Belpointe Asset Management LLC boosted its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 9.3% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 10,564 shares of the semiconductor manufacturer’s stock after buying an additional 899 shares during the period. Belpointe Asset Management LLC’s holdings in Broadcom were worth $6,778,000 at the end of the most recent reporting period.
Several other hedge funds have also added to or reduced their stakes in the stock. Cantor Fitzgerald Investment Advisor L.P increased its stake in Broadcom by 94.4% during the 1st quarter. Cantor Fitzgerald Investment Advisor L.P now owns 75,090 shares of the semiconductor manufacturer’s stock valued at $47,283,000 after purchasing an additional 36,458 shares in the last quarter. Fairfield Bush & CO. raised its holdings in Broadcom by 2.6% in the 1st quarter. Fairfield Bush & CO. now owns 4,945 shares of the semiconductor manufacturer’s stock worth $3,114,000 after acquiring an additional 123 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. boosted its stake 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 valued at $320,887,000 after purchasing an additional 87,945 shares during the last quarter. Loomis Sayles & Co. L P increased its holdings in shares of Broadcom by 1.1% in the 1st quarter. Loomis Sayles & Co. L P now owns 40,357 shares of the semiconductor manufacturer’s stock worth $25,412,000 after purchasing an additional 420 shares in the last quarter. Finally, Ergoteles LLC purchased a new position in shares of Broadcom in the first quarter worth $1,095,000. 78.81% of the stock is owned by institutional investors.
Wall Street Analysts Forecast Growth
Several equities research analysts recently commented on the company. Evercore ISI reaffirmed an “outperform” rating and set a $1,000.00 price objective on shares of Broadcom in a research report on Friday, September 1st. KeyCorp boosted their price objective on shares of Broadcom from $940.00 to $1,000.00 and gave the company an “overweight” rating in a report on Friday, September 1st. StockNews.com raised shares of Broadcom from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Rosenblatt Securities increased their price target on Broadcom from $900.00 to $1,000.00 in a report on Friday, September 1st. Finally, Piper Sandler raised their price target on Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 29th. Five investment analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Broadcom presently has an average rating of “Moderate Buy” and an average price target of $846.14.
Insider Buying and Selling at Broadcom
In other news, Director Check Kian Low purchased 11,000 shares of the company’s stock in a transaction that occurred on Wednesday, September 6th. The stock was purchased at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the purchase, the director now owns 15,951 shares in the company, valued at $13,909,750.53. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 2.20% of the company’s stock.
Broadcom Price Performance
AVGO stock opened at $859.14 on Tuesday. Broadcom Inc. has a 52 week low of $415.07 and a 52 week high of $923.67. The firm has a market capitalization of $354.60 billion, a P/E ratio of 26.42, a price-to-earnings-growth ratio of 1.66 and a beta of 1.10. The company has a fifty day simple moving average of $875.30 and a two-hundred day simple moving average of $756.01. The company has a quick ratio of 2.13, a current ratio of 2.50 and a debt-to-equity ratio of 1.73.
Broadcom (NASDAQ:AVGO – Get Free Report) last released its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping the consensus estimate of $10.43 by $0.11. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The company had revenue of $8.85 billion during the quarter, compared to analyst estimates of $8.85 billion. The firm’s revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the business posted $9.07 earnings per share. Analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current fiscal year.
Broadcom Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be given a $4.60 dividend. The ex-dividend date of this dividend is Wednesday, September 20th. This represents a $18.40 dividend on an annualized basis and a yield of 2.14%. Broadcom’s dividend payout ratio is presently 56.58%.
About Broadcom
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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