Wolff Wiese Magana LLC Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

Wolff Wiese Magana LLC lifted its stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 16.3% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 586 shares of the semiconductor manufacturer’s stock after purchasing an additional 82 shares during the period. Wolff Wiese Magana LLC’s holdings in Broadcom were worth $285,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AVGO. Norges Bank purchased a new position in Broadcom during the 4th quarter valued at approximately $2,403,800,000. Jennison Associates LLC boosted its holdings in shares of Broadcom by 419.8% in the 1st quarter. Jennison Associates LLC now owns 1,860,573 shares of the semiconductor manufacturer’s stock worth $1,171,566,000 after purchasing an additional 1,502,640 shares during the period. BlackRock Inc. boosted its holdings in shares of Broadcom by 4.3% in the 1st quarter. BlackRock Inc. now owns 28,569,124 shares of the semiconductor manufacturer’s stock worth $17,989,404,000 after purchasing an additional 1,180,078 shares during the period. Fisher Asset Management LLC boosted its holdings in shares of Broadcom by 88.9% in the 1st quarter. Fisher Asset Management LLC now owns 1,421,008 shares of the semiconductor manufacturer’s stock worth $894,781,000 after purchasing an additional 668,719 shares during the period. Finally, Nuveen Asset Management LLC boosted its holdings in shares of Broadcom by 16.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock worth $2,949,003,000 after purchasing an additional 624,821 shares during the period. 79.60% of the stock is currently owned by hedge funds and other institutional investors.

Broadcom Price Performance

Shares of AVGO stock traded down $12.46 during trading hours on Friday, reaching $465.15. The company had a trading volume of 102,161 shares, compared to its average volume of 2,493,283. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.05 and a current ratio of 2.32. The stock has a fifty day moving average of $521.51 and a 200-day moving average of $547.95. The company has a market capitalization of $188.39 billion, a price-to-earnings ratio of 20.37, a PEG ratio of 0.93 and a beta of 1.09. Broadcom Inc. has a 12-month low of $463.91 and a 12-month high of $677.76.

Broadcom (NASDAQ:AVGOGet Rating) last posted its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. The business had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.41 billion. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The business’s revenue was up 24.9% compared to the same quarter last year. During the same period in the prior year, the business earned $6.32 earnings per share. On average, equities analysts anticipate that Broadcom Inc. will post 34.38 earnings per share for the current year.

Broadcom declared that its board has initiated a share buyback program on Thursday, May 26th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to buy up to 4.3% of its shares through open market purchases. Shares buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.

Broadcom Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be paid a $4.10 dividend. This represents a $16.40 annualized dividend and a dividend yield of 3.53%. The ex-dividend date is Wednesday, September 21st. Broadcom’s payout ratio is currently 70.93%.

Analysts Set New Price Targets

A number of equities research analysts recently issued reports on the company. BMO Capital Markets decreased their price target on Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a research note on Friday, September 2nd. Robert W. Baird reissued an “outperform” rating and set a $700.00 price target on shares of Broadcom in a research note on Tuesday, September 6th. Truist Financial decreased their target price on Broadcom from $658.00 to $630.00 and set a “buy” rating for the company in a research report on Friday, September 2nd. Bank of America decreased their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research report on Wednesday, June 29th. Finally, Susquehanna reaffirmed a “buy” rating and set a $680.00 target price on shares of Broadcom in a research report on Friday, September 2nd. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $675.33.

Broadcom Company Profile

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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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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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