Cambridge Financial Group Inc. decreased its position in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 24.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 13,822 shares of the semiconductor manufacturer’s stock after selling 4,408 shares during the quarter. Broadcom comprises approximately 3.9% of Cambridge Financial Group Inc.’s investment portfolio, making the stock its 6th biggest position. Cambridge Financial Group Inc.’s holdings in Broadcom were worth $8,703,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds also recently made changes to their positions in AVGO. Assenagon Asset Management S.A. grew its position in Broadcom by 0.6% during the fourth quarter. Assenagon Asset Management S.A. now owns 3,624 shares of the semiconductor manufacturer’s stock worth $2,411,000 after buying an additional 20 shares in the last quarter. Davy Global Fund Management Ltd bought a new stake in Broadcom during the fourth quarter worth $2,515,000. Clarius Group LLC lifted its stake in Broadcom by 1.2% during the fourth quarter. Clarius Group LLC now owns 5,840 shares of the semiconductor manufacturer’s stock worth $3,886,000 after purchasing an additional 70 shares during the last quarter. Smith Group Asset Management LLC lifted its stake in Broadcom by 12.2% during the fourth quarter. Smith Group Asset Management LLC now owns 1,290 shares of the semiconductor manufacturer’s stock worth $858,000 after purchasing an additional 140 shares during the last quarter. Finally, MV Capital Management Inc. lifted its stake in Broadcom by 21.2% during the fourth quarter. MV Capital Management Inc. now owns 126 shares of the semiconductor manufacturer’s stock worth $84,000 after purchasing an additional 22 shares during the last quarter. Institutional investors and hedge funds own 81.53% of the company’s stock.
Analyst Upgrades and Downgrades
Several equities research analysts have weighed in on the company. Piper Sandler restated a “buy” rating and set a $750.00 target price on shares of Broadcom in a research note on Tuesday, May 24th. KeyCorp increased their target price on Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a research report on Friday, May 27th. StockNews.com upgraded Broadcom from a “buy” rating to a “strong-buy” rating in a report on Friday, May 13th. Deutsche Bank Aktiengesellschaft reduced their price target on Broadcom from $700.00 to $635.00 in a report on Wednesday, July 20th. Finally, Bank of America reduced their price target on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a report on Wednesday, June 29th. Four research analysts have rated the stock with a hold rating, twenty-two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $680.46.
Broadcom Trading Down 0.2 %
Broadcom (NASDAQ:AVGO – Get Rating) last issued its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share for the quarter, topping analysts’ consensus estimates of $7.88 by $0.51. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The company had revenue of $8.10 billion for the quarter, compared to analyst estimates of $7.91 billion. During the same period in the prior year, the firm earned $5.89 earnings per share. Broadcom’s revenue for the quarter was up 22.6% on a year-over-year basis. Analysts anticipate that Broadcom Inc. will post 33.96 EPS for the current year.
Broadcom announced that its Board of Directors has initiated a stock buyback program on Thursday, May 26th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s management believes its stock is undervalued.
Broadcom Dividend Announcement
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd were issued a dividend of $4.10 per share. The ex-dividend date was Tuesday, June 21st. This represents a $16.40 annualized dividend and a yield of 2.97%. Broadcom’s dividend payout ratio (DPR) is currently 81.31%.
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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