Laffer Investments Takes Position in Broadcom Inc (AVGO)
Laffer Investments purchased a new stake in shares of Broadcom Inc (NASDAQ:AVGO) in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor purchased 2,840 shares of the semiconductor manufacturer’s stock, valued at approximately $689,000.
A number of other institutional investors and hedge funds also recently bought and sold shares of the stock. BlackRock Inc. bought a new position in Broadcom during the second quarter worth about $6,240,939,000. FMR LLC bought a new position in Broadcom during the second quarter worth about $2,768,560,000. Jennison Associates LLC bought a new position in Broadcom during the second quarter worth about $1,392,514,000. Bank of New York Mellon Corp bought a new position in Broadcom during the second quarter worth about $1,127,357,000. Finally, Janus Henderson Group PLC bought a new position in Broadcom during the second quarter worth about $608,463,000. Institutional investors own 84.29% of the company’s stock.
AVGO has been the subject of a number of research reports. Evercore ISI initiated coverage on shares of Broadcom in a report on Thursday, May 24th. They issued an “outperform” rating and a $300.00 price target on the stock. Longbow Research initiated coverage on shares of Broadcom in a report on Wednesday, May 30th. They issued a “buy” rating and a $295.00 price target on the stock. Zacks Investment Research raised shares of Broadcom from a “sell” rating to a “hold” rating in a report on Monday, June 4th. BidaskClub raised shares of Broadcom from a “hold” rating to a “buy” rating in a report on Tuesday, June 5th. Finally, Canaccord Genuity increased their price target on shares of Broadcom from $325.00 to $335.00 and gave the stock a “buy” rating in a report on Friday, June 8th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and twenty-nine have issued a buy rating to the company. The company currently has an average rating of “Buy” and a consensus target price of $288.56.
Shares of AVGO opened at $234.83 on Tuesday. The company has a market capitalization of $97.71 billion, a P/E ratio of 16.42, a P/E/G ratio of 0.98 and a beta of 0.95. The company has a current ratio of 3.98, a quick ratio of 3.42 and a debt-to-equity ratio of 0.64. Broadcom Inc has a 1-year low of $197.46 and a 1-year high of $285.68.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 earnings per share for the quarter, beating analysts’ consensus estimates of $4.82 by $0.16. The business had revenue of $5.06 billion for the quarter, compared to the consensus estimate of $5.06 billion. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. Broadcom’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm posted $4.10 earnings per share. analysts anticipate that Broadcom Inc will post 18.09 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Investors of record on Wednesday, September 19th will be paid a $1.75 dividend. This represents a $7.00 dividend on an annualized basis and a yield of 2.98%. The ex-dividend date is Tuesday, September 18th. Broadcom’s dividend payout ratio is currently 48.95%.
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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