BerganKDV Wealth Management LLC Has $3.40 Million Stake in Broadcom Inc. (NASDAQ:AVGO)

BerganKDV Wealth Management LLC increased its position in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 10.5% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,400 shares of the semiconductor manufacturer’s stock after buying an additional 511 shares during the period. BerganKDV Wealth Management LLC’s holdings in Broadcom were worth $3,400,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Broadcom during the fourth quarter valued at approximately $2,403,800,000. Fisher Asset Management LLC boosted its holdings in shares of Broadcom by 22,117.6% during the 4th quarter. Fisher Asset Management LLC now owns 752,289 shares of the semiconductor manufacturer’s stock worth $500,581,000 after buying an additional 748,903 shares during the period. Nuveen Asset Management LLC grew its stake in Broadcom by 16.4% in the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $2,949,003,000 after buying an additional 624,821 shares during the last quarter. State Street Corp raised its holdings in Broadcom by 3.4% in the 4th quarter. State Street Corp now owns 16,533,258 shares of the semiconductor manufacturer’s stock worth $11,001,395,000 after acquiring an additional 542,398 shares during the period. Finally, Toronto Dominion Bank lifted its position in Broadcom by 119.7% during the 4th quarter. Toronto Dominion Bank now owns 670,216 shares of the semiconductor manufacturer’s stock worth $445,964,000 after acquiring an additional 365,162 shares during the last quarter. Institutional investors own 81.53% of the company’s stock.

Broadcom Price Performance

Shares of Broadcom stock traded down $1.36 during mid-day trading on Friday, reaching $551.44. 1,435,744 shares of the stock were exchanged, compared to its average volume of 1,840,794. The company has a current ratio of 2.14, a quick ratio of 1.90 and a debt-to-equity ratio of 1.87. The company has a market cap of $222.68 billion, a price-to-earnings ratio of 27.34, a price-to-earnings-growth ratio of 1.12 and a beta of 1.08. Broadcom Inc. has a fifty-two week low of $462.66 and a fifty-two week high of $677.76. The firm has a 50-day simple moving average of $518.75 and a 200 day simple moving average of $561.25.

Broadcom (NASDAQ:AVGOGet Rating) last announced its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $8.39 EPS for the quarter, topping the consensus estimate of $7.88 by $0.51. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The business had revenue of $8.10 billion for the quarter, compared to the consensus estimate of $7.91 billion. During the same period in the previous year, the business earned $5.89 EPS. Broadcom’s revenue was up 22.6% compared to the same quarter last year. On average, sell-side analysts predict that Broadcom Inc. will post 33.96 EPS for the current fiscal year.

Broadcom Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd were issued a $4.10 dividend. The ex-dividend date of this dividend was Tuesday, June 21st. This represents a $16.40 dividend on an annualized basis and a dividend yield of 2.97%. Broadcom’s dividend payout ratio is 81.31%.

Broadcom announced that its board has approved a stock buyback plan on Thursday, May 26th that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the semiconductor manufacturer to repurchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on AVGO shares. Bank of America lowered their price target on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. Mizuho lifted their price target on Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research report on Friday, May 27th. KeyCorp upped their price target on Broadcom from $720.00 to $780.00 and gave the stock an “overweight” rating in a report on Friday, May 27th. Truist Financial raised their price objective on shares of Broadcom to $658.00 in a research note on Friday, May 27th. Finally, Piper Sandler reiterated a “buy” rating and set a $750.00 target price on shares of Broadcom in a research note on Tuesday, May 24th. Four equities 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 company. Based on data from MarketBeat.com, Broadcom has a consensus rating of “Moderate Buy” and an average price target of $680.46.

Broadcom Profile

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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.

See Also

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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