Pendal Group Ltd purchased a new stake in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) during the 4th quarter, according to the company in its most recent filing with the SEC. The fund purchased 1,222 shares of the semiconductor manufacturer's stock, valued at approximately $683,000.
Other hedge funds have also modified their holdings of the company. Purus Wealth Management LLC boosted its stake in shares of Broadcom by 0.5% in the fourth quarter. Purus Wealth Management LLC now owns 3,409 shares of the semiconductor manufacturer's stock valued at $1,906,000 after purchasing an additional 18 shares during the period. King Wealth lifted its holdings in Broadcom by 0.9% during the 3rd quarter. King Wealth now owns 2,303 shares of the semiconductor manufacturer's stock worth $1,023,000 after buying an additional 20 shares in the last quarter. Orion Portfolio Solutions LLC boosted its position in Broadcom by 0.9% in the 1st quarter. Orion Portfolio Solutions LLC now owns 2,290 shares of the semiconductor manufacturer's stock valued at $1,442,000 after buying an additional 21 shares during the period. Formidable Asset Management LLC grew its stake in shares of Broadcom by 3.2% in the third quarter. Formidable Asset Management LLC now owns 680 shares of the semiconductor manufacturer's stock worth $313,000 after acquiring an additional 21 shares in the last quarter. Finally, Bay Rivers Group increased its position in shares of Broadcom by 0.3% during the fourth quarter. Bay Rivers Group now owns 6,535 shares of the semiconductor manufacturer's stock worth $3,654,000 after acquiring an additional 21 shares during the period. 81.28% of the stock is owned by institutional investors and hedge funds.
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Broadcom Stock Up 0.1 %
Shares of NASDAQ AVGO opened at $625.50 on Thursday. The stock has a market cap of $260.79 billion, a PE ratio of 21.05, a price-to-earnings-growth ratio of 1.27 and a beta of 1.10. Broadcom Inc. has a 52-week low of $415.07 and a 52-week high of $648.50. The business has a 50-day moving average price of $606.39 and a 200 day moving average price of $543.29. The company has a quick ratio of 2.26, a current ratio of 2.52 and a debt-to-equity ratio of 1.64.
Broadcom (NASDAQ:AVGO – Get Rating) last posted its quarterly earnings data on Thursday, March 2nd. The semiconductor manufacturer reported $10.33 earnings per share 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 return on equity of 73.52% and a net margin of 37.19%. The company'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 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 38.22 earnings per share for the current year.
Broadcom Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 31st. Shareholders of record on Wednesday, March 22nd will be paid a $4.60 dividend. The ex-dividend date of this dividend is Tuesday, March 21st. This represents a $18.40 dividend on an annualized basis and a yield of 2.94%. Broadcom's dividend payout ratio is presently 61.93%.
Analysts Set New Price Targets
AVGO has been the subject of a number of recent research reports. Wells Fargo & Company lifted their target price on Broadcom from $580.00 to $600.00 and gave the company an "equal weight" rating in a report on Friday, March 3rd. Susquehanna Bancshares cut their target price on shares of Broadcom from $680.00 to $650.00 and set a "positive" rating on the stock in a research note on Monday, December 5th. Bank of America lifted their price target on shares of Broadcom from $680.00 to $725.00 in a research note on Friday, March 3rd. Piper Sandler dropped their price objective on shares of Broadcom from $750.00 to $715.00 and set an "overweight" rating on the stock in a research report on Monday, December 5th. Finally, BNP Paribas assumed coverage on shares of Broadcom in a research report on Tuesday, February 28th. They set an "outperform" rating and a $660.00 price objective for the company. Three research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $674.17.
Insider Activity
In other Broadcom news, Director Eddy W. Hartenstein sold 3,175 shares of the stock in a transaction that occurred on Tuesday, March 14th. The stock was sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the completion of the sale, the director now directly owns 9,734 shares of the company's stock, valued at approximately $6,083,847.34. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, Director Raul J. Fernandez sold 740 shares of the business's stock in a transaction dated Monday, March 27th. The shares were sold at an average price of $639.00, for a total transaction of $472,860.00. Following the transaction, the director now directly owns 1,213 shares in the company, valued at $775,107. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Eddy W. Hartenstein sold 3,175 shares of the firm's stock in a transaction dated Tuesday, March 14th. The shares were sold at an average price of $625.01, for a total transaction of $1,984,406.75. Following the completion of the sale, the director now owns 9,734 shares of the company's stock, valued at approximately $6,083,847.34. The disclosure for this sale can be found here. Over the last three months, insiders sold 33,915 shares of company stock valued at $21,238,467. Insiders own 2.20% of the company's stock.
Broadcom Company Profile
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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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