Prudent Man Advisors LLC lessened its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 25.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,182 shares of the semiconductor manufacturer’s stock after selling 740 shares during the quarter. Prudent Man Advisors LLC’s holdings in Broadcom were worth $1,060,000 at the end of the most recent reporting period.
Other institutional investors have also recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its holdings in shares of Broadcom by 1.4% during the first quarter. Vanguard Group Inc. now owns 36,975,704 shares of the semiconductor manufacturer’s stock worth $23,282,861,000 after acquiring an additional 510,546 shares during the period. BlackRock Inc. lifted its position in Broadcom by 4.3% during the first quarter. BlackRock Inc. now owns 28,569,124 shares of the semiconductor manufacturer’s stock worth $17,989,404,000 after acquiring an additional 1,180,078 shares during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of Broadcom by 11.6% in the first quarter. Charles Schwab Investment Management Inc. now owns 4,682,635 shares of the semiconductor manufacturer’s stock valued at $2,948,563,000 after acquiring an additional 488,405 shares in the last quarter. Jennison Associates LLC raised its position in shares of Broadcom by 20.5% in the second quarter. Jennison Associates LLC now owns 2,241,848 shares of the semiconductor manufacturer’s stock valued at $1,089,112,000 after buying an additional 381,275 shares in the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Broadcom by 3.9% in the first quarter. Dimensional Fund Advisors LP now owns 1,841,862 shares of the semiconductor manufacturer’s stock valued at $1,159,796,000 after buying an additional 69,868 shares during the period. 79.60% of the stock is owned by institutional investors.
Wall Street Analyst Weigh In
A number of equities analysts have recently issued reports on AVGO shares. Truist Financial reduced their price target on Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research report on Friday, September 2nd. BMO Capital Markets dropped their price objective on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, September 2nd. KeyCorp decreased their price objective on Broadcom from $780.00 to $700.00 and set an “overweight” rating for the company in a report on Friday, September 2nd. Deutsche Bank Aktiengesellschaft lowered their price objective on Broadcom from $635.00 to $575.00 and set a “buy” rating on the stock in a report on Tuesday, October 18th. Finally, Susquehanna reissued a “buy” rating and set a $680.00 price objective on shares of Broadcom in a research note on Friday, September 2nd. Two investment analysts have rated the stock with a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $672.83.
Broadcom Price Performance
Shares of Broadcom stock traded down $3.13 during trading on Tuesday, hitting $466.99. 81,118 shares of the company were exchanged, compared to its average volume of 2,311,375. The firm has a 50 day moving average price of $478.50 and a 200 day moving average price of $518.42. The company has a quick ratio of 2.05, a current ratio of 2.32 and a debt-to-equity ratio of 1.88. The stock has a market capitalization of $189.13 billion, a price-to-earnings ratio of 20.42, a P/E/G ratio of 0.91 and a beta of 1.12. Broadcom Inc. has a fifty-two week low of $415.07 and a fifty-two week high of $677.76.
Broadcom (NASDAQ:AVGO – Get Rating) last announced its quarterly earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.84 by $0.23. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.41 billion. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The business’s revenue was up 24.9% on a year-over-year basis. During the same quarter last year, the business posted $6.32 EPS. On average, equities analysts expect that Broadcom Inc. will post 34.4 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 22nd were paid a $4.10 dividend. The ex-dividend date of this dividend was Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.51%. Broadcom’s payout ratio is 70.93%.
Broadcom Profile
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.
Further Reading
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