Brookstone Capital Management Sells 179 Shares of Broadcom Inc. (NASDAQ:AVGO)

Brookstone Capital Management decreased its position in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 5.0% in the 2nd quarter, Holdings Channel reports. The firm owned 3,389 shares of the semiconductor manufacturer’s stock after selling 179 shares during the quarter. Brookstone Capital Management’s holdings in Broadcom were worth $1,690,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Norges Bank bought a new position in Broadcom during the fourth quarter worth $2,403,800,000. Jennison Associates LLC grew its holdings in Broadcom by 419.8% during the 1st quarter. Jennison Associates LLC now owns 1,860,573 shares of the semiconductor manufacturer’s stock worth $1,171,566,000 after acquiring an additional 1,502,640 shares during the period. BlackRock Inc. raised its position in shares of Broadcom by 4.3% in the 1st quarter. BlackRock Inc. now owns 28,569,124 shares of the semiconductor manufacturer’s stock worth $17,989,404,000 after acquiring an additional 1,180,078 shares in the last quarter. Fisher Asset Management LLC lifted its stake in shares of Broadcom by 88.9% in the 1st 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 during the period. Finally, Nuveen Asset Management LLC boosted its position in shares of Broadcom by 16.4% during the 4th 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. Institutional investors and hedge funds own 79.60% of the company’s stock.

Broadcom Stock Down 1.7 %

Broadcom stock opened at $493.06 on Wednesday. Broadcom Inc. has a fifty-two week low of $463.91 and a fifty-two week high of $677.76. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.05 and a current ratio of 2.32. The firm’s 50-day simple moving average is $521.41 and its 200 day simple moving average is $549.46. The stock has a market cap of $199.69 billion, a PE ratio of 21.33, a price-to-earnings-growth ratio of 0.97 and a beta of 1.09.

Broadcom (NASDAQ:AVGOGet Rating) last posted its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 EPS for the quarter, topping the consensus estimate of $9.56 by $0.17. The firm had revenue of $8.46 billion for the quarter, compared to analysts’ expectations of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. During the same quarter last year, the firm earned $6.32 EPS. Research analysts predict that Broadcom Inc. will post 34.38 EPS for the current fiscal year.

Broadcom declared that its board has authorized a stock buyback plan on Thursday, May 26th that authorizes the company to buyback $10.00 billion in 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 typically an indication that the company’s board believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be paid a dividend of $4.10 per share. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Wednesday, September 21st. Broadcom’s payout ratio is 70.93%.

Analyst Upgrades and Downgrades

AVGO has been the subject of a number of research analyst reports. Susquehanna reiterated a “buy” rating and issued a $680.00 target price on shares of Broadcom in a report on Friday, September 2nd. KeyCorp dropped their target price on shares of Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, September 2nd. BMO Capital Markets reduced their price target on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a report on Friday, September 2nd. Piper Sandler reiterated a “buy” rating and set a $750.00 price objective on shares of Broadcom in a report on Tuesday, May 24th. Finally, Mizuho increased their price objective on shares of Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. Two research 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. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price 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.

See Also

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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