Exane Derivatives Trims Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Exane Derivatives trimmed its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 85.0% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 421 shares of the semiconductor manufacturer’s stock after selling 2,390 shares during the period. Exane Derivatives’ holdings in Broadcom were worth $205,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Norges Bank bought a new stake in shares of Broadcom during the 4th quarter worth $2,403,800,000. Jennison Associates LLC lifted its stake in Broadcom by 419.8% in the first quarter. Jennison Associates LLC now owns 1,860,573 shares of the semiconductor manufacturer’s stock worth $1,171,566,000 after purchasing an additional 1,502,640 shares during the last quarter. BlackRock Inc. lifted its stake in Broadcom by 4.3% in the first quarter. BlackRock Inc. now owns 28,569,124 shares of the semiconductor manufacturer’s stock worth $17,989,404,000 after purchasing an additional 1,180,078 shares during the last quarter. Fisher Asset Management LLC lifted its stake in Broadcom by 88.9% in the first quarter. Fisher Asset Management LLC now owns 1,421,008 shares of the semiconductor manufacturer’s stock worth $894,781,000 after purchasing an additional 668,719 shares during the last quarter. Finally, Nuveen Asset Management LLC lifted its stake in Broadcom by 16.4% in the fourth quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock worth $2,949,003,000 after purchasing an additional 624,821 shares during the last quarter. 79.60% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Stock Down 0.1 %

AVGO opened at $501.84 on Tuesday. 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 Inc. has a 1-year low of $463.91 and a 1-year high of $677.76. The company has a market capitalization of $203.25 billion, a PE ratio of 21.71, a PEG ratio of 0.97 and a beta of 1.09. The firm’s 50 day simple moving average is $521.41 and its two-hundred day simple moving average is $549.46.

Broadcom (NASDAQ:AVGOGet Rating) last released its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share for the quarter, topping the consensus estimate of $9.56 by $0.17. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The company’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period last year, the firm earned $6.32 earnings per share. As a group, equities analysts forecast that Broadcom Inc. will post 34.38 EPS for the current year.

Broadcom declared that its board has approved a stock 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 reacquire up to 4.3% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s leadership believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders 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 annualized dividend and a yield of 3.27%. Broadcom’s dividend payout ratio (DPR) is currently 70.93%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on AVGO shares. Robert W. Baird restated an “outperform” rating and issued a $700.00 price objective on shares of Broadcom in a research report on Tuesday, September 6th. Piper Sandler restated a “buy” rating and issued a $750.00 price objective on shares of Broadcom in a research report on Tuesday, May 24th. Mizuho boosted their price objective on shares of Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a research report on Friday, May 27th. Deutsche Bank Aktiengesellschaft decreased their price objective on shares of Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. Finally, Susquehanna restated a “buy” rating and issued a $680.00 price objective on shares of Broadcom in a research report on Friday, September 2nd. Two equities research 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 company’s stock. According to data from MarketBeat, Broadcom presently has an average rating of “Moderate Buy” and a consensus target price of $675.33.

Broadcom Company 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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