Gateway Investment Advisers LLC Buys 889 Shares of Broadcom Inc. (NASDAQ:AVGO)

Gateway Investment Advisers LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 0.7% during the first quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 128,871 shares of the semiconductor manufacturer’s stock after buying an additional 889 shares during the period. Broadcom makes up 0.8% of Gateway Investment Advisers LLC’s investment portfolio, making the stock its 24th largest holding. Gateway Investment Advisers LLC’s holdings in Broadcom were worth $81,147,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of AVGO. Investment Research & Advisory Group Inc. purchased a new stake in Broadcom in the 4th quarter valued at $25,000. TFO TDC LLC purchased a new stake in Broadcom in the 4th quarter worth about $25,000. Blue Bell Private Wealth Management LLC purchased a new stake in Broadcom in the 4th quarter worth about $25,000. Focused Wealth Management Inc boosted its stake in Broadcom by 101.0% in the 4th quarter. Focused Wealth Management Inc now owns 40 shares of the semiconductor manufacturer’s stock worth $27,000 after purchasing an additional 4,000 shares during the period. Finally, West Bancorporation Inc. bought a new position in Broadcom in the 4th quarter worth about $29,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.

Shares of AVGO stock traded up $2.99 during trading hours on Thursday, hitting $499.09. 24,343 shares of the company’s stock were exchanged, compared to its average volume of 2,341,752. The firm has a 50 day moving average of $560.85 and a two-hundred day moving average of $588.85. Broadcom Inc. has a fifty-two week low of $455.71 and a fifty-two week high of $677.76. The company has a quick ratio of 1.90, a current ratio of 2.14 and a debt-to-equity ratio of 1.87. The firm has a market cap of $201.54 billion, a P/E ratio of 24.60, a P/E/G ratio of 0.95 and a beta of 1.04.

Broadcom (NASDAQ:AVGOGet Rating) last issued its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.88 by $1.19. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. The business had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $7.91 billion. During the same period last year, the company earned $5.89 EPS. The company’s revenue for the quarter was up 22.6% on a year-over-year basis. On average, equities analysts forecast that Broadcom Inc. will post 33.95 earnings per share for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd will be issued a dividend of $4.10 per share. This represents a $16.40 dividend on an annualized basis and a yield of 3.29%. The ex-dividend date is Tuesday, June 21st. Broadcom’s dividend payout ratio (DPR) is 81.31%.

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

A number of analysts have recently issued reports on the company. Mizuho lifted their price target on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a research report on Friday, May 27th. Piper Sandler reaffirmed a “buy” rating and issued a $750.00 price target on shares of Broadcom in a research note on Tuesday, May 24th. Susquehanna Bancshares reaffirmed a “buy” rating and issued a $680.00 price target on shares of Broadcom in a research note on Tuesday, March 1st. StockNews.com raised Broadcom from a “buy” rating to a “strong-buy” rating in a research note on Friday, May 13th. Finally, Rosenblatt Securities boosted their target price on Broadcom from $750.00 to $775.00 and gave the company a “buy” rating in a research note on Friday, March 4th. Four equities research analysts have rated the stock with a hold rating, twenty-one have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $685.70.

In other news, Director Gayla J. Delly sold 200 shares of the firm’s stock in a transaction dated Friday, March 25th. The stock was sold at an average price of $624.67, for a total transaction of $124,934.00. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Diane M. Bryant sold 476 shares of Broadcom stock in a transaction that occurred 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 transaction, the director now directly owns 1,560 shares in the company, valued at approximately $982,098. The disclosure for this sale can be found here. Insiders have sold a total of 3,676 shares of company stock valued at $2,302,180 over the last 90 days. 2.30% of the stock is currently owned by company insiders.

Broadcom 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.

Further Reading

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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