Legacy Bridge LLC increased its stake in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 3.4% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 3,217 shares of the semiconductor manufacturer’s stock after purchasing an additional 105 shares during the period. Broadcom makes up 1.3% of Legacy Bridge LLC’s holdings, making the stock its 9th largest position. Legacy Bridge LLC’s holdings in Broadcom were worth $1,799,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AVGO. Cantor Fitzgerald Investment Advisor L.P boosted its stake in Broadcom by 94.4% in the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock worth $47,283,000 after purchasing an additional 36,458 shares during the period. Fairfield Bush & CO. lifted its position in Broadcom by 2.6% during the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after buying an additional 123 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Broadcom by 20.9% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 509,603 shares of the semiconductor manufacturer’s stock worth $320,887,000 after buying an additional 87,945 shares in the last quarter. Loomis Sayles & Co. L P lifted its position in Broadcom by 1.1% during the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock worth $25,412,000 after buying an additional 420 shares in the last quarter. Finally, Ergoteles LLC bought a new stake in Broadcom during the 1st quarter worth about $1,095,000. 81.28% of the stock is owned by institutional investors and hedge funds.
Wall Street Analyst Weigh In
AVGO has been the topic of a number of research analyst reports. Evercore ISI upped their target price on shares of Broadcom to $650.00 in a report on Monday, December 12th. Oppenheimer reissued an “outperform” rating and issued a $720.00 price target on shares of Broadcom in a report on Monday, December 5th. Raymond James reissued a “market perform” rating on shares of Broadcom in a report on Thursday, March 2nd. Piper Sandler lowered their price target on shares of Broadcom from $750.00 to $715.00 and set an “overweight” rating on the stock in a report on Monday, December 5th. Finally, Susquehanna Bancshares lowered their price target on shares of Broadcom from $680.00 to $650.00 and set a “positive” rating on the stock in a report on Monday, December 5th. Three equities research analysts have rated the stock with a hold rating and fourteen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $674.17.
Broadcom Price Performance
Shares of NASDAQ:AVGO opened at $630.97 on Friday. The company has a market cap of $263.06 billion, a price-to-earnings ratio of 21.24, a PEG ratio of 1.27 and a beta of 1.10. The company has a debt-to-equity ratio of 1.64, a current ratio of 2.52 and a quick ratio of 2.26. The firm has a 50 day simple moving average of $597.58 and a 200 day simple moving average of $536.05. Broadcom Inc. has a one year low of $415.07 and a one year high of $645.31.
Broadcom (NASDAQ:AVGO – Get Rating) last issued its quarterly earnings data on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 EPS for the quarter, beating the consensus estimate of $9.38 by $0.95. The business had revenue of $8.92 billion during the quarter, compared to the consensus estimate of $8.90 billion. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The firm’s revenue was up 15.7% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $7.68 EPS. Research analysts predict that Broadcom Inc. will post 38.09 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The firm also recently declared a quarterly dividend, which will be paid on Friday, March 31st. Stockholders of record on Wednesday, March 22nd will be paid a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a dividend yield of 2.92%. The ex-dividend date of this dividend is Tuesday, March 21st. Broadcom’s payout ratio is currently 61.93%.
Broadcom, Inc is a global technology company, which designs, develops, and supplies semiconductor and infrastructure software solutions. It operates through the Semiconductor Solutions and Infrastructure Software segments. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise, and embedded networking applications.
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