Broadcom Inc. (NASDAQ:AVGO) Stake Lessened by Price T Rowe Associates Inc. MD

Price T Rowe Associates Inc. MD lowered its holdings in Broadcom Inc. (NASDAQ:AVGO) by 11.6% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 4,023,980 shares of the semiconductor manufacturer’s stock after selling 528,539 shares during the period. Price T Rowe Associates Inc. MD owned approximately 0.97% of Broadcom worth $2,581,546,000 as of its most recent SEC filing.

A number of other hedge funds also recently modified their holdings of the business. Rosenberg Matthew Hamilton lifted its holdings in shares of Broadcom by 3.1% in the first quarter. Rosenberg Matthew Hamilton now owns 531 shares of the semiconductor manufacturer’s stock valued at $341,000 after purchasing an additional 16 shares in the last quarter. Silver Oak Securities Incorporated lifted its holdings in shares of Broadcom by 2.9% in the first quarter. Silver Oak Securities Incorporated now owns 572 shares of the semiconductor manufacturer’s stock valued at $367,000 after purchasing an additional 16 shares in the last quarter. Comprehensive Financial Consultants Institutional Inc. lifted its holdings in shares of Broadcom by 0.5% in the first quarter. Comprehensive Financial Consultants Institutional Inc. now owns 3,125 shares of the semiconductor manufacturer’s stock valued at $2,005,000 after purchasing an additional 17 shares in the last quarter. ETF Managers Group LLC lifted its holdings in shares of Broadcom by 1.5% in the first quarter. ETF Managers Group LLC now owns 1,164 shares of the semiconductor manufacturer’s stock valued at $747,000 after purchasing an additional 17 shares in the last quarter. Finally, Park Place Capital Corp lifted its holdings in shares of Broadcom by 2.7% in the first quarter. Park Place Capital Corp now owns 636 shares of the semiconductor manufacturer’s stock valued at $408,000 after purchasing an additional 17 shares in the last quarter. Hedge funds and other institutional investors own 78.81% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Truist Financial increased their price objective on Broadcom from $942.00 to $995.00 and gave the stock a “buy” rating in a report on Friday. KeyCorp increased their price objective on Broadcom from $940.00 to $1,000.00 and gave the stock an “overweight” rating in a report on Friday, September 1st. Robert W. Baird increased their price objective on Broadcom from $900.00 to $1,000.00 and gave the stock an “outperform” rating in a report on Tuesday, September 5th. Benchmark reiterated a “buy” rating and set a $950.00 price objective on shares of Broadcom in a report on Friday, September 1st. Finally, Susquehanna increased their price objective on Broadcom from $910.00 to $1,010.00 and gave the stock a “positive” rating in a report on Thursday, August 24th. Five analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $846.14.

Broadcom Stock Performance

AVGO stock traded up $0.52 during trading on Friday, reaching $857.55. 1,681,900 shares of the stock were exchanged, compared to its average volume of 2,426,338. Broadcom Inc. has a twelve month low of $415.07 and a twelve month high of $923.67. The company has a market capitalization of $353.94 billion, a P/E ratio of 26.37, a price-to-earnings-growth ratio of 1.66 and a beta of 1.10. The stock has a 50 day simple moving average of $875.64 and a 200-day simple moving average of $752.82. The company has a current ratio of 2.50, a quick ratio of 2.13 and a debt-to-equity ratio of 1.73.

Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.85 billion. During the same period last year, the business earned $9.07 earnings per share. The firm’s revenue for the quarter was up 4.5% compared to the same quarter last year. As a group, sell-side analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be given a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a yield of 2.15%. The ex-dividend date is Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is presently 56.58%.

Insider Buying and Selling

In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was purchased at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the purchase, the director now directly owns 15,951 shares in the company, valued at $13,909,750.53. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 2.20% of the stock is owned by company insiders.

Broadcom Profile

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.