IBM Retirement Fund lessened its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 10.4% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,979 shares of the semiconductor manufacturer’s stock after selling 814 shares during the quarter. IBM Retirement Fund’s holdings in Broadcom were worth $1,775,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of AVGO. Lincoln National Corp raised its position in Broadcom by 4.1% in the 4th quarter. Lincoln National Corp now owns 929 shares of the semiconductor manufacturer’s stock valued at $236,000 after purchasing an additional 37 shares during the last quarter. Quadrant Capital Group LLC raised its position in Broadcom by 2.9% in the 4th quarter. Quadrant Capital Group LLC now owns 1,432 shares of the semiconductor manufacturer’s stock valued at $346,000 after purchasing an additional 41 shares during the last quarter. Signature Wealth Management Group raised its position in Broadcom by 1.9% in the 4th quarter. Signature Wealth Management Group now owns 2,389 shares of the semiconductor manufacturer’s stock valued at $607,000 after purchasing an additional 44 shares during the last quarter. Capital City Trust Co. FL raised its position in Broadcom by 1.0% in the 4th quarter. Capital City Trust Co. FL now owns 4,579 shares of the semiconductor manufacturer’s stock valued at $1,164,000 after purchasing an additional 45 shares during the last quarter. Finally, Navellier & Associates Inc raised its position in Broadcom by 2.0% in the 4th quarter. Navellier & Associates Inc now owns 2,283 shares of the semiconductor manufacturer’s stock valued at $581,000 after purchasing an additional 45 shares during the last quarter. Institutional investors and hedge funds own 83.49% of the company’s stock.
AVGO stock opened at $290.29 on Friday. The firm has a market cap of $106.80 billion, a PE ratio of 15.42, a PEG ratio of 1.22 and a beta of 0.67. Broadcom Inc has a twelve month low of $197.46 and a twelve month high of $286.63. The company has a quick ratio of 3.41, a current ratio of 3.90 and a debt-to-equity ratio of 0.66.
Broadcom (NASDAQ:AVGO) last released its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, topping analysts’ consensus estimates of $4.32 by $1.23. The company had revenue of $5.79 billion during the quarter, compared to the consensus estimate of $5.83 billion. Broadcom had a return on equity of 29.03% and a net margin of 58.80%. The firm’s quarterly revenue was up 8.6% on a year-over-year basis. During the same quarter in the previous year, the company posted $5.12 earnings per share. On average, equities research analysts predict that Broadcom Inc will post 18.59 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 29th. Investors of record on Thursday, March 21st will be paid a dividend of $2.65 per share. The ex-dividend date of this dividend is Wednesday, March 20th. This represents a $10.60 dividend on an annualized basis and a dividend yield of 3.65%. Broadcom’s dividend payout ratio (DPR) is presently 56.29%.
In related news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction on Tuesday, January 15th. The stock was sold at an average price of $254.99, for a total transaction of $5,099,800.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Donald Macleod sold 5,223 shares of Broadcom stock in a transaction on Monday, January 7th. The stock was sold at an average price of $233.65, for a total value of $1,220,353.95. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 45,223 shares of company stock valued at $11,449,554. 3.30% of the stock is owned by insiders.
Several brokerages have issued reports on AVGO. Cowen downgraded Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 price objective for the company. in a research report on Friday, February 22nd. SunTrust Banks lifted their price objective on Broadcom to $339.00 and gave the company a “buy” rating in a research report on Friday. They noted that the move was a valuation call. Citigroup began coverage on Broadcom in a research report on Friday. They issued a “buy” rating for the company. Barclays lifted their price objective on Broadcom from $265.00 to $275.00 and gave the company an “overweight” rating in a research report on Friday. Finally, B. Riley upgraded Broadcom from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $250.00 to $300.00 in a research report on Monday, December 3rd. Ten analysts have rated the stock with a hold rating and thirty-one have given a buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and an average price target of $295.36.
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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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