Provence Wealth Management Group boosted its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 11.9% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 1,549 shares of the semiconductor manufacturer’s stock after acquiring an additional 165 shares during the period. Broadcom comprises 0.8% of Provence Wealth Management Group’s portfolio, making the stock its 29th largest holding. Provence Wealth Management Group’s holdings in Broadcom were worth $1,344,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Kozak & Associates Inc. increased its position in Broadcom by 4.3% in the second quarter. Kozak & Associates Inc. now owns 292 shares of the semiconductor manufacturer’s stock worth $256,000 after purchasing an additional 12 shares during the period. Howard Financial Services LTD. lifted its stake in Broadcom by 1.2% in the 2nd quarter. Howard Financial Services LTD. now owns 1,044 shares of the semiconductor manufacturer’s stock valued at $905,000 after acquiring an additional 12 shares in the last quarter. Vanguard Capital Wealth Advisors raised its stake in shares of Broadcom by 0.4% during the 2nd quarter. Vanguard Capital Wealth Advisors now owns 2,758 shares of the semiconductor manufacturer’s stock worth $2,393,000 after purchasing an additional 12 shares in the last quarter. Castle Wealth Management LLC raised its stake in shares of Broadcom by 1.7% during the 2nd quarter. Castle Wealth Management LLC now owns 738 shares of the semiconductor manufacturer’s stock worth $640,000 after purchasing an additional 12 shares in the last quarter. Finally, Gradient Capital Advisors LLC raised its stake in shares of Broadcom by 1.2% during the 2nd quarter. Gradient Capital Advisors LLC now owns 975 shares of the semiconductor manufacturer’s stock worth $846,000 after purchasing an additional 12 shares in the last quarter. Institutional investors and hedge funds own 78.81% of the company’s stock.
Insider Activity at Broadcom
In related news, Director Check Kian Low purchased 11,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The shares were purchased at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the purchase, the director now owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other Broadcom news, Director Check Kian Low bought 11,000 shares of the firm’s stock in a transaction on Wednesday, September 6th. The shares were acquired at an average cost of $872.03 per share, with a total value of $9,592,330.00. Following the purchase, the director now directly owns 15,951 shares of the company’s stock, valued at approximately $13,909,750.53. The acquisition was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Harry L. You purchased 1,000 shares of the business’s stock in a transaction dated Friday, September 15th. The shares were purchased at an average price of $858.96 per share, with a total value of $858,960.00. Following the acquisition, the director now directly owns 3,510 shares in the company, valued at $3,014,949.60. The disclosure for this purchase can be found here. 2.20% of the stock is currently owned by corporate insiders.
Broadcom Stock Performance
Shares of NASDAQ AVGO traded down $3.80 during mid-day trading on Thursday, hitting $820.01. The stock had a trading volume of 328,151 shares, compared to its average volume of 2,462,745. The company has a 50 day moving average of $857.63 and a two-hundred day moving average of $781.06. The firm has a market cap of $338.45 billion, a PE ratio of 25.28, a PEG ratio of 1.71 and a beta of 1.13. 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 Inc. has a twelve month low of $415.07 and a twelve month high of $923.67.
Broadcom (NASDAQ:AVGO – Get Free Report) last posted its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 earnings per share (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 business had revenue of $8.85 billion for the quarter, compared to analyst estimates of $8.85 billion. During the same period in the prior year, the company posted $9.07 EPS. The company’s revenue for the quarter was up 4.5% on a year-over-year basis. Research analysts predict 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 was paid on Friday, September 29th. Stockholders of record on Thursday, September 21st were paid a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a dividend yield of 2.24%. The ex-dividend date of this dividend was Wednesday, September 20th. Broadcom’s payout ratio is currently 56.58%.
Analyst Ratings Changes
A number of research analysts have commented on the company. Piper Sandler upped their price objective on Broadcom from $830.00 to $925.00 and gave the company an “overweight” rating in a report on Tuesday, August 29th. Rosenblatt Securities restated a “buy” rating and set a $1,000.00 price objective on shares of Broadcom in a research report on Wednesday, September 20th. StockNews.com upgraded Broadcom from a “hold” rating to a “buy” rating in a research report on Wednesday, August 16th. Robert W. Baird increased their target price on Broadcom from $900.00 to $1,000.00 and gave the company an “outperform” rating in a research report on Tuesday, September 5th. Finally, Wolfe Research initiated coverage on Broadcom in a research note on Wednesday, July 19th. They set a “market perform” rating for the company. Five analysts have rated the stock with a hold rating and fifteen have issued a buy rating to the company. According to data from MarketBeat, Broadcom has a consensus rating of “Moderate Buy” and an average target price of $848.52.
Check Out Our Latest Stock 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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