Cambridge Investment Research Advisors Inc. grew its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 4.3% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 31,904 shares of the semiconductor manufacturer’s stock after acquiring an additional 1,316 shares during the quarter. Cambridge Investment Research Advisors Inc.’s holdings in Broadcom were worth $15,499,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also bought and sold shares of the company. Modera Wealth Management LLC acquired a new position in shares of Broadcom in the 1st quarter worth approximately $407,000. Sara Bay Financial lifted its holdings in shares of Broadcom by 36.5% in the 1st quarter. Sara Bay Financial now owns 580 shares of the semiconductor manufacturer’s stock worth $365,000 after purchasing an additional 155 shares in the last quarter. Chicago Partners Investment Group LLC grew 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 purchasing an additional 36 shares during the period. Coastal Investment Advisors Inc. increased its stake in Broadcom by 34.3% during the 1st quarter. Coastal Investment Advisors Inc. now owns 1,369 shares of the semiconductor manufacturer’s stock valued at $862,000 after purchasing an additional 350 shares in the last quarter. Finally, L.M. Kohn & Company acquired a new position in Broadcom during the first quarter worth $231,000. Institutional investors own 79.60% of the company’s stock.
Wall Street Analysts Forecast Growth
Several research firms have recently commented on AVGO. Bank of America decreased their target price on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. KeyCorp lowered their price objective on Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a research note on Friday, September 2nd. Truist Financial dropped their target price on Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a 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 report on Tuesday, September 6th. Finally, Mizuho raised their price objective on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a research note on Friday, May 27th. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $675.33.
Broadcom Stock Performance
Broadcom (NASDAQ:AVGO – Get Rating) last posted its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share for the quarter, topping analysts’ consensus estimates of $8.84 by $0.23. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.41 billion. During the same period in the prior year, the business posted $6.32 earnings per share. Broadcom’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 34.38 EPS for the current year.
Broadcom declared that its Board of Directors has authorized a share buyback plan on Thursday, May 26th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to buy 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 Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 22nd will be paid a $4.10 dividend. This represents a $16.40 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend is Wednesday, September 21st. Broadcom’s payout ratio is currently 70.93%.
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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