Psagot Value Holdings Ltd. Israel cut its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 8.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 9,254 shares of the semiconductor manufacturer’s stock after selling 837 shares during the quarter. Broadcom comprises 2.4% of Psagot Value Holdings Ltd. Israel’s investment portfolio, making the stock its 10th largest holding. Psagot Value Holdings Ltd. Israel’s holdings in Broadcom were worth $5,813,000 as of its most recent SEC filing.
Several other hedge funds and other institutional investors have also modified their holdings of the stock. State Board of Administration of Florida Retirement System raised its stake in shares of Broadcom by 0.5% in the first 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 purchasing an additional 1,990 shares in the last quarter. Berkshire Asset Management LLC PA bought a new stake in Broadcom in the 1st quarter valued at $1,861,000. EP Wealth Advisors LLC acquired a new position in shares of Broadcom in the 1st quarter valued at $70,179,000. Prelude Capital Management LLC bought a new position in shares of Broadcom during the 1st quarter worth about $1,076,000. Finally, Golden State Equity Partners acquired a new stake in shares of Broadcom during the 1st quarter valued at about $1,878,000. Institutional investors and hedge funds own 78.81% of the company’s stock.
Analyst Upgrades and Downgrades
AVGO has been the subject of a number of recent research reports. Oppenheimer increased their target price on Broadcom from $900.00 to $990.00 and gave the stock an “outperform” rating in a report on Friday, September 1st. Benchmark reiterated a “buy” rating and set a $950.00 price objective on shares of Broadcom in a research note on Friday, September 1st. BMO Capital Markets boosted their target price on shares of Broadcom from $890.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Friday, September 1st. Piper Sandler upped their target price on shares of Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a report on Tuesday, August 29th. Finally, Deutsche Bank Aktiengesellschaft lifted their price target on shares of Broadcom from $905.00 to $950.00 in a report on Friday, September 1st. Five analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. Based on data from MarketBeat, Broadcom currently has a consensus rating of “Moderate Buy” and an average price target of $846.14.
Broadcom Price Performance
NASDAQ:AVGO opened at $852.93 on Thursday. The company has a current ratio of 2.50, a quick ratio of 2.13 and a debt-to-equity ratio of 1.73. The firm has a fifty day simple moving average of $874.66 and a 200 day simple moving average of $757.88. Broadcom Inc. has a 1-year low of $415.07 and a 1-year high of $923.67. The stock has a market capitalization of $352.03 billion, a PE ratio of 26.23, a P/E/G ratio of 1.66 and a beta of 1.10.
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. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. During the same period last year, the firm posted $9.07 earnings per share. The business’s revenue was up 4.5% on a year-over-year basis. On average, research analysts expect that Broadcom Inc. will post 37.88 EPS for the current fiscal year.
Broadcom Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Thursday, September 21st will be given a dividend of $4.60 per share. The ex-dividend date is Wednesday, September 20th. This represents a $18.40 annualized dividend and a yield of 2.16%. Broadcom’s dividend payout ratio (DPR) is presently 56.58%.
In other news, Director Check Kian Low acquired 11,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were purchased at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now directly owns 15,951 shares in the company, valued at approximately $13,909,750.53. The purchase was disclosed in a document filed with the SEC, which is accessible through the SEC website. 2.20% of the stock is owned by company insiders.
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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