Founders Grove Wealth Partners LLC raised its position in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 50.4% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,003 shares of the semiconductor manufacturer’s stock after purchasing an additional 671 shares during the period. Founders Grove Wealth Partners LLC’s holdings in Broadcom were worth $552,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the company. Morningstar Investment Management LLC raised its stake in shares of Broadcom by 32.9% during the 2nd quarter. Morningstar Investment Management LLC now owns 64,316 shares of the semiconductor manufacturer’s stock worth $17,729,000 after purchasing an additional 15,918 shares in the last quarter. Harbour Trust & Investment Management Co raised its stake in shares of Broadcom by 7.8% during the 2nd quarter. Harbour Trust & Investment Management Co now owns 2,356 shares of the semiconductor manufacturer’s stock worth $649,000 after purchasing an additional 171 shares in the last quarter. Jordan Park Trust Co LLC purchased a new stake in shares of Broadcom during the 2nd quarter worth about $219,000. Sage Advisors LLC increased its holdings in shares of Broadcom by 29.9% during the 2nd quarter. Sage Advisors LLC now owns 2,055 shares of the semiconductor manufacturer’s stock valued at $566,000 after acquiring an additional 473 shares during the last quarter. Finally, Cutler Investment Counsel LLC acquired a new position in shares of Broadcom during the 2nd quarter valued at about $299,000. 76.43% of the stock is owned by hedge funds and other institutional investors.
Broadcom Stock Performance
AVGO opened at $349.24 on Tuesday. The firm has a market capitalization of $1.65 trillion, a P/E ratio of 89.09, a price-to-earnings-growth ratio of 1.97 and a beta of 1.20. The stock’s 50 day moving average price is $328.64 and its two-hundred day moving average price is $271.47. The company has a quick ratio of 1.37, a current ratio of 1.50 and a debt-to-equity ratio of 0.86. Broadcom Inc. has a 12-month low of $138.10 and a 12-month high of $374.23.
Broadcom Dividend Announcement
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were given a $0.59 dividend. The ex-dividend date was Monday, September 22nd. This represents a $2.36 dividend on an annualized basis and a dividend yield of 0.7%. Broadcom’s dividend payout ratio (DPR) is currently 60.20%.
Insider Buying and Selling
In other Broadcom news, CEO Hock E. Tan sold 100,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 23rd. The stock was sold at an average price of $339.58, for a total value of $33,958,000.00. Following the completion of the sale, the chief executive officer owned 725,638 shares in the company, valued at approximately $246,412,152.04. This trade represents a 12.11% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Charlie B. Kawwas sold 3,893 shares of the firm’s stock in a transaction that occurred on Wednesday, September 17th. The stock was sold at an average price of $347.82, for a total value of $1,354,063.26. Following the completion of the sale, the insider owned 25,295 shares of the company’s stock, valued at $8,798,106.90. This represents a 13.34% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have purchased 3,550 shares of company stock worth $1,227,869 and have sold 665,271 shares worth $225,464,248. Insiders own 2.00% of the company’s stock.
Analyst Upgrades and Downgrades
A number of research analysts have recently commented on AVGO shares. Oppenheimer reissued an “outperform” rating and set a $360.00 price objective (up previously from $325.00) on shares of Broadcom in a report on Friday, September 5th. Arete Research raised Broadcom to a “strong-buy” rating in a report on Monday, July 28th. Bank of America increased their price objective on Broadcom from $300.00 to $400.00 and gave the company a “buy” rating in a report on Friday, September 5th. HSBC raised Broadcom from a “hold” rating to a “buy” rating and set a $400.00 price objective on the stock in a report on Tuesday, June 24th. Finally, Mizuho set a $430.00 price objective on Broadcom in a report on Monday, October 13th. Three research analysts have rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $372.33.
Read Our Latest Research Report on Broadcom
About Broadcom
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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