Allworth Financial LP raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 7.0% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 2,801 shares of the semiconductor manufacturer’s stock after buying an additional 184 shares during the period. Allworth Financial LP’s holdings in Broadcom were worth $1,566,000 as of its most recent SEC filing.
Other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of Broadcom by 0.5% during the 3rd quarter. Vanguard Group Inc. now owns 37,632,782 shares of the semiconductor manufacturer’s stock valued at $16,709,332,000 after acquiring an additional 190,304 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Broadcom by 11.6% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after acquiring an additional 488,405 shares during the period. Nuveen Asset Management LLC grew its position in shares of Broadcom by 4.4% during the 3rd quarter. Nuveen Asset Management LLC now owns 4,452,543 shares of the semiconductor manufacturer’s stock valued at $1,976,973,000 after acquiring an additional 188,078 shares during the period. Bank of New York Mellon Corp grew its position in shares of Broadcom by 1.9% during the 3rd quarter. Bank of New York Mellon Corp now owns 4,022,517 shares of the semiconductor manufacturer’s stock valued at $1,786,039,000 after acquiring an additional 74,395 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in shares of Broadcom by 53.4% during the 3rd quarter. Price T Rowe Associates Inc. MD now owns 3,420,481 shares of the semiconductor manufacturer’s stock valued at $1,528,063,000 after acquiring an additional 1,191,113 shares during the period. 81.28% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Upgrades and Downgrades
A number of equities research analysts have recently issued reports on the stock. Deutsche Bank Aktiengesellschaft boosted their price objective on shares of Broadcom from $590.00 to $675.00 and gave the company a “buy” rating in a research report on Friday, March 3rd. Cowen upped their target price on shares of Broadcom from $540.00 to $555.00 in a report on Friday, December 9th. Raymond James reaffirmed a “market perform” rating on shares of Broadcom in a report on Thursday, March 2nd. Oppenheimer reaffirmed an “outperform” rating and issued a $720.00 target price on shares of Broadcom in a report on Monday, December 5th. Finally, Susquehanna reaffirmed a “positive” rating and issued a $690.00 target price on shares of Broadcom in a report on Thursday, March 9th. Three research analysts have rated the stock with a hold rating and fourteen have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $674.17.
Insider Buying and Selling
Broadcom Stock Up 1.3 %
Shares of NASDAQ AVGO opened at $639.23 on Friday. The firm’s 50-day moving average price is $602.35 and its 200-day moving average price is $539.69. The company has a current ratio of 2.52, a quick ratio of 2.26 and a debt-to-equity ratio of 1.64. The stock has a market capitalization of $266.51 billion, a price-to-earnings ratio of 21.52, a P/E/G ratio of 1.28 and a beta of 1.10. Broadcom Inc. has a 12-month low of $415.07 and a 12-month high of $648.50.
Broadcom (NASDAQ:AVGO – Get Rating) last announced its earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.38 by $0.95. The firm had revenue of $8.92 billion for the quarter, compared to analysts’ expectations of $8.90 billion. Broadcom had a net margin of 37.19% and a return on equity of 73.52%. The business’s revenue was up 15.7% compared to the same quarter last year. During the same period in the prior year, the company earned $7.68 EPS. On average, equities research analysts anticipate that Broadcom Inc. will post 38.22 EPS for the current fiscal year.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Investors of record on Wednesday, March 22nd will be given a $4.60 dividend. This represents a $18.40 dividend on an annualized basis and a yield of 2.88%. The ex-dividend date is Tuesday, March 21st. Broadcom’s dividend payout ratio (DPR) is currently 61.93%.
Broadcom Profile
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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