Boltwood Capital Management reduced its position in Broadcom Inc (NASDAQ:AVGO) by 14.9% in the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 850 shares of the semiconductor manufacturer’s stock after selling 149 shares during the quarter. Boltwood Capital Management’s holdings in Broadcom were worth $245,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently bought and sold shares of AVGO. First Financial Corp IN purchased a new stake in Broadcom in the 1st quarter valued at $30,000. Daiwa SB Investments Ltd. purchased a new stake in Broadcom in the 1st quarter valued at $30,000. CX Institutional grew its holdings in Broadcom by 555.6% in the 1st quarter. CX Institutional now owns 118 shares of the semiconductor manufacturer’s stock valued at $35,000 after buying an additional 100 shares in the last quarter. Destination Wealth Management purchased a new stake in Broadcom in the 1st quarter valued at $41,000. Finally, Lenox Wealth Advisors LLC purchased a new stake in Broadcom in the 1st quarter valued at $44,000. 83.92% of the stock is owned by hedge funds and other institutional investors.
In other Broadcom news, SVP Bryan Ingram sold 11,922 shares of the business’s stock in a transaction dated Wednesday, June 26th. The stock was sold at an average price of $278.58, for a total transaction of $3,321,230.76. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Hock E. Tan sold 20,000 shares of the business’s stock in a transaction dated Monday, July 15th. The shares were sold at an average price of $292.16, for a total value of $5,843,200.00. The disclosure for this sale can be found here. Insiders sold 65,388 shares of company stock valued at $18,198,482 over the last quarter. Insiders own 3.30% of the company’s stock.
Shares of NASDAQ AVGO traded up $4.63 during trading on Tuesday, reaching $300.78. The company had a trading volume of 1,968,082 shares, compared to its average volume of 2,932,723. Broadcom Inc has a twelve month low of $202.77 and a twelve month high of $323.20. The stock has a market capitalization of $117.89 billion, a PE ratio of 15.97, a PEG ratio of 1.40 and a beta of 0.94. The business’s 50-day simple moving average is $279.84. The company has a quick ratio of 1.13, a current ratio of 1.26 and a debt-to-equity ratio of 1.53.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 13th. The semiconductor manufacturer reported $5.21 earnings per share for the quarter, topping the Zacks’ consensus estimate of $5.18 by $0.03. Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The company had revenue of $5.52 billion during the quarter, compared to analysts’ expectations of $5.70 billion. During the same period in the previous year, the firm posted $4.88 earnings per share. The business’s revenue for the quarter was up 10.0% compared to the same quarter last year. Equities research analysts expect that Broadcom Inc will post 17.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, July 2nd. Investors of record on Monday, June 24th were paid a $2.65 dividend. The ex-dividend date was Friday, June 21st. This represents a $10.60 annualized dividend and a yield of 3.52%. Broadcom’s payout ratio is currently 56.29%.
A number of research firms have recently weighed in on AVGO. Royal Bank of Canada lowered their price target on Snc-Lavalin Group from C$40.00 to C$34.00 and set an “outperform” rating for the company in a report on Tuesday. Robert W. Baird set a $5.00 price target on Ashford Hospitality Trust and gave the stock a “hold” rating in a report on Monday, June 17th. Zacks Investment Research upgraded HAYS PLC/ADR from a “sell” rating to a “hold” rating in a report on Tuesday, June 18th. ValuEngine upgraded Vale from a “sell” rating to a “hold” rating in a report on Tuesday, July 16th. Finally, Craig Hallum restated a “buy” rating and set a $315.00 target price (down from $325.00) on shares of Broadcom in a report on Friday, June 14th. Eight investment analysts have rated the stock with a hold rating and thirty have given a buy rating to the stock. Broadcom currently has a consensus rating of “Buy” and a consensus price target of $303.68.
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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