Mutual Advisors LLC Takes Position in Broadcom Inc (AVGO)
Mutual Advisors LLC purchased a new position in shares of Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 4,586 shares of the semiconductor manufacturer’s stock, valued at approximately $1,113,000.
Several other institutional investors and hedge funds have also modified their holdings of the company. Putnam Investments LLC bought a new position in shares of Broadcom during the 2nd quarter worth approximately $1,359,000. Bridges Investment Management Inc. grew its stake in shares of Broadcom by 15.0% during the 2nd quarter. Bridges Investment Management Inc. now owns 6,328 shares of the semiconductor manufacturer’s stock worth $1,535,000 after acquiring an additional 826 shares in the last quarter. Cozad Asset Management Inc. bought a new position in shares of Broadcom during the 2nd quarter worth approximately $4,854,000. Jafra Capital Management LP bought a new position in shares of Broadcom during the 2nd quarter worth approximately $1,820,000. Finally, OLD Mutual Customised Solutions Proprietary Ltd. bought a new position in shares of Broadcom during the 2nd quarter worth approximately $1,290,000. 84.35% of the stock is owned by institutional investors.
In other news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $204.90, for a total transaction of $4,098,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders have sold 80,000 shares of company stock valued at $18,078,200 in the last three months. Insiders own 3.30% of the company’s stock.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings data on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, topping the Zacks’ consensus estimate of $4.82 by $0.16. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same period in the previous year, the business posted $4.10 earnings per share. The company’s revenue for the quarter was up 13.4% compared to the same quarter last year. sell-side analysts anticipate that Broadcom Inc will post 18.09 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Stockholders of record on Wednesday, September 19th will be issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a dividend yield of 2.96%. The ex-dividend date is Tuesday, September 18th. Broadcom’s dividend payout ratio is currently 48.95%.
Several research firms recently weighed in on AVGO. ValuEngine raised shares of Broadcom from a “strong sell” rating to a “sell” rating in a research note on Friday, September 7th. BidaskClub cut shares of Broadcom from a “buy” rating to a “hold” rating in a research note on Wednesday, July 4th. Cowen raised their target price on shares of Broadcom from $245.00 to $255.00 and gave the company an “outperform” rating in a research note on Friday, September 7th. BMO Capital Markets reissued a “hold” rating and issued a $230.00 target price on shares of Broadcom in a research note on Friday, September 7th. Finally, Raymond James cut shares of Broadcom from an “outperform” rating to a “market perform” rating in a research note on Friday, July 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-eight have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $288.56.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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