Voya Investment Management LLC purchased a new position in Broadcom Inc (NASDAQ:AVGO) during the second quarter, HoldingsChannel.com reports. The firm purchased 878,543 shares of the semiconductor manufacturer’s stock, valued at approximately $213,170,000.
Other hedge funds have also recently added to or reduced their stakes in the company. Marcus Capital LLC purchased a new position in shares of Broadcom in the 2nd quarter worth $364,000. BP PLC purchased a new position in shares of Broadcom in the 2nd quarter worth $12,135,000. Wesbanco Bank Inc. purchased a new position in shares of Broadcom in the 2nd quarter worth $19,879,000. Sigma Investment Counselors Inc. purchased a new position in shares of Broadcom in the 2nd quarter worth $286,000. Finally, KBC Group NV purchased a new position in shares of Broadcom in the 2nd quarter worth $10,500,000. Hedge funds and other institutional investors own 84.21% of the company’s stock.
NASDAQ:AVGO traded up $13.61 on Friday, reaching $229.58. 179,018 shares of the company’s stock traded hands, compared to its average volume of 3,031,851. The company has a quick ratio of 5.29, a current ratio of 5.87 and a debt-to-equity ratio of 0.55. The stock has a market cap of $95.58 billion, a PE ratio of 15.99, a P/E/G ratio of 0.96 and a beta of 0.94. Broadcom Inc has a 12 month low of $197.46 and a 12 month high of $285.68.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, beating the Zacks’ consensus estimate of $4.82 by $0.16. The business had revenue of $5.06 billion for the quarter, compared to analysts’ expectations of $5.06 billion. Broadcom had a return on equity of 28.81% and a net margin of 56.32%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the firm earned $4.10 earnings per share. sell-side analysts anticipate that Broadcom Inc will post 17.52 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th will be issued a dividend of $1.75 per share. This represents a $7.00 dividend on an annualized basis and a yield of 3.05%. Broadcom’s dividend payout ratio is presently 48.95%.
AVGO has been the topic of a number of research reports. Bank of America restated a “neutral” rating and issued a $240.00 price target on shares of Broadcom in a research note on Monday, July 16th. BidaskClub upgraded Broadcom from a “sell” rating to a “hold” rating in a research note on Wednesday, August 29th. KeyCorp dropped their price target on Broadcom from $325.00 to $260.00 and set an “overweight” rating on the stock in a research note on Wednesday, July 25th. Zacks Investment Research upgraded Broadcom from a “sell” rating to a “hold” rating in a research note on Monday, June 4th. Finally, ValuEngine downgraded Broadcom from a “sell” rating to a “strong sell” rating in a research note on Thursday, July 12th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and twenty-seven have assigned a buy rating to the company. The stock presently has an average rating of “Buy” and a consensus price target of $290.11.
In other Broadcom news, SVP Bryan Ingram sold 10,604 shares of the firm’s stock in a transaction dated Friday, June 15th. The stock was sold at an average price of $270.02, for a total transaction of $2,863,292.08. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Hock E. Tan sold 20,000 shares of the firm’s stock in a transaction dated Friday, June 15th. The shares were sold at an average price of $269.69, for a total value of $5,393,800.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 130,604 shares of company stock worth $31,572,092. 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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