Broadcom Inc. (NASDAQ:AVGO) Shares Acquired by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC increased its stake in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 32.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,314 shares of the semiconductor manufacturer’s stock after purchasing an additional 569 shares during the quarter. Sequoia Financial Advisors LLC’s holdings in Broadcom were worth $1,457,000 at the end of the most recent quarter.

Other institutional investors have also bought and sold shares of the company. Modera Wealth Management LLC acquired a new stake in Broadcom in the 1st quarter valued at about $407,000. Sara Bay Financial lifted its holdings in Broadcom by 36.5% in the 1st quarter. Sara Bay Financial now owns 580 shares of the semiconductor manufacturer’s stock valued at $365,000 after acquiring an additional 155 shares during the last quarter. Coastal Investment Advisors Inc. lifted its holdings in Broadcom by 34.3% in the 1st quarter. Coastal Investment Advisors Inc. now owns 1,369 shares of the semiconductor manufacturer’s stock valued at $862,000 after acquiring an additional 350 shares during the last quarter. Capital Investment Advisors LLC lifted its holdings in Broadcom by 8.0% in the 1st quarter. Capital Investment Advisors LLC now owns 5,407 shares of the semiconductor manufacturer’s stock valued at $3,404,000 after acquiring an additional 401 shares during the last quarter. Finally, Avestar Capital LLC lifted its holdings in Broadcom by 18.0% in the 1st quarter. Avestar Capital LLC now owns 1,233 shares of the semiconductor manufacturer’s stock valued at $776,000 after acquiring an additional 188 shares during the last quarter. Institutional investors and hedge funds own 79.60% of the company’s stock.

Broadcom Stock Up 1.3 %

Shares of Broadcom stock opened at $511.93 on Friday. The stock has a market capitalization of $206.73 billion, a P/E ratio of 22.14, a PEG ratio of 0.97 and a beta of 1.09. The company has a quick ratio of 2.05, a current ratio of 2.32 and a debt-to-equity ratio of 1.88. The stock has a 50 day moving average price of $517.90 and a two-hundred day moving average price of $553.34. Broadcom Inc. has a 12-month low of $463.91 and a 12-month high of $677.76.

Broadcom (NASDAQ:AVGOGet Rating) last announced its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $9.56 by $0.17. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The company’s revenue was up 24.9% on a year-over-year basis. During the same quarter in the prior year, the business earned $6.32 earnings per share. Equities analysts expect that Broadcom Inc. will post 34.09 earnings per share for the current year.

Broadcom announced that its board has authorized a stock repurchase plan 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 shares through open market purchases. Shares repurchase plans are typically a sign that the company’s management believes its shares are undervalued.

Broadcom Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd will be given a dividend of $4.10 per share. The ex-dividend date is Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a yield of 3.20%. Broadcom’s payout ratio is currently 70.93%.

Wall Street Analyst Weigh In

A number of analysts have commented on the stock. Bank of America reduced their price objective on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a research note on Wednesday, June 29th. StockNews.com raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 13th. BMO Capital Markets reduced their price objective on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a research note on Friday, September 2nd. Piper Sandler reaffirmed a “buy” rating and set a $750.00 price objective on shares of Broadcom in a research note on Tuesday, May 24th. Finally, Mizuho upped their price objective on shares of Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a research note on Friday, May 27th. Two investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $675.33.

Broadcom Profile

(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.

Recommended Stories

Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc. (NASDAQ:AVGOGet Rating).

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.