PFG Advisors Buys 172 Shares of Broadcom Inc. (NASDAQ:AVGO)

PFG Advisors boosted its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 22.7% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 930 shares of the semiconductor manufacturer’s stock after purchasing an additional 172 shares during the period. PFG Advisors’ holdings in Broadcom were worth $452,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also added to or reduced their stakes in the business. Lee Johnson Capital Management LLC grew its position in Broadcom by 8.8% in the second quarter. Lee Johnson Capital Management LLC now owns 1,687 shares of the semiconductor manufacturer’s stock valued at $820,000 after purchasing an additional 137 shares in the last quarter. Stokes Capital Advisors LLC lifted its stake in Broadcom by 2.2% in the second quarter. Stokes Capital Advisors LLC now owns 10,835 shares of the semiconductor manufacturer’s stock valued at $5,264,000 after acquiring an additional 237 shares during the last quarter. Hamilton Wealth LLC lifted its stake in Broadcom by 15.6% in the second quarter. Hamilton Wealth LLC now owns 652 shares of the semiconductor manufacturer’s stock valued at $317,000 after acquiring an additional 88 shares during the last quarter. Allworth Financial LP lifted its stake in Broadcom by 10.1% in the second quarter. Allworth Financial LP now owns 2,249 shares of the semiconductor manufacturer’s stock valued at $1,093,000 after acquiring an additional 207 shares during the last quarter. Finally, HBW Advisory Services LLC lifted its stake in Broadcom by 79.2% in the second quarter. HBW Advisory Services LLC now owns 2,665 shares of the semiconductor manufacturer’s stock valued at $1,295,000 after acquiring an additional 1,178 shares during the last quarter. Institutional investors own 79.60% of the company’s stock.

Broadcom Trading Down 0.9 %

Shares of Broadcom stock opened at $477.61 on Friday. The firm has a market capitalization 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. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 1.88. The firm’s 50 day moving average is $521.51 and its 200 day moving average is $547.95. Broadcom Inc. has a 1 year low of $463.91 and a 1 year high of $677.76.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, beating 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 net margin of 31.96% and a return on equity of 63.42%. The firm’s revenue was up 24.9% on a year-over-year basis. During the same period in the previous year, the firm posted $6.32 EPS. Equities research analysts forecast that Broadcom Inc. will post 34.38 earnings per share for the current fiscal year.

Broadcom announced that its board has approved a stock repurchase program on Thursday, May 26th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board of directors believes its shares are undervalued.

Broadcom Dividend Announcement

The firm also recently announced 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 annualized dividend and a yield of 3.43%. Broadcom’s dividend payout ratio is presently 70.93%.

Wall Street Analyst Weigh In

A number of analysts have commented on AVGO shares. BMO Capital Markets cut their price target on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a research note on Friday, September 2nd. Truist Financial cut their price target on shares of Broadcom from $658.00 to $630.00 and set a “buy” rating for the company in a research note on Friday, September 2nd. Bank of America cut their price target on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. Deutsche Bank Aktiengesellschaft cut their price target on shares of Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. Finally, Robert W. Baird restated an “outperform” rating and set a $700.00 target price on shares of Broadcom in a research note on Tuesday, September 6th. Two investment 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. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price 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.

Further Reading

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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