Krilogy Financial LLC grew its stake in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 8.8% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 965 shares of the semiconductor manufacturer’s stock after buying an additional 78 shares during the period. Krilogy Financial LLC’s holdings in Broadcom were worth $469,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. Blue Bell Private Wealth Management LLC grew its position in Broadcom by 45.9% during the 1st quarter. Blue Bell Private Wealth Management LLC now owns 54 shares of the semiconductor manufacturer’s stock valued at $34,000 after purchasing an additional 17 shares during the last quarter. UNIVEST FINANCIAL Corp raised its stake in Broadcom by 4.6% during the 1st quarter. UNIVEST FINANCIAL Corp now owns 387 shares of the semiconductor manufacturer’s stock worth $244,000 after acquiring an additional 17 shares during the period. Connable Office Inc. raised its stake in Broadcom by 3.9% during the 4th quarter. Connable Office Inc. now owns 478 shares of the semiconductor manufacturer’s stock worth $318,000 after acquiring an additional 18 shares during the period. Newman Dignan & Sheerar Inc. raised its position in shares of Broadcom by 0.7% during the first quarter. Newman Dignan & Sheerar Inc. now owns 2,761 shares of the semiconductor manufacturer’s stock valued at $1,738,000 after buying an additional 18 shares during the last quarter. Finally, Cooper Financial Group grew its holdings in shares of Broadcom by 1.8% in the first quarter. Cooper Financial Group now owns 1,004 shares of the semiconductor manufacturer’s stock valued at $632,000 after purchasing an additional 18 shares in the last quarter. Hedge funds and other institutional investors own 79.60% of the company’s stock.
Wall Street Analyst Weigh In
AVGO has been the subject of several recent analyst reports. Robert W. Baird reaffirmed an “outperform” rating and set a $700.00 price objective on shares of Broadcom in a research note on Tuesday, September 6th. BMO Capital Markets decreased their price objective on Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a report on Friday, September 2nd. Mizuho lifted their price objective on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a report on Friday, May 27th. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Broadcom from $700.00 to $635.00 in a report on Wednesday, July 20th. Finally, KeyCorp reduced their target price on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a 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 issued a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $675.33.
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Rating) last released its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 EPS for the quarter, topping the consensus estimate 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 firm’s revenue was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.32 earnings per share. As a group, equities research analysts forecast that Broadcom Inc. will post 34.38 EPS for the current fiscal year.
Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 26th that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the semiconductor manufacturer to purchase up to 4.3% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its stock is undervalued.
Broadcom Dividend Announcement
The company also recently declared 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. This represents a $16.40 annualized dividend and a yield of 3.43%. The ex-dividend date is Wednesday, September 21st. Broadcom’s dividend payout ratio (DPR) is 70.93%.
Broadcom Company Profile
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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