Sunbelt Securities Inc. Acquires 414 Shares of Broadcom Inc. (NASDAQ:AVGO)

Posted by Defense World Staff on Sep 13th, 2023

Sunbelt Securities Inc. lifted its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 8.0% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 5,564 shares of the semiconductor manufacturer’s stock after buying an additional 414 shares during the quarter. Sunbelt Securities Inc.’s holdings in Broadcom were worth $3,527,000 at the end of the most recent quarter.

A number of other institutional investors have also made changes to their positions in the business. Belpointe Asset Management LLC increased its position in Broadcom by 9.3% in the first quarter. Belpointe Asset Management LLC now owns 10,564 shares of the semiconductor manufacturer’s stock worth $6,778,000 after purchasing an additional 899 shares during the period. First Trust Advisors LP increased its position in Broadcom by 7.5% in the first quarter. First Trust Advisors LP now owns 1,011,954 shares of the semiconductor manufacturer’s stock worth $649,209,000 after purchasing an additional 70,957 shares during the period. Concentric Wealth Management LLC increased its position in Broadcom by 3.1% in the first quarter. Concentric Wealth Management LLC now owns 4,045 shares of the semiconductor manufacturer’s stock worth $2,595,000 after purchasing an additional 120 shares during the period. Ossiam increased its position in Broadcom by 77.0% in the first quarter. Ossiam now owns 15,678 shares of the semiconductor manufacturer’s stock worth $10,058,000 after purchasing an additional 6,818 shares during the period. Finally, Infrastructure Capital Advisors LLC grew its position in shares of Broadcom by 4.3% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 655 shares of the semiconductor manufacturer’s stock worth $420,000 after buying an additional 27 shares during the period. 78.81% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

AVGO has been the subject of several analyst reports. Robert W. Baird boosted their target price on Broadcom from $900.00 to $1,000.00 and gave the stock an “outperform” rating in a research report on Tuesday, September 5th. Rosenblatt Securities boosted their target price on Broadcom from $900.00 to $1,000.00 in a research report on Friday, September 1st. Mizuho boosted their target price on Broadcom from $840.00 to $960.00 in a research report on Friday, September 1st. Susquehanna boosted their target price on Broadcom from $910.00 to $1,010.00 and gave the stock a “positive” rating in a research report on Thursday, August 24th. Finally, Bank of America boosted their target price on Broadcom from $950.00 to $1,050.00 in a research report on Thursday, June 22nd. Five 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, Broadcom presently has an average rating of “Moderate Buy” and a consensus price target of $846.14.

View Our Latest Stock Report on Broadcom

Insider Buying and Selling

In other Broadcom news, Director Check Kian Low bought 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were acquired at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the acquisition, the director now owns 15,951 shares of the company’s stock, valued at $13,909,750.53. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 2.20% of the stock is owned by insiders.

Broadcom Trading Down 1.7 %

NASDAQ AVGO opened at $844.52 on Wednesday. Broadcom Inc. has a 52 week low of $415.07 and a 52 week high of $923.67. The stock has a market capitalization of $348.56 billion, a price-to-earnings ratio of 25.97, a PEG ratio of 1.66 and a beta of 1.10. The company has a debt-to-equity ratio of 1.73, a quick ratio of 2.13 and a current ratio of 2.50. The stock’s 50 day moving average price is $874.66 and its two-hundred day moving average price is $757.88.

Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $8.85 billion. During the same quarter in the prior year, the business posted $9.07 EPS. The business’s revenue was up 4.5% compared to the same quarter last year. As a group, analysts anticipate that Broadcom Inc. will post 37.88 earnings per share for the current fiscal year.

Broadcom Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be issued a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.18%. The ex-dividend date is Wednesday, September 20th. Broadcom’s payout ratio is presently 56.58%.

Broadcom Profile

(Free Report)

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.