PFG Investments LLC Sells 245 Shares of Broadcom Inc. (NASDAQ:AVGO)

PFG Investments LLC trimmed its holdings in Broadcom Inc. (NASDAQ:AVGO) by 9.0% in the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,480 shares of the semiconductor manufacturer’s stock after selling 245 shares during the quarter. PFG Investments LLC’s holdings in Broadcom were worth $3,982,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC boosted its position in Broadcom by 12.0% in the 2nd quarter. Ashton Thomas Private Wealth LLC now owns 11,128 shares of the semiconductor manufacturer’s stock valued at $17,866,000 after buying an additional 1,191 shares during the last quarter. Invera Wealth Advisors LLC lifted its stake in shares of Broadcom by 9.6% during the second quarter. Invera Wealth Advisors LLC now owns 916 shares of the semiconductor manufacturer’s stock valued at $1,570,000 after acquiring an additional 80 shares during the period. Fairbanks Capital Management Inc. boosted its holdings in Broadcom by 2.5% in the second quarter. Fairbanks Capital Management Inc. now owns 2,864 shares of the semiconductor manufacturer’s stock valued at $4,598,000 after acquiring an additional 70 shares during the last quarter. Harrington Investments INC acquired a new stake in Broadcom in the second quarter worth about $207,000. Finally, Oak Thistle LLC bought a new stake in Broadcom during the 2nd quarter worth about $942,000. Institutional investors and hedge funds own 76.43% of the company’s stock.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. Melius assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target for the company. The Goldman Sachs Group lifted their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Piper Sandler increased their price target on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. UBS Group decreased their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday. Finally, StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23.

Broadcom Stock Up 5.2 %

Shares of Broadcom stock opened at $148.21 on Wednesday. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94 and a current ratio of 1.04. The business’s 50 day simple moving average is $188.66 and its 200 day simple moving average is $156.32. The firm has a market cap of $689.90 billion, a PE ratio of 6.37, a P/E/G ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The firm’s revenue was up 47.3% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.95 earnings per share. On average, analysts predict that Broadcom Inc. will post 3.75 earnings per share for the current fiscal year.

Broadcom Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be paid a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19th. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.43%. This is a boost from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

Insiders Place Their Bets

In other news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Justine Page sold 2,540 shares of Broadcom stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s stock.

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.