Range Financial Group LLC lowered its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 6.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 6,523 shares of the semiconductor manufacturer’s stock after selling 475 shares during the period. Broadcom makes up 3.6% of Range Financial Group LLC’s holdings, making the stock its 3rd largest position. Range Financial Group LLC’s holdings in Broadcom were worth $5,658,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also modified their holdings of the stock. Sunbelt Securities Inc. lifted its position in Broadcom by 8.0% in the first quarter. Sunbelt Securities Inc. now owns 5,564 shares of the semiconductor manufacturer’s stock worth $3,527,000 after purchasing an additional 414 shares during the period. Border to Coast Pensions Partnership Ltd grew its holdings in Broadcom by 20.2% during the first quarter. Border to Coast Pensions Partnership Ltd now owns 68,598 shares of the semiconductor manufacturer’s stock worth $44,008,000 after acquiring an additional 11,532 shares during the period. Capital Advisors Wealth Management LLC raised its position in Broadcom by 12.7% in the second quarter. Capital Advisors Wealth Management LLC now owns 1,964 shares of the semiconductor manufacturer’s stock worth $1,704,000 after acquiring an additional 222 shares in the last quarter. B.O.S.S. Retirement Advisors LLC lifted its holdings in Broadcom by 749.5% in the 2nd quarter. B.O.S.S. Retirement Advisors LLC now owns 4,018 shares of the semiconductor manufacturer’s stock valued at $3,485,000 after acquiring an additional 3,545 shares during the last quarter. Finally, Belpointe Asset Management LLC boosted its position in shares of Broadcom by 9.3% during the 1st quarter. Belpointe Asset Management LLC now owns 10,564 shares of the semiconductor manufacturer’s stock valued at $6,778,000 after purchasing an additional 899 shares in the last quarter. 78.81% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms recently commented on AVGO. StockNews.com upgraded shares of Broadcom from a “hold” rating to a “buy” rating in a report on Wednesday, August 16th. Piper Sandler lifted their target price on Broadcom from $830.00 to $925.00 and gave the stock an “overweight” rating in a report on Tuesday, August 29th. Oppenheimer boosted their target price on Broadcom from $900.00 to $990.00 and gave the stock an “outperform” rating in a research report on Friday, September 1st. Susquehanna reiterated a “positive” rating and issued a $1,010.00 price target on shares of Broadcom in a research report on Monday, September 18th. Finally, Needham & Company LLC lifted their price target on Broadcom from $33.00 to $44.00 in a research note on Friday, September 1st. Five research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $846.14.
View Our Latest Analysis on AVGO
Broadcom Stock Down 1.3 %
Shares of NASDAQ AVGO traded down $10.45 during trading hours on Wednesday, hitting $805.74. The stock had a trading volume of 523,496 shares, compared to its average volume of 2,490,806. The firm’s 50-day moving average price is $866.55 and its two-hundred day moving average price is $773.81. Broadcom Inc. has a 52 week low of $415.07 and a 52 week high of $923.67. The company has a market capitalization of $332.56 billion, a P/E ratio of 25.10, a P/E/G ratio of 1.75 and a beta of 1.10. The company has a debt-to-equity ratio of 1.73, a quick ratio of 2.25 and a current ratio of 2.50.
Broadcom (NASDAQ:AVGO – Get Free Report) last announced its quarterly earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping the consensus estimate of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The company had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same quarter in the prior year, the business posted $9.07 EPS. Broadcom’s quarterly revenue was up 4.5% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 37.89 EPS for the current fiscal year.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be paid a $4.60 dividend. The ex-dividend date of this dividend is Wednesday, September 20th. This represents a $18.40 dividend on an annualized basis and a yield of 2.28%. Broadcom’s payout ratio is presently 56.58%.
Insider Buying and Selling
In other Broadcom news, Director Eddy W. Hartenstein sold 1,500 shares of the firm’s stock in a transaction that occurred on Tuesday, September 12th. The stock was sold at an average price of $855.68, for a total value of $1,283,520.00. Following the sale, the director now owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, Director Harry L. You bought 1,000 shares of the firm’s stock in a transaction that occurred on Friday, September 15th. The shares were acquired at an average cost of $858.96 per share, with a total value of $858,960.00. Following the completion of the transaction, the director now directly owns 3,510 shares in the company, valued at $3,014,949.60. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eddy W. Hartenstein sold 1,500 shares of the company’s stock in a transaction that occurred on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the transaction, the director now directly owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The disclosure for this sale can be found here. 2.20% of the stock is owned by insiders.
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.
See Also
Receive News & Ratings for Broadcom Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Broadcom and related companies with MarketBeat.com’s FREE daily email newsletter.