American National Bank raised its position in shares of Broadcom Inc (NASDAQ:AVGO) by 10.6% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 15,226 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,461 shares during the quarter. American National Bank’s holdings in Broadcom were worth $4,383,000 at the end of the most recent reporting period.
A number of other institutional investors have also recently bought and sold shares of AVGO. Norges Bank purchased a new stake in Broadcom during the 4th quarter valued at about $1,055,582,000. Thoroughbred Financial Services LLC lifted its holdings in shares of Broadcom by 40,641.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock valued at $51,497,000 after buying an additional 513,703 shares during the period. FMR LLC lifted its holdings in shares of Broadcom by 3.8% in the 4th quarter. FMR LLC now owns 10,192,760 shares of the semiconductor manufacturer’s stock valued at $2,591,815,000 after buying an additional 374,911 shares during the period. Jennison Associates LLC lifted its holdings in shares of Broadcom by 10.9% in the 1st quarter. Jennison Associates LLC now owns 3,650,806 shares of the semiconductor manufacturer’s stock valued at $1,097,834,000 after buying an additional 359,736 shares during the period. Finally, SG Americas Securities LLC lifted its holdings in shares of Broadcom by 123.3% in the 1st quarter. SG Americas Securities LLC now owns 59,322 shares of the semiconductor manufacturer’s stock valued at $17,839,000 after buying an additional 314,335 shares during the period. Institutional investors and hedge funds own 83.92% of the company’s stock.
In other news, SVP Bryan Ingram sold 13,466 shares of the firm’s stock in a transaction on Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total transaction of $3,754,051.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction on Monday, July 15th. The stock was sold at an average price of $292.16, for a total value of $5,843,200.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 65,388 shares of company stock valued at $18,198,482. Company insiders own 3.30% of the company’s stock.
Several equities analysts have recently issued reports on the company. Deutsche Bank decreased their price objective on Broadcom from $330.00 to $315.00 and set a “buy” rating for the company in a report on Friday, June 14th. Summit Insights raised Broadcom from a “hold” rating to a “buy” rating and set a $253.03 price objective for the company in a report on Friday, June 14th. Royal Bank of Canada decreased their price objective on Snc-Lavalin Group from C$40.00 to C$34.00 and set an “outperform” rating for the company in a report on Tuesday. Summit Redstone raised Broadcom to a “buy” rating in a report on Friday, June 14th. Finally, ValuEngine raised Vale from a “sell” rating to a “hold” rating in a report on Tuesday, July 16th. Seven investment analysts have rated the stock with a hold rating and thirty-one have issued a buy rating to the stock. Broadcom currently has an average rating of “Buy” and a consensus price target of $303.68.
Broadcom stock traded up $1.38 during mid-day trading on Friday, hitting $301.77. The company’s stock had a trading volume of 41,398 shares, compared to its average volume of 2,583,518. The firm has a market cap of $120.92 billion, a price-to-earnings ratio of 16.03, a PEG ratio of 1.47 and a beta of 0.94. Broadcom Inc has a 1 year low of $202.77 and a 1 year high of $323.20. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53. The business has a fifty day moving average price of $282.24.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, topping the consensus estimate of $5.18 by $0.03. The company had revenue of $5.52 billion during the quarter, compared to analyst estimates of $5.70 billion. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The firm’s revenue for the quarter was up 10.0% compared to the same quarter last year. During the same period in the prior year, the business posted $4.88 earnings per share. As a group, analysts predict that Broadcom Inc will post 17.43 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Tuesday, July 2nd. Stockholders of record on Monday, June 24th were given a dividend of $2.65 per share. The ex-dividend date of this dividend was Friday, June 21st. This represents a $10.60 annualized dividend and a dividend yield of 3.51%. Broadcom’s dividend payout ratio is currently 56.29%.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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