WESPAC Advisors SoCal LLC lessened its stake in Broadcom Inc. (NASDAQ:AVGO) by 0.9% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 24,983 shares of the semiconductor manufacturer’s stock after selling 216 shares during the quarter. Broadcom accounts for approximately 4.0% of WESPAC Advisors SoCal LLC’s holdings, making the stock its 5th biggest position. WESPAC Advisors SoCal LLC’s holdings in Broadcom were worth $12,127,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Capital International Investors increased its holdings in Broadcom by 2.1% in the 2nd quarter. Capital International Investors now owns 33,942,430 shares of the semiconductor manufacturer’s stock worth $16,185,173,000 after buying an additional 706,502 shares in the last quarter. State Street Corp grew its stake in shares of Broadcom by 1.4% during the 2nd quarter. State Street Corp now owns 15,873,523 shares of the semiconductor manufacturer’s stock valued at $7,569,131,000 after purchasing an additional 221,137 shares during the period. Geode Capital Management LLC grew its stake in shares of Broadcom by 2.8% during the 2nd quarter. Geode Capital Management LLC now owns 6,447,493 shares of the semiconductor manufacturer’s stock valued at $3,065,401,000 after purchasing an additional 176,270 shares during the period. Charles Schwab Investment Management Inc. grew its stake in shares of Broadcom by 11.5% during the 2nd quarter. Charles Schwab Investment Management Inc. now owns 4,309,002 shares of the semiconductor manufacturer’s stock valued at $2,054,704,000 after purchasing an additional 444,187 shares during the period. Finally, Bank of New York Mellon Corp lifted its position in shares of Broadcom by 2.6% during the 2nd quarter. Bank of New York Mellon Corp now owns 3,800,941 shares of the semiconductor manufacturer’s stock valued at $1,812,439,000 after buying an additional 98,059 shares in the last quarter. 79.91% of the stock is owned by hedge funds and other institutional investors.
Shares of NASDAQ AVGO traded up $3.61 during trading hours on Thursday, hitting $558.73. 1,208,395 shares of the company traded hands, compared to its average volume of 1,802,852. The stock has a market capitalization of $229.98 billion, a price-to-earnings ratio of 41.45, a price-to-earnings-growth ratio of 1.39 and a beta of 0.93. The company has a current ratio of 2.41, a quick ratio of 2.23 and a debt-to-equity ratio of 1.65. The company’s 50 day moving average price is $521.48 and its 200 day moving average price is $490.79. Broadcom Inc. has a 12 month low of $389.00 and a 12 month high of $577.21.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, September 30th. Shareholders of record on Wednesday, September 22nd were given a $3.60 dividend. This represents a $14.40 annualized dividend and a yield of 2.58%. The ex-dividend date of this dividend was Tuesday, September 21st. Broadcom’s dividend payout ratio (DPR) is presently 106.82%.
In other news, COO Charlie B. Kawwas sold 3,000 shares of the stock in a transaction on Friday, September 10th. The stock was sold at an average price of $500.83, for a total transaction of $1,502,490.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Raul J. Fernandez purchased 152 shares of the company’s stock in a transaction dated Wednesday, September 29th. The shares were purchased at an average cost of $489.54 per share, for a total transaction of $74,410.08. The disclosure for this purchase can be found here. Insiders sold a total of 25,271 shares of company stock worth $12,692,042 in the last ninety days. 2.40% of the stock is currently owned by corporate insiders.
A number of research analysts have recently weighed in on the company. Summit Redstone cut Broadcom to a “hold” rating in a research report on Friday, September 3rd. JPMorgan Chase & Co. lifted their price objective on Broadcom from $585.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. Piper Sandler lifted their price objective on Broadcom from $525.00 to $550.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. Cowen lifted their price objective on Broadcom from $478.00 to $500.00 and gave the company a “market perform” rating in a research report on Friday, September 3rd. Finally, BMO Capital Markets boosted their price target on Broadcom from $575.00 to $625.00 and gave the stock an “outperform” rating in a report on Wednesday, November 10th. They noted that the move was a valuation call. Five investment analysts have rated the stock with a hold rating and twenty-five have assigned a buy rating to the company’s stock. According to data from MarketBeat, Broadcom presently has an average rating of “Buy” and an average target price of $563.96.
Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.
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