Red Spruce Capital LLC lessened its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 14.8% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,776 shares of the semiconductor manufacturer’s stock after selling 830 shares during the period. Broadcom comprises 2.2% of Red Spruce Capital LLC’s portfolio, making the stock its 12th largest position. Red Spruce Capital LLC’s holdings in Broadcom were worth $4,143,000 at the end of the most recent quarter.
A number of other large investors also recently bought and sold shares of AVGO. Kozak & Associates Inc. raised its position in shares of Broadcom by 4.3% during the 2nd quarter. Kozak & Associates Inc. now owns 292 shares of the semiconductor manufacturer’s stock valued at $256,000 after acquiring an additional 12 shares in the last quarter. Symmetry Partners LLC raised its holdings in shares of Broadcom by 41.7% during the second quarter. Symmetry Partners LLC now owns 6,888 shares of the semiconductor manufacturer’s stock worth $5,975,000 after purchasing an additional 2,028 shares during the period. Duality Advisers LP bought a new position in shares of Broadcom in the 1st quarter worth about $5,307,000. State Board of Administration of Florida Retirement System grew its position in shares of Broadcom by 0.5% during the 1st quarter. State Board of Administration of Florida Retirement System now owns 436,680 shares of the semiconductor manufacturer’s stock valued at $280,148,000 after buying an additional 1,990 shares during the last quarter. Finally, Berkshire Asset Management LLC PA acquired a new stake in Broadcom during the first quarter worth about $1,861,000. Institutional investors own 78.81% of the company’s stock.
Analyst Ratings Changes
A number of brokerages have commented on AVGO. Truist Financial lifted their target price on Broadcom from $942.00 to $995.00 and gave the company a “buy” rating in a research note on Friday, September 8th. Bank of America raised their target price on Broadcom from $950.00 to $1,050.00 in a research note on Thursday, June 22nd. Rosenblatt Securities increased their price objective on shares of Broadcom from $900.00 to $1,000.00 in a report on Friday, September 1st. KeyCorp reissued an “overweight” rating and set a $1,000.00 target price on shares of Broadcom in a research note on Thursday. Finally, TD Cowen lifted their price target on Broadcom from $800.00 to $900.00 and gave the company a “market perform” rating in a report on Friday, September 1st. Five investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $846.14.
Insider Buying and Selling
In related news, Director Check Kian Low acquired 11,000 shares of the stock in a transaction dated Wednesday, September 6th. The shares were acquired at an average price of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares in the company, valued at approximately $13,909,750.53. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 2.20% of the stock is currently owned by corporate insiders.
Broadcom Stock Up 1.4 %
Broadcom stock traded up $12.29 during mid-day trading on Thursday, hitting $865.22. The company’s stock had a trading volume of 380,064 shares, compared to its average volume of 2,487,536. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.13. The company has a market cap of $357.11 billion, a PE ratio of 26.23, a price-to-earnings-growth ratio of 1.66 and a beta of 1.10. The firm’s 50 day moving average is $874.66 and its 200 day moving average is $757.88. Broadcom Inc. has a 52-week low of $415.07 and a 52-week high of $923.67.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $10.43 by $0.11. The firm had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter last year, the firm earned $9.07 earnings per share. On average, analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current year.
Broadcom Dividend Announcement
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be issued a dividend of $4.60 per share. The ex-dividend date is Wednesday, September 20th. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.13%. Broadcom’s dividend payout ratio is currently 56.58%.
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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