AdvisorNet Financial Inc reduced its position in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 14.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 547 shares of the semiconductor manufacturer’s stock after selling 94 shares during the period. AdvisorNet Financial Inc’s holdings in Broadcom were worth $266,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also recently made changes to their positions in the company. City State Bank purchased a new stake in shares of Broadcom during the fourth quarter worth $234,000. Hanson & Doremus Investment Management purchased a new stake in shares of Broadcom in the first quarter valued at about $26,000. Semmax Financial Advisors Inc. boosted its stake in Broadcom by 300.0% during the fourth quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock worth $29,000 after buying an additional 33 shares during the period. Ahrens Investment Partners LLC boosted its stake in Broadcom by 125.0% during the first quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock worth $28,000 after buying an additional 25 shares during the period. Finally, Hoey Investments Inc. acquired a new stake in shares of Broadcom during the first quarter worth about $30,000. 79.60% of the stock is currently owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
AVGO has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft reduced their target price on shares of Broadcom from $700.00 to $635.00 in a report on Wednesday, July 20th. Truist Financial lowered their price objective on shares of Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research report on Friday, September 2nd. Robert W. Baird reissued an “outperform” rating and issued a $700.00 target price on shares of Broadcom in a report on Tuesday, September 6th. Piper Sandler reissued a “buy” rating and issued a $750.00 target price on shares of Broadcom in a report on Tuesday, May 24th. Finally, Bank of America reduced their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $675.33.
Broadcom Stock Down 0.1 %
Broadcom (NASDAQ:AVGO – Get Rating) last issued its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.56 by $0.17. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The business had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. During the same quarter in the previous year, the business earned $6.32 EPS. The company’s revenue for the quarter was up 24.9% on a year-over-year basis. Equities analysts forecast that Broadcom Inc. will post 34.38 earnings per share for the current year.
Broadcom Announces Dividend
The business also recently declared 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. This represents a $16.40 annualized dividend and a yield of 3.27%. The ex-dividend date of this dividend is Wednesday, September 21st. Broadcom’s dividend payout ratio (DPR) is presently 70.93%.
Broadcom declared that its board has approved a stock repurchase program on Thursday, May 26th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to purchase up to 4.3% of its shares through open market purchases. Shares buyback programs are often a sign that the company’s board believes its stock is undervalued.
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.
- Get a free copy of the StockNews.com research report on Broadcom (AVGO)
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