Genesee Capital Advisors LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 7.7% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,307 shares of the semiconductor manufacturer’s stock after selling 193 shares during the quarter. Broadcom makes up about 1.4% of Genesee Capital Advisors LLC’s portfolio, making the stock its 16th biggest position. Genesee Capital Advisors LLC’s holdings in Broadcom were worth $2,001,000 as of its most recent SEC filing.
A number of other hedge funds have also recently made changes to their positions in AVGO. BlackRock Inc. boosted its holdings in shares of Broadcom by 1.7% in the first quarter. BlackRock Inc. now owns 29,844,893 shares of the semiconductor manufacturer’s stock valued at $19,146,692,000 after purchasing an additional 499,945 shares during the period. State Street Corp raised its holdings in shares of Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after acquiring an additional 794,832 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Broadcom by 5.0% in the first quarter. Geode Capital Management LLC now owns 7,813,688 shares of the semiconductor manufacturer’s stock valued at $5,001,948,000 after acquiring an additional 375,418 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Broadcom by 8.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,511,602 shares of the semiconductor manufacturer’s stock valued at $3,617,879,000 after acquiring an additional 513,864 shares in the last quarter. Finally, Morgan Stanley raised its holdings in shares of Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after acquiring an additional 651,014 shares in the last quarter. 78.81% of the stock is currently owned by institutional investors.
Insider Activity
In other Broadcom news, Director Harry L. You bought 1,000 shares of the company’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average cost of $858.96 per share, for a total transaction of $858,960.00. Following the transaction, the director now directly owns 3,510 shares of the company’s stock, valued at $3,014,949.60. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction dated Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the completion of the transaction, the director now owns 9,123 shares in the company, valued at approximately $7,806,368.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Harry L. You purchased 1,000 shares of Broadcom stock in a transaction that occurred on Friday, September 15th. The shares were bought at an average price of $858.96 per share, with a total value of $858,960.00. Following the transaction, the director now owns 3,510 shares in the company, valued at $3,014,949.60. The disclosure for this purchase can be found here. Insiders own 2.20% of the company’s stock.
Broadcom Stock Performance
Shares of AVGO stock traded up $20.72 during trading hours on Friday, hitting $829.08. The company’s stock had a trading volume of 2,779,501 shares, compared to its average volume of 2,580,046. The company has a 50 day moving average of $869.82 and a 200 day moving average of $768.93. The stock has a market cap of $342.19 billion, a PE ratio of 25.49, a price-to-earnings-growth ratio of 1.69 and a beta of 1.10. The company has a current ratio of 2.50, a quick ratio of 2.25 and a debt-to-equity ratio of 1.73. Broadcom Inc. has a 12-month low of $415.07 and a 12-month high of $923.67.
Broadcom (NASDAQ:AVGO – Get Free Report) last issued its quarterly earnings data on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (EPS) for the quarter, beating the consensus estimate of $10.43 by $0.11. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. Broadcom had a return on equity of 74.31% and a net margin of 39.25%. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. During the same quarter in the previous year, the firm posted $9.07 EPS. On average, sell-side analysts forecast that Broadcom Inc. will post 37.89 EPS for the current fiscal year.
Broadcom Dividend Announcement
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Thursday, September 21st will be given a dividend of $4.60 per share. This represents a $18.40 dividend on an annualized basis and a dividend yield of 2.22%. The ex-dividend date is Wednesday, September 20th. Broadcom’s dividend payout ratio (DPR) is presently 56.58%.
Analyst Upgrades and Downgrades
AVGO has been the topic of several research reports. Rosenblatt Securities reissued a “buy” rating and set a $1,000.00 price objective on shares of Broadcom in a report on Wednesday. Benchmark reissued a “buy” rating and set a $950.00 price objective on shares of Broadcom in a report on Friday, September 1st. Susquehanna reaffirmed a “positive” rating and set a $1,010.00 price objective on shares of Broadcom in a research report on Monday, September 18th. Wolfe Research assumed coverage on Broadcom in a research report on Wednesday, July 19th. They set a “market perform” rating on the stock. Finally, Robert W. Baird raised their price objective on Broadcom from $900.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Tuesday, September 5th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $846.14.
Read Our Latest Analysis on AVGO
Broadcom Company 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.
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