Addenda Capital Inc. Grows Position in Broadcom Inc. (NASDAQ:AVGO)

Addenda Capital Inc. raised its holdings in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 9.2% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 40,748 shares of the semiconductor manufacturer’s stock after acquiring an additional 3,421 shares during the period. Broadcom makes up 1.0% of Addenda Capital Inc.’s investment portfolio, making the stock its 27th largest position. Addenda Capital Inc.’s holdings in Broadcom were worth $25,658,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in AVGO. Investment Research & Advisory Group Inc. bought a new position in shares of Broadcom during the 4th quarter valued at about $25,000. Blue Bell Private Wealth Management LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $25,000. Focused Wealth Management Inc increased its position in shares of Broadcom by 101.0% during the 4th quarter. Focused Wealth Management Inc now owns 40 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 4,000 shares during the last quarter. City State Bank bought a new position in shares of Broadcom during the 4th quarter valued at about $234,000. Finally, TFO TDC LLC bought a new position in shares of Broadcom during the 4th quarter valued at about $25,000. 81.53% of the stock is currently owned by hedge funds and other institutional investors.

NASDAQ:AVGO traded down $2.38 during trading hours on Thursday, reaching $493.72. 33,645 shares of the company traded hands, compared to its average volume of 2,341,752. The business’s 50-day moving average price is $560.85 and its two-hundred day moving average price is $588.85. The stock has a market capitalization of $199.37 billion, a P/E ratio of 24.60, a P/E/G ratio of 0.95 and a beta of 1.04. Broadcom Inc. has a 1 year low of $455.71 and a 1 year high of $677.76. The company has a current ratio of 2.14, a quick ratio of 1.90 and a debt-to-equity ratio of 1.87.

Broadcom (NASDAQ:AVGOGet Rating) last announced its quarterly earnings data on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.88 by $1.19. The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $7.91 billion. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The firm’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.89 earnings per share. As a group, equities analysts anticipate that Broadcom Inc. will post 33.95 EPS for the current year.

Broadcom announced that its Board of Directors has approved a stock buyback program on Thursday, May 26th that permits the company to repurchase $10.00 billion in shares. This repurchase authorization permits the semiconductor manufacturer to reacquire up to 4.3% of its shares through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its stock is undervalued.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, June 30th. Shareholders of record on Wednesday, June 22nd will be paid a dividend of $4.10 per share. This represents a $16.40 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date of this dividend is Tuesday, June 21st. Broadcom’s payout ratio is 81.31%.

In other Broadcom news, CFO Kirsten M. Spears sold 3,000 shares of Broadcom stock in a transaction on Monday, March 28th. The stock was sold at an average price of $625.86, for a total value of $1,877,580.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Diane M. Bryant sold 476 shares of Broadcom stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $629.55, for a total value of $299,665.80. Following the completion of the sale, the director now directly owns 1,560 shares of the company’s stock, valued at approximately $982,098. The disclosure for this sale can be found here. Insiders have sold 3,676 shares of company stock valued at $2,302,180 in the last quarter. 2.30% of the stock is owned by company insiders.

Several equities analysts recently issued reports on AVGO shares. Rosenblatt Securities raised their price target on Broadcom from $750.00 to $775.00 and gave the stock a “buy” rating in a research report on Friday, March 4th. Piper Sandler restated a “buy” rating and set a $750.00 price target on shares of Broadcom in a research report on Tuesday, May 24th. The Goldman Sachs Group reduced their price target on Broadcom from $704.00 to $665.00 and set a “buy” rating on the stock in a research report on Friday, March 4th. KeyCorp raised their price target on Broadcom from $720.00 to $780.00 and gave the stock an “overweight” rating in a research report on Friday, May 27th. Finally, Susquehanna Bancshares restated a “buy” rating and set a $680.00 price target on shares of Broadcom in a research report on Tuesday, March 1st. Four equities research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $685.70.

Broadcom Company Profile (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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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