HBW Advisory Services LLC Reduces Stock Holdings in Broadcom Inc. (NASDAQ:AVGO)

HBW Advisory Services LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 7.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,016 shares of the semiconductor manufacturer’s stock after selling 237 shares during the quarter. HBW Advisory Services LLC’s holdings in Broadcom were worth $2,616,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AVGO. Cantor Fitzgerald Investment Advisor L.P lifted its holdings in Broadcom by 94.4% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after purchasing an additional 36,458 shares in the last quarter. Fairfield Bush & CO. lifted its holdings in shares of Broadcom by 2.6% in the first quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after buying an additional 123 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its holdings in shares of Broadcom by 20.9% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock worth $320,887,000 after buying an additional 87,945 shares in the last quarter. Loomis Sayles & Co. L P grew its stake in Broadcom by 1.1% during the first quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock valued at $25,412,000 after acquiring an additional 420 shares in the last quarter. Finally, Ergoteles LLC purchased a new position in Broadcom during the first quarter valued at $1,095,000. Institutional investors own 78.81% of the company’s stock.

Analyst Upgrades and Downgrades

AVGO has been the subject of several research reports. Truist Financial increased their price objective on shares of Broadcom from $942.00 to $995.00 and gave the company a “buy” rating in a report on Friday, September 8th. Wells Fargo & Company raised their price target on Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a report on Friday, September 1st. Bank of America upped their price objective on Broadcom from $950.00 to $1,050.00 in a report on Thursday, June 22nd. Rosenblatt Securities raised their target price on shares of Broadcom from $900.00 to $1,000.00 in a report on Friday, September 1st. Finally, Oppenheimer upped their price target on shares of Broadcom from $900.00 to $990.00 and gave the company an “outperform” rating in a research note on Friday, September 1st. Five equities research analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $846.14.

Broadcom Stock Up 2.2 %

Shares of AVGO opened at $871.64 on Friday. The firm has a fifty day moving average price of $874.48 and a 200-day moving average price of $758.55. The company has a current ratio of 2.50, a quick ratio of 2.25 and a debt-to-equity ratio of 1.73. The firm has a market capitalization of $359.76 billion, a P/E ratio of 26.80, a P/E/G ratio of 1.79 and a beta of 1.10. Broadcom Inc. has a 12-month low of $415.07 and a 12-month high of $923.67.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The company had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. During the same period in the previous year, the company earned $9.07 EPS. The firm’s quarterly revenue was up 4.5% on a year-over-year basis. Equities research analysts expect that Broadcom Inc. will post 37.88 earnings per share for the current year.

Broadcom Announces Dividend

The company also recently announced 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. This represents a $18.40 dividend on an annualized basis and a yield of 2.11%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is presently 56.58%.

Insider Buying and Selling at Broadcom

In other Broadcom news, Director Check Kian Low bought 11,000 shares of the business’s stock in a transaction on 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 transaction, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the transaction, the director now directly owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Check Kian Low purchased 11,000 shares of the stock in a transaction on Wednesday, September 6th. The stock was acquired at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by corporate insiders.

About Broadcom

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.