Financial Enhancement Group LLC acquired a new position in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 12,966 shares of the semiconductor manufacturer’s stock, valued at approximately $8,164,000. Broadcom comprises approximately 1.5% of Financial Enhancement Group LLC’s portfolio, making the stock its 16th largest holding.
A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Nomura Holdings Inc. grew its position in Broadcom by 413.7% during the 1st quarter. Nomura Holdings Inc. now owns 8,472 shares of the semiconductor manufacturer’s stock worth $5,313,000 after acquiring an additional 11,173 shares during the last quarter. Wealthfront Advisers LLC grew its position in shares of Broadcom by 28.5% in the 1st quarter. Wealthfront Advisers LLC now owns 37,201 shares of the semiconductor manufacturer’s stock valued at $23,425,000 after buying an additional 8,256 shares during the last quarter. Weiss Multi Strategy Advisers LLC grew its position in shares of Broadcom by 69.0% in the 1st quarter. Weiss Multi Strategy Advisers LLC now owns 15,288 shares of the semiconductor manufacturer’s stock valued at $9,627,000 after buying an additional 6,244 shares during the last quarter. Continuum Advisory LLC grew its position in shares of Broadcom by 132.8% in the 1st quarter. Continuum Advisory LLC now owns 1,001 shares of the semiconductor manufacturer’s stock valued at $555,000 after buying an additional 571 shares during the last quarter. Finally, Linscomb & Williams Inc. grew its position in shares of Broadcom by 1.1% in the 1st quarter. Linscomb & Williams Inc. now owns 23,568 shares of the semiconductor manufacturer’s stock valued at $14,840,000 after buying an additional 259 shares during the last quarter. Institutional investors own 79.60% of the company’s stock.
Wall Street Analysts Forecast Growth
AVGO has been the topic of a number of analyst reports. Deutsche Bank Aktiengesellschaft reduced their price target on Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. Robert W. Baird reissued an “outperform” rating and issued a $700.00 price objective on shares of Broadcom in a research note on Tuesday, September 6th. Susquehanna reissued a “buy” rating and issued a $680.00 price objective on shares of Broadcom in a research note on Friday, September 2nd. Mizuho boosted their price objective on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a research note on Friday, May 27th. Finally, Truist Financial dropped their price objective on Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research note on Friday, September 2nd. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $675.33.
Broadcom Stock Performance
Broadcom (NASDAQ:AVGO – Get Rating) last released its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $9.56 by $0.17. The company had revenue of $8.46 billion during the quarter, compared to analyst estimates of $8.41 billion. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. Broadcom’s quarterly revenue was up 24.9% on a year-over-year basis. During the same period in the prior year, the company posted $6.32 earnings per share. As a group, sell-side analysts expect that Broadcom Inc. will post 34.38 earnings per share for the current year.
Broadcom declared that its Board of Directors has authorized a stock repurchase plan on Thursday, May 26th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd will be issued a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a yield of 3.26%. The ex-dividend date is Wednesday, September 21st. Broadcom’s dividend payout ratio (DPR) is 70.93%.
Broadcom Company Profile
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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