Flagship Harbor Advisors LLC Decreases Stake in Broadcom Inc. (NASDAQ:AVGO)

Flagship Harbor Advisors LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO) by 3.3% in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 4,418 shares of the semiconductor manufacturer’s stock after selling 151 shares during the quarter. Flagship Harbor Advisors LLC’s holdings in Broadcom were worth $3,833,000 as of its most recent SEC filing.

Other institutional investors also recently bought and sold shares of the company. Kozak & Associates Inc. lifted its stake in 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 during the period. Armstrong Advisory Group Inc. lifted its stake in Broadcom by 13.0% during the 2nd quarter. Armstrong Advisory Group Inc. now owns 113 shares of the semiconductor manufacturer’s stock valued at $98,000 after acquiring an additional 13 shares during the period. Verity Asset Management Inc. lifted its stake in Broadcom by 3.0% during the 1st quarter. Verity Asset Management Inc. now owns 509 shares of the semiconductor manufacturer’s stock valued at $327,000 after acquiring an additional 15 shares during the period. Rosenberg Matthew Hamilton lifted its stake in Broadcom by 3.1% during the 1st quarter. Rosenberg Matthew Hamilton now owns 531 shares of the semiconductor manufacturer’s stock valued at $341,000 after acquiring an additional 16 shares during the period. Finally, Silver Oak Securities Incorporated lifted its stake in Broadcom by 2.9% during the 1st quarter. Silver Oak Securities Incorporated now owns 572 shares of the semiconductor manufacturer’s stock valued at $367,000 after acquiring an additional 16 shares during the period. 78.81% of the stock is owned by hedge funds and other institutional investors.

Broadcom Price Performance

Broadcom stock opened at $851.68 on Friday. Broadcom Inc. has a 52-week low of $415.07 and a 52-week high of $923.67. The firm has a market capitalization of $351.52 billion, a price-to-earnings ratio of 26.19, a PEG ratio of 1.79 and a beta of 1.10. The company has a fifty day simple moving average of $875.05 and a 200-day simple moving average of $762.35. The company has a quick ratio of 2.25, a current ratio of 2.50 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 (EPS) for the quarter, topping analysts’ consensus estimates of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The business had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.85 billion. During the same quarter in the prior year, the firm earned $9.07 earnings per share. The company’s revenue for the quarter was up 4.5% compared to the same quarter last year. On average, equities analysts anticipate that Broadcom Inc. will post 37.88 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced 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. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.16%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s payout ratio is 56.58%.

Wall Street Analyst Weigh In

AVGO has been the subject of several research reports. Wolfe Research initiated coverage on shares of Broadcom in a research note on Wednesday, July 19th. They set a “market perform” rating for the company. Robert W. Baird boosted their target price on shares of Broadcom from $900.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Tuesday, September 5th. KeyCorp reiterated an “overweight” rating and issued a $1,000.00 target price on shares of Broadcom in a research note on Thursday. Susquehanna boosted their target price on shares of Broadcom from $910.00 to $1,010.00 and gave the company a “positive” rating in a research note on Thursday, August 24th. Finally, StockNews.com upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Five investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $846.14.

Insider Transactions at Broadcom

In other news, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the completion of the sale, the director now owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, Director Check Kian Low purchased 11,000 shares of the stock in a transaction dated Wednesday, September 6th. The shares were purchased 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 in the company, valued at approximately $13,909,750.53. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eddy W. Hartenstein sold 1,500 shares of the business’s stock in a transaction dated Tuesday, September 12th. The shares were 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 in the company, valued at approximately $7,806,368.64. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Broadcom Company 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.