock Performance

Shares of Broadcom stock opened at $477.61 on Friday. The stock has a market cap of $193.43 billion, a PE ratio of 20.66, a price-to-earnings-growth ratio of 0.95 and a beta of 1.09. Broadcom Inc. has a 12 month low of $463.91 and a 12 month high of $677.76. The company has a quick ratio of 2.05, a current ratio of 2.32 and a debt-to-equity ratio of 1.88. The business has a fifty day simple moving average of $521.51 and a 200-day simple moving average of $547.95.

Broadcom (NASDAQ:AVGOGet Rating) last released its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter last year, the firm earned $6.32 earnings per share. On average, sell-side analysts anticipate that Broadcom Inc. will post 34.38 EPS for the current fiscal year.

Broadcom declared that its board has authorized a stock buyback plan on Thursday, May 26th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock buyback plans are usually an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 22nd will be given a dividend of $4.10 per share. The ex-dividend date is Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a yield of 3.43%. Broadcom’s payout ratio is 70.93%.

Analysts Set New Price Targets

Several analysts recently commented on AVGO shares. BMO Capital Markets lowered their target price on Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, September 2nd. Truist Financial lowered their price target on Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research report on Friday, September 2nd. Robert W. Baird reiterated an “outperform” rating and set a $700.00 price target on shares of Broadcom in a research report on Tuesday, September 6th. Bank of America lowered their price target on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Finally, Susquehanna reiterated a “buy” rating and set a $680.00 price target on shares of Broadcom in a research report on Friday, September 2nd. Two research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $675.33.

Broadcom Profile

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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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