MJP Associates Inc. ADV acquired a new position in Broadcom Inc. (NASDAQ:AVGO – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm acquired 636 shares of the semiconductor manufacturer’s stock, valued at approximately $551,000.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Capital Advisors Wealth Management LLC lifted its stake in Broadcom by 12.7% in the second quarter. Capital Advisors Wealth Management LLC now owns 1,964 shares of the semiconductor manufacturer’s stock valued at $1,704,000 after buying an additional 222 shares during the period. Worth Asset Management LLC lifted its position in shares of Broadcom by 750.0% during the 2nd quarter. Worth Asset Management LLC now owns 102 shares of the semiconductor manufacturer’s stock valued at $88,000 after acquiring an additional 90 shares during the period. Atlantic Union Bankshares Corp boosted its stake in Broadcom by 4.9% during the second quarter. Atlantic Union Bankshares Corp now owns 17,170 shares of the semiconductor manufacturer’s stock worth $14,894,000 after acquiring an additional 795 shares in the last quarter. New Hampshire Trust grew its holdings in Broadcom by 1.7% in the second quarter. New Hampshire Trust now owns 3,927 shares of the semiconductor manufacturer’s stock worth $3,406,000 after purchasing an additional 65 shares during the period. Finally, CRA Financial Services LLC increased its stake in Broadcom by 2.4% in the second quarter. CRA Financial Services LLC now owns 2,060 shares of the semiconductor manufacturer’s stock valued at $1,787,000 after purchasing an additional 49 shares in the last quarter. 78.81% of the stock is owned by institutional investors and hedge funds.
Analysts Set New Price Targets
A number of research firms have recently issued reports on AVGO. Needham & Company LLC increased their price objective on shares of Broadcom from $33.00 to $44.00 in a research report on Friday, September 1st. Wells Fargo & Company increased their price target on Broadcom from $800.00 to $900.00 and gave the stock an “equal weight” rating in a report on Friday, September 1st. Benchmark restated a “buy” rating and set a $950.00 price objective on shares of Broadcom in a report on Friday, September 1st. Bank of America increased their target price on Broadcom from $950.00 to $1,050.00 in a report on Thursday, June 22nd. 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 issued a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $846.14.
Insider Activity at Broadcom
In other Broadcom news, Director Eddy W. Hartenstein sold 1,500 shares of the firm’s stock in a transaction on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the sale, the director now directly owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The shares were bought at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the purchase, 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 1,500 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 9,123 shares of the company’s stock, valued at $7,806,368.64. The disclosure for this sale can be found here. 2.20% of the stock is owned by company insiders.
Broadcom Stock Performance
Shares of Broadcom stock traded down $1.07 during trading hours on Monday, hitting $850.61. 534,256 shares of the company’s stock traded hands, compared to its average volume of 2,499,883. The stock has a market capitalization of $351.08 billion, a price-to-earnings ratio of 26.19, a PEG 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. The company has a debt-to-equity ratio of 1.73, a current ratio of 2.50 and a quick ratio of 2.25. The company has a fifty day simple moving average of $875.05 and a 200-day simple moving average of $763.54.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its quarterly earnings data 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. The business had revenue of $8.85 billion during the quarter, compared to the consensus estimate of $8.85 billion. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The firm’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter last year, the company posted $9.07 earnings per share. Equities research analysts anticipate that Broadcom Inc. will post 37.88 EPS for the current fiscal year.
Broadcom Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be issued a $4.60 dividend. The ex-dividend date of this dividend is Wednesday, September 20th. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.16%. Broadcom’s dividend payout ratio (DPR) is presently 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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