Sargent Bickham Lagudis LLC boosted its position in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 50.0% during the second quarter, HoldingsChannel.com reports. The fund owned 201 shares of the semiconductor manufacturer’s stock after buying an additional 67 shares during the quarter. Sargent Bickham Lagudis LLC’s holdings in Broadcom were worth $98,000 at the end of the most recent reporting period.
A number of other hedge funds have also added to or reduced their stakes in AVGO. Enterprise Financial Services Corp increased its stake in Broadcom by 2.7% in the fourth quarter. Enterprise Financial Services Corp now owns 763 shares of the semiconductor manufacturer’s stock valued at $508,000 after acquiring an additional 20 shares during the last quarter. Blair William & Co. IL increased its stake in Broadcom by 14.9% in the fourth quarter. Blair William & Co. IL now owns 34,312 shares of the semiconductor manufacturer’s stock valued at $22,832,000 after acquiring an additional 4,460 shares during the last quarter. Clearstead Advisors LLC increased its stake in Broadcom by 14.1% in the fourth quarter. Clearstead Advisors LLC now owns 2,542 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after acquiring an additional 314 shares during the last quarter. Aureus Asset Management LLC increased its stake in Broadcom by 12.6% in the fourth quarter. Aureus Asset Management LLC now owns 9,523 shares of the semiconductor manufacturer’s stock valued at $6,337,000 after acquiring an additional 1,066 shares during the last quarter. Finally, Mmbg Investment Advisors CO. bought a new position in Broadcom in the fourth quarter valued at approximately $5,639,000. 79.60% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
A number of brokerages recently issued reports on AVGO. Bank of America decreased their price objective on shares of 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 target price on shares of Broadcom in a research note on Tuesday, September 6th. Susquehanna reaffirmed a “buy” rating and set a $680.00 target price on shares of Broadcom in a research note on Friday, September 2nd. KeyCorp decreased their target price on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, September 2nd. Finally, Deutsche Bank Aktiengesellschaft decreased their target price on shares of Broadcom from $700.00 to $635.00 in a research note on Wednesday, July 20th. 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 company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $675.33.
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Rating) last released its 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. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. During the same quarter in the previous year, the business earned $6.32 earnings per share. Broadcom’s revenue for the quarter was up 24.9% on a year-over-year basis. On average, analysts expect that Broadcom Inc. will post 34.38 earnings per share for the current year.
Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 26th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes 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 management believes its shares are undervalued.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be issued a dividend of $4.10 per share. The ex-dividend date is Wednesday, September 21st. This represents a $16.40 annualized dividend and a dividend yield of 3.40%. Broadcom’s dividend payout ratio is currently 70.93%.
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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