ZWJ Investment Counsel Inc. raised its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 1.9% during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 129,677 shares of the semiconductor manufacturer’s stock after acquiring an additional 2,414 shares during the quarter. Broadcom makes up 2.8% of ZWJ Investment Counsel Inc.’s investment portfolio, making the stock its 3rd largest holding. ZWJ Investment Counsel Inc.’s holdings in Broadcom were worth $35,800,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in AVGO. Nuveen Asset Management LLC grew its stake in shares of Broadcom by 2,421.3% in the 2nd quarter. Nuveen Asset Management LLC now owns 3,410,706 shares of the semiconductor manufacturer’s stock valued at $981,806,000 after buying an additional 3,275,431 shares in the last quarter. Point72 Asset Management L.P. grew its stake in shares of Broadcom by 1,808.4% in the 2nd quarter. Point72 Asset Management L.P. now owns 777,480 shares of the semiconductor manufacturer’s stock valued at $223,805,000 after buying an additional 736,741 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Broadcom by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 31,797,832 shares of the semiconductor manufacturer’s stock valued at $9,153,324,000 after buying an additional 559,961 shares in the last quarter. Thoroughbred Financial Services LLC grew its stake in shares of Broadcom by 40,641.1% in the 2nd quarter. Thoroughbred Financial Services LLC now owns 514,967 shares of the semiconductor manufacturer’s stock valued at $51,497,000 after buying an additional 513,703 shares in the last quarter. Finally, Natixis grew its stake in shares of Broadcom by 840.6% in the 2nd quarter. Natixis now owns 440,738 shares of the semiconductor manufacturer’s stock valued at $126,871,000 after buying an additional 393,880 shares in the last quarter. 84.96% of the stock is currently owned by institutional investors.
Shares of AVGO stock traded down $7.56 during trading hours on Wednesday, reaching $279.90. 1,224,432 shares of the company’s stock were exchanged, compared to its average volume of 2,195,749. Broadcom Inc has a fifty-two week low of $208.23 and a fifty-two week high of $323.20. The stock has a market capitalization of $114.86 billion, a P/E ratio of 14.86, a P/E/G ratio of 1.44 and a beta of 0.89. The business has a fifty day moving average price of $283.56 and a 200-day moving average price of $286.40. The company has a quick ratio of 1.18, a current ratio of 1.32 and a debt-to-equity ratio of 1.58.
Broadcom (NASDAQ:AVGO) last issued its quarterly earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The business had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same quarter last year, the firm earned $4.98 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. As a group, research analysts expect that Broadcom Inc will post 16.97 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were issued a dividend of $2.65 per share. The ex-dividend date was Friday, September 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.79%. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.
Several brokerages recently commented on AVGO. Cascend Securities boosted their price target on Broadcom from $300.00 to $330.00 and gave the company a “buy” rating in a research note on Tuesday, September 10th. ValuEngine lowered Broadcom from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. JPMorgan Chase & Co. set a $350.00 target price on Broadcom and gave the stock a “buy” rating in a report on Friday, September 13th. Sanford C. Bernstein set a $340.00 target price on Broadcom and gave the stock a “buy” rating in a report on Friday, September 13th. Finally, Morgan Stanley boosted their target price on Broadcom from $250.00 to $265.00 and gave the stock an “equal weight” rating in a report on Friday, September 13th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $312.06.
In related news, CEO Hock E. Tan sold 20,000 shares of the company’s stock in a transaction on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total value of $5,409,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Mark David Brazeal sold 2,000 shares of the company’s stock in a transaction on Friday, October 11th. The shares were sold at an average price of $289.43, for a total value of $578,860.00. Over the last quarter, insiders have sold 62,000 shares of company stock valued at $17,550,860. Corporate insiders own 3.30% of the company’s stock.
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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