Meitav Investment House Ltd. Cuts Stock Position in Broadcom Inc. (NASDAQ:AVGO)

Meitav Investment House Ltd. decreased its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 3.6% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 3,556 shares of the semiconductor manufacturer’s stock after selling 132 shares during the quarter. Meitav Investment House Ltd.’s holdings in Broadcom were worth $3,026,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of AVGO. Bank Julius Baer & Co. Ltd Zurich grew its position in Broadcom by 96,355.6% in the second quarter. Bank Julius Baer & Co. Ltd Zurich now owns 236,738,760 shares of the semiconductor manufacturer’s stock worth $205,354,303,000 after acquiring an additional 236,493,322 shares in the last quarter. Envestnet Asset Management Inc. boosted its holdings in shares of Broadcom by 756.5% in the 1st quarter. Envestnet Asset Management Inc. now owns 5,207,035 shares of the semiconductor manufacturer’s stock worth $404,363,000 after purchasing an additional 4,599,078 shares during the period. Norges Bank bought a new position in shares of Broadcom during the 4th quarter valued at approximately $2,222,676,000. Moneta Group Investment Advisors LLC lifted its position in Broadcom by 122,794.1% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 3,667,161 shares of the semiconductor manufacturer’s stock worth $2,050,420,000 after buying an additional 3,664,177 shares during the last quarter. Finally, Providence Capital Advisors LLC lifted its position in Broadcom by 49,919.1% in the first quarter. Providence Capital Advisors LLC now owns 2,437,432 shares of the semiconductor manufacturer’s stock worth $3,799,000 after buying an additional 2,432,559 shares during the last quarter. Institutional investors own 78.81% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AVGO. Wolfe Research initiated coverage on shares of Broadcom in a research note on Wednesday, July 19th. They issued a “market perform” rating on the stock. Evercore ISI boosted their target price on Broadcom from $1,000.00 to $1,050.00 in a research report on Thursday, October 5th. Rosenblatt Securities reiterated a “buy” rating and issued a $1,000.00 price target on shares of Broadcom in a report on Wednesday, September 20th. Truist Financial reissued a “buy” rating and set a $995.00 price target on shares of Broadcom in a research note on Thursday, September 21st. Finally, Robert W. Baird upped their price objective on Broadcom from $900.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Tuesday, September 5th. Six investment analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $848.52.

Broadcom Stock Performance

Shares of AVGO stock opened at $963.29 on Thursday. The firm has a market cap of $397.59 billion, a price-to-earnings ratio of 29.68, a PEG ratio of 1.84 and a beta of 1.11. Broadcom Inc. has a 52-week low of $503.14 and a 52-week high of $981.75. The company has a quick ratio of 2.25, a current ratio of 2.50 and a debt-to-equity ratio of 1.73. The company’s 50 day moving average is $864.17 and its 200 day moving average is $833.97.

Broadcom (NASDAQ:AVGO) last announced its quarterly earnings results 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 business had revenue of $8.85 billion for the quarter, compared to the consensus estimate of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The business’s revenue was up 4.5% compared to the same quarter last year. During the same period last year, the business posted $9.07 EPS. On average, sell-side analysts anticipate that Broadcom Inc. will post 37.83 EPS for the current fiscal year.

Broadcom Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Thursday, September 21st were given a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a dividend yield of 1.91%. The ex-dividend date of this dividend was Wednesday, September 20th. Broadcom’s payout ratio is 56.58%.

Insider Activity

In other news, Director Harry L. You purchased 1,000 shares of the business’s stock in a transaction on Friday, September 15th. The shares were acquired at an average cost of $858.96 per share, with a total value of $858,960.00. Following the completion of the acquisition, the director now owns 3,510 shares of the company’s stock, valued at $3,014,949.60. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. In other Broadcom news, Director Check Kian Low purchased 11,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The stock was bought at an average cost of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the purchase, the director now owns 15,951 shares in the company, 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 Harry L. You purchased 1,000 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were acquired at an average price of $858.96 per share, for a total transaction of $858,960.00. Following the purchase, the director now directly owns 3,510 shares of the company’s stock, valued at approximately $3,014,949.60. The disclosure for this purchase can be found here. Company 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.