Disciplined Growth Investors Inc. MN purchased a new position in Broadcom Inc. (NASDAQ:AVGO – Free Report) in the 2nd quarter, Holdings Channel reports. The firm purchased 142 shares of the semiconductor manufacturer’s stock, valued at approximately $228,000.
A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Legend Financial Advisors Inc. raised its position in Broadcom by 72.7% in the 1st quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor manufacturer’s stock worth $25,000 after buying an additional 8 shares during the last quarter. Richardson Capital Management LLC bought a new stake in shares of Broadcom in the first quarter worth approximately $29,000. Delta Asset Management LLC TN raised its holdings in shares of Broadcom by 242.9% during the first quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 17 shares during the last quarter. Redmont Wealth Advisors LLC bought a new position in Broadcom during the first quarter valued at approximately $36,000. Finally, Creekmur Asset Management LLC purchased a new stake in Broadcom in the fourth quarter worth approximately $43,000. 76.43% of the stock is owned by institutional investors.
Broadcom Trading Down 3.0 %
Broadcom stock opened at $172.69 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. The firm’s 50 day moving average price is $158.00 and its 200-day moving average price is $148.25. Broadcom Inc. has a 1 year low of $80.89 and a 1 year high of $185.16. The stock has a market cap of $803.85 billion, a P/E ratio of 7.43, a PEG ratio of 2.78 and a beta of 1.16.
Broadcom Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a yield of 1.23%. Broadcom’s dividend payout ratio is presently 9.12%.
Insider Buying and Selling at Broadcom
In other news, Director Gayla J. Delly sold 750 shares of the company’s stock in a transaction that occurred on Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total transaction of $130,897.50. Following the sale, the director now directly owns 34,750 shares of the company’s stock, valued at approximately $6,064,917.50. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Gayla J. Delly sold 750 shares of Broadcom stock in a transaction dated Wednesday, September 25th. The stock was sold at an average price of $174.53, for a total value of $130,897.50. Following the completion of the transaction, the director now owns 34,750 shares in the company, valued at $6,064,917.50. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total value of $8,168,500.00. Following the transaction, the chief executive officer now directly owns 1,331,910 shares in the company, valued at approximately $217,594,136.70. The disclosure for this sale can be found here. Insiders sold 233,452 shares of company stock worth $51,278,838 in the last quarter. 2.00% of the stock is owned by corporate insiders.
Analysts Set New Price Targets
A number of equities research analysts have weighed in on the stock. Benchmark reiterated a “buy” rating and set a $210.00 target price on shares of Broadcom in a research note on Friday, September 6th. Rosenblatt Securities lowered their target price on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a report on Friday, September 6th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research note on Friday, September 6th. Finally, Morgan Stanley boosted their target price on shares of Broadcom from $176.00 to $180.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. Two analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $189.23.
View Our Latest Report on AVGO
About Broadcom
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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