L.M. Kohn & Company Makes New Investment in Broadcom Inc. (NASDAQ:AVGO)

L.M. Kohn & Company bought a new position in Broadcom Inc. (NASDAQ:AVGOGet Rating) in the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 367 shares of the semiconductor manufacturer’s stock, valued at approximately $231,000.

Other hedge funds have also added to or reduced their stakes in the company. Equitable Holdings Inc. grew its stake in Broadcom by 17.7% in the fourth quarter. Equitable Holdings Inc. now owns 3,401 shares of the semiconductor manufacturer’s stock valued at $2,263,000 after acquiring an additional 511 shares during the period. Advisor Resource Council purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $943,000. Eagle Strategies LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $265,000. Renaissance Technologies LLC boosted its position in shares of Broadcom by 496.7% during the fourth quarter. Renaissance Technologies LLC now owns 51,296 shares of the semiconductor manufacturer’s stock valued at $34,133,000 after buying an additional 42,700 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in shares of Broadcom during the fourth quarter valued at approximately $1,161,000. 79.60% of the stock is currently owned by institutional investors.

Broadcom Stock Performance

NASDAQ:AVGO opened at $500.14 on Friday. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.05 and a current ratio of 2.32. Broadcom Inc. has a 52-week low of $463.91 and a 52-week high of $677.76. The firm has a market cap of $202.56 billion, a price-to-earnings ratio of 21.63, a PEG ratio of 0.97 and a beta of 1.09. The business’s fifty day moving average is $520.92 and its 200 day moving average is $551.64.

Broadcom (NASDAQ:AVGOGet Rating) last released its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $9.73 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $9.56 by $0.17. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The company had revenue of $8.46 billion for the quarter, compared to analyst estimates of $8.41 billion. During the same period in the previous year, the company posted $6.32 EPS. The firm’s revenue for the quarter was up 24.9% compared to the same quarter last year. Research analysts predict that Broadcom Inc. will post 34.38 EPS for the current year.

Broadcom declared that its board has approved a stock buyback program on Thursday, May 26th that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 4.3% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its shares are undervalued.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Investors of record on Thursday, September 22nd will be given a dividend of $4.10 per share. This represents a $16.40 annualized dividend and a yield of 3.28%. The ex-dividend date of this dividend is Wednesday, September 21st. Broadcom’s payout ratio is 70.93%.

Analyst Upgrades and Downgrades

Several research analysts recently issued reports on AVGO shares. Deutsche Bank Aktiengesellschaft cut their target price on Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. KeyCorp cut their target price on Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a research report on Friday, September 2nd. Mizuho lifted their price target on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a report on Friday, May 27th. Piper Sandler reiterated a “buy” rating and set a $750.00 price target on shares of Broadcom in a report on Tuesday, May 24th. Finally, BMO Capital Markets dropped their price target on Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a report on Friday, September 2nd. Two research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $675.33.

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.

Further Reading

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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