Prudential PLC trimmed its holdings in Broadcom Inc (NASDAQ:AVGO) by 89.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,321 shares of the semiconductor manufacturer’s stock after selling 721,762 shares during the quarter. Prudential PLC’s holdings in Broadcom were worth $23,419,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other large investors have also made changes to their positions in AVGO. Pinnacle Bank lifted its stake in shares of Broadcom by 128.2% in the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 50 shares during the period. Liberty Wealth Management LLC lifted its stake in shares of Broadcom by 62.5% in the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after purchasing an additional 35 shares during the period. Advisors Preferred LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at about $27,000. Doyle Wealth Management acquired a new position in shares of Broadcom in the 2nd quarter valued at about $42,000. Finally, FNY Investment Advisers LLC acquired a new position in shares of Broadcom in the 2nd quarter valued at about $51,000. 84.86% of the stock is currently owned by institutional investors.
A number of research analysts have recently issued reports on AVGO shares. KeyCorp boosted their price objective on Broadcom from $330.00 to $340.00 and gave the company an “overweight” rating in a research note on Friday, September 13th. SunTrust Banks boosted their target price on Broadcom from $307.00 to $322.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Sanford C. Bernstein set a $340.00 target price on Broadcom and gave the company a “buy” rating in a research report on Friday, September 13th. Wells Fargo & Co boosted their target price on Broadcom from $290.00 to $300.00 and gave the company a “market perform” rating in a research report on Friday, September 13th. Finally, Citigroup decreased their target price on Broadcom from $320.00 to $300.00 and set a “buy” rating for the company in a research report on Friday, June 14th. Eleven research analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company’s stock. The company has an average rating of “Buy” and a consensus price target of $312.06.
AVGO traded up $1.23 during midday trading on Monday, reaching $275.37. 486,100 shares of the company were exchanged, compared to its average volume of 2,447,224. The company has a debt-to-equity ratio of 1.58, a quick ratio of 1.18 and a current ratio of 1.32. The company’s fifty day moving average price is $281.96 and its 200 day moving average price is $287.68. The company has a market cap of $109.84 billion, a price-to-earnings ratio of 14.62, a price-to-earnings-growth ratio of 1.39 and a beta of 0.88. Broadcom Inc has a one year low of $208.23 and a one year high of $323.20.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). The company had revenue of $5.52 billion for the quarter, compared to the consensus estimate of $5.52 billion. Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The business’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $4.98 earnings per share. As a group, sell-side analysts anticipate that Broadcom Inc will post 16.97 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be issued a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a yield of 3.85%. The ex-dividend date of this dividend is Friday, September 20th. Broadcom’s dividend payout ratio is currently 56.29%.
In other Broadcom news, CEO Hock E. Tan sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total transaction of $5,409,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have sold a total of 60,000 shares of company stock valued at $17,026,600 over the last three months. Corporate insiders own 3.30% of the company’s stock.
Broadcom Company Profile
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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