Brookstone Capital Management trimmed its position in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 11.2% in the first quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 3,568 shares of the semiconductor manufacturer’s stock after selling 448 shares during the period. Brookstone Capital Management’s holdings in Broadcom were worth $2,072,000 as of its most recent SEC filing.
Several other hedge funds have also recently added to or reduced their stakes in the company. CHICAGO TRUST Co NA increased its holdings in shares of Broadcom by 59.5% during the 1st quarter. CHICAGO TRUST Co NA now owns 721 shares of the semiconductor manufacturer’s stock worth $454,000 after buying an additional 269 shares during the last quarter. Cooper Financial Group increased its holdings in shares of Broadcom by 1.8% during the 1st quarter. Cooper Financial Group now owns 1,004 shares of the semiconductor manufacturer’s stock worth $632,000 after buying an additional 18 shares during the last quarter. Insight Wealth Strategies LLC increased its holdings in Broadcom by 35.2% in the 1st quarter. Insight Wealth Strategies LLC now owns 6,516 shares of the semiconductor manufacturer’s stock valued at $4,103,000 after purchasing an additional 1,696 shares in the last quarter. Crestwood Advisors Group LLC increased its holdings in Broadcom by 146.4% in the 1st quarter. Crestwood Advisors Group LLC now owns 1,700 shares of the semiconductor manufacturer’s stock valued at $1,070,000 after purchasing an additional 1,010 shares in the last quarter. Finally, Aurora Investment Managers LLC. acquired a new stake in Broadcom in the 1st quarter valued at $2,240,000. Institutional investors and hedge funds own 81.53% of the company’s stock.
AVGO has been the subject of several recent research reports. Truist Financial increased their price target on Broadcom to $658.00 in a report on Friday, May 27th. Susquehanna reiterated a “buy” rating and issued a $680.00 price target on shares of Broadcom in a report on Tuesday, March 1st. Morgan Stanley lowered their price target on Broadcom from $723.00 to $703.00 and set an “overweight” rating for the company in a report on Friday, March 4th. StockNews.com upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 13th. Finally, Susquehanna Bancshares restated a “buy” rating and set a $680.00 target price on shares of Broadcom in a research note on Tuesday, March 1st. Four investment analysts have rated the stock with a hold rating, twenty-one have assigned a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $685.70.
Broadcom (NASDAQ:AVGO – Get Rating) last announced its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $9.07 EPS for the quarter, topping the consensus estimate of $7.88 by $1.19. The firm had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $7.91 billion. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The firm’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.89 earnings per share. On average, sell-side analysts expect that Broadcom Inc. will post 33.95 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd will be issued a $4.10 dividend. The ex-dividend date of this dividend is Tuesday, June 21st. This represents a $16.40 annualized dividend and a dividend yield of 3.30%. Broadcom’s dividend payout ratio is currently 81.31%.
Broadcom announced that its Board of Directors has initiated a share buyback program on Thursday, May 26th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to repurchase up to 4.3% of its stock through open market purchases. Stock repurchase programs are usually a sign that the company’s management believes its stock is undervalued.
In other news, CFO Kirsten M. Spears sold 3,000 shares of the business’s stock in a transaction on Monday, March 28th. The shares were sold at an average price of $625.86, for a total transaction of $1,877,580.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Diane M. Bryant sold 476 shares of the business’s stock in a transaction on Tuesday, April 5th. The shares were sold at an average price of $629.55, for a total transaction of $299,665.80. Following the transaction, the director now owns 1,560 shares in the company, valued at $982,098. The disclosure for this sale can be found here. 2.30% of the stock is currently owned by corporate insiders.
About Broadcom (Get Rating)
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.
- Get a free copy of the StockNews.com research report on Broadcom (AVGO)
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