Jacobi Capital Management LLC Raises Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

Jacobi Capital Management LLC increased its position in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 52.6% during the 1st quarter, Holdings Channel.com reports. The firm owned 638 shares of the semiconductor manufacturer’s stock after purchasing an additional 220 shares during the period. Jacobi Capital Management LLC’s holdings in Broadcom were worth $402,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Modera Wealth Management LLC purchased a new stake in Broadcom in the first quarter worth $407,000. Sara Bay Financial grew its stake in shares of Broadcom by 36.5% in the first quarter. Sara Bay Financial now owns 580 shares of the semiconductor manufacturer’s stock worth $365,000 after acquiring an additional 155 shares during the last quarter. Coastal Investment Advisors Inc. grew its stake in shares of Broadcom by 34.3% in the first quarter. Coastal Investment Advisors Inc. now owns 1,369 shares of the semiconductor manufacturer’s stock worth $862,000 after acquiring an additional 350 shares during the last quarter. Capital Investment Advisors LLC grew its stake in shares of Broadcom by 8.0% in the first quarter. Capital Investment Advisors LLC now owns 5,407 shares of the semiconductor manufacturer’s stock worth $3,404,000 after acquiring an additional 401 shares during the last quarter. Finally, Ignite Planners LLC purchased a new stake in shares of Broadcom in the fourth quarter worth $278,000. 81.53% of the stock is owned by hedge funds and other institutional investors.

Broadcom Stock Down 0.2 %

NASDAQ AVGO opened at $551.44 on Friday. The stock’s 50-day moving average price is $518.75 and its 200-day moving average price is $561.25. The company has a quick ratio of 1.90, a current ratio of 2.14 and a debt-to-equity ratio of 1.87. Broadcom Inc. has a 52 week low of $462.66 and a 52 week high of $677.76. The company has a market capitalization of $222.68 billion, a P/E ratio of 27.34, a price-to-earnings-growth ratio of 1.12 and a beta of 1.08.

Broadcom (NASDAQ:AVGOGet Rating) last posted its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $8.39 EPS for the quarter, topping the consensus estimate of $7.88 by $0.51. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The firm had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $7.91 billion. During the same quarter last year, the company earned $5.89 earnings per share. The business’s revenue for the quarter was up 22.6% compared to the same quarter last year. On average, equities research analysts predict that Broadcom Inc. will post 33.96 earnings per share for the current year.

Broadcom announced that its board has initiated a stock repurchase program 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 programs are usually a sign that the company’s management believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd were given a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a dividend yield of 2.97%. The ex-dividend date was Tuesday, June 21st. Broadcom’s dividend payout ratio is currently 81.31%.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. StockNews.com raised Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 13th. Bank of America cut their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Deutsche Bank Aktiengesellschaft lowered their price target on Broadcom from $700.00 to $635.00 in a report on Wednesday, July 20th. Piper Sandler reaffirmed a “buy” rating and set a $750.00 price target on shares of Broadcom in a report on Tuesday, May 24th. Finally, KeyCorp upped their price target on Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a report on Friday, May 27th. Four 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.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $680.46.

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.

See Also

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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