Moloney Securities Asset Management LLC bought a new stake in Broadcom Inc. (NASDAQ:AVGO – Get Rating) in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor bought 426 shares of the semiconductor manufacturer’s stock, valued at approximately $238,000.
Several other large investors also recently added to or reduced their stakes in the stock. Price T Rowe Associates Inc. MD grew its holdings 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 worth $1,528,063,000 after purchasing an additional 1,191,113 shares during the period. First Trust Advisors LP grew its holdings in shares of Broadcom by 159.7% during the 3rd quarter. First Trust Advisors LP now owns 1,104,656 shares of the semiconductor manufacturer’s stock worth $490,478,000 after purchasing an additional 679,250 shares during the period. Charles Schwab Investment Management Inc. grew its holdings 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 worth $2,948,563,000 after purchasing an additional 488,405 shares during the period. Renaissance Technologies LLC grew its holdings in shares of Broadcom by 442.9% during the 3rd quarter. Renaissance Technologies LLC now owns 594,996 shares of the semiconductor manufacturer’s stock worth $264,184,000 after purchasing an additional 485,410 shares during the period. Finally, Los Angeles Capital Management LLC grew its holdings in shares of Broadcom by 91.4% during the 3rd quarter. Los Angeles Capital Management LLC now owns 919,152 shares of the semiconductor manufacturer’s stock worth $408,113,000 after purchasing an additional 438,956 shares during the period. 81.28% of the stock is currently owned by hedge funds and other institutional investors.
Analyst Ratings Changes
AVGO has been the topic of several research reports. Truist Financial increased their target price on Broadcom from $659.00 to $700.00 and gave the stock a “buy” rating in a research note on Friday, March 3rd. Wells Fargo & Company increased their target price on Broadcom from $580.00 to $600.00 and gave the stock an “equal weight” rating in a research note on Friday, March 3rd. StockNews.com lowered Broadcom from a “strong-buy” rating to a “buy” rating in a research note on Thursday. KeyCorp increased their target price on Broadcom from $700.00 to $720.00 and gave the stock an “overweight” rating in a research note on Friday, March 3rd. Finally, Bank of America increased their target price on Broadcom from $680.00 to $725.00 in a research note on Friday, March 3rd. Three investment analysts have rated the stock with a hold rating and fifteen have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $679.21.
Broadcom Price Performance
Broadcom (NASDAQ:AVGO – Get Rating) last issued its earnings results on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share for the quarter, topping the consensus estimate of $9.38 by $0.95. Broadcom had a return on equity of 73.52% and a net margin of 37.19%. The business had revenue of $8.92 billion for the quarter, compared to analyst estimates of $8.90 billion. During the same quarter last year, the company earned $7.68 EPS. The business’s quarterly revenue was up 15.7% on a year-over-year basis. As a group, equities research analysts forecast that Broadcom Inc. will post 38.22 EPS for the current fiscal year.
Broadcom Announces Dividend
The firm also recently announced a quarterly dividend, which was paid on Friday, March 31st. Stockholders of record on Wednesday, March 22nd were given a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a dividend yield of 2.95%. The ex-dividend date of this dividend was Tuesday, March 21st. Broadcom’s dividend payout ratio (DPR) is presently 61.93%.
Insider Buying and Selling
In related news, CFO Kirsten M. Spears sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $619.72, for a total transaction of $4,338,040.00. Following the transaction, the chief financial officer now owns 41,085 shares in the company, valued at approximately $25,461,196.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In related news, Director Raul J. Fernandez sold 740 shares of the firm’s stock in a transaction that occurred on Monday, March 27th. The stock was sold at an average price of $639.00, for a total transaction of $472,860.00. Following the transaction, the director now owns 1,213 shares in the company, valued at approximately $775,107. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CFO Kirsten M. Spears sold 7,000 shares of the firm’s stock in a transaction that occurred on Tuesday, March 28th. The stock was sold at an average price of $619.72, for a total value of $4,338,040.00. Following the transaction, the chief financial officer now owns 41,085 shares in the company, valued at approximately $25,461,196.20. The disclosure for this sale can be found here. Insiders have sold 40,915 shares of company stock worth $25,576,507 in the last quarter. 2.20% of the stock is owned by insiders.
Broadcom Company 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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- Get a free copy of the StockNews.com research report on Broadcom (AVGO)
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