Private Advisor Group LLC Buys 1,553 Shares of Broadcom Inc. (NASDAQ:AVGO)

Private Advisor Group LLC increased its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 4.5% during the second quarter, according to its most recent disclosure with the SEC. The institutional investor owned 35,863 shares of the semiconductor manufacturer’s stock after buying an additional 1,553 shares during the period. Private Advisor Group LLC’s holdings in Broadcom were worth $17,423,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Norges Bank purchased a new stake in Broadcom during the fourth quarter valued at about $2,403,800,000. Jennison Associates LLC raised its position in Broadcom by 419.8% during the first quarter. Jennison Associates LLC now owns 1,860,573 shares of the semiconductor manufacturer’s stock valued at $1,171,566,000 after purchasing an additional 1,502,640 shares in the last quarter. BlackRock Inc. raised its position in Broadcom by 4.3% during the first quarter. BlackRock Inc. now owns 28,569,124 shares of the semiconductor manufacturer’s stock valued at $17,989,404,000 after purchasing an additional 1,180,078 shares in the last quarter. Fisher Asset Management LLC raised its position in Broadcom by 88.9% during the first quarter. Fisher Asset Management LLC now owns 1,421,008 shares of the semiconductor manufacturer’s stock valued at $894,781,000 after purchasing an additional 668,719 shares in the last quarter. Finally, Nuveen Asset Management LLC raised its position in Broadcom by 16.4% during the fourth quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $2,949,003,000 after purchasing an additional 624,821 shares in the last quarter. Hedge funds and other institutional investors own 79.60% of the company’s stock.

Broadcom Price Performance

Shares of NASDAQ AVGO opened at $482.14 on Thursday. Broadcom Inc. has a twelve month low of $463.91 and a twelve month high of $677.76. The firm has a market cap of $195.27 billion, a P/E ratio of 20.85, a PEG ratio of 0.97 and a beta of 1.09. The company has a 50 day moving average of $521.65 and a 200 day moving average of $548.60. The company has a quick ratio of 2.05, a current ratio of 2.32 and a debt-to-equity ratio of 1.88.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings data 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 previous year, the business earned $6.32 EPS. The firm’s revenue for the quarter was up 24.9% on a year-over-year basis. As a group, research analysts expect that Broadcom Inc. will post 34.38 EPS for the current fiscal year.

Broadcom announced that its Board of Directors has initiated a share repurchase 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 shares through open market purchases. Shares buyback plans are generally an indication that the company’s board of directors believes its stock is undervalued.

Broadcom Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be given a dividend of $4.10 per share. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date is Wednesday, September 21st. Broadcom’s payout ratio is 70.93%.

Analysts Set New Price Targets

A number of equities research analysts have weighed in on AVGO shares. BMO Capital Markets lowered their price target on Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, September 2nd. Susquehanna reaffirmed a “buy” rating and set a $680.00 price objective on shares of Broadcom in a research note on Friday, September 2nd. Bank of America reduced their price objective on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. 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. Finally, KeyCorp reduced their price objective on Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, September 2nd. Two analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $675.33.

About Broadcom

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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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