Wolff Wiese Magana LLC grew its position in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 16.3% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 586 shares of the semiconductor manufacturer’s stock after purchasing an additional 82 shares during the period. Wolff Wiese Magana LLC’s holdings in Broadcom were worth $285,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also made changes to their positions in the stock. City State Bank bought a new stake in Broadcom during the fourth quarter worth approximately $234,000. Hanson & Doremus Investment Management purchased a new stake in shares of Broadcom in the 1st quarter valued at approximately $26,000. Semmax Financial Advisors Inc. lifted its position in shares of Broadcom by 300.0% in the 4th quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 33 shares in the last quarter. Ahrens Investment Partners LLC lifted its position in shares of Broadcom by 125.0% in the 1st quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock valued at $28,000 after acquiring an additional 25 shares in the last quarter. Finally, Hoey Investments Inc. purchased a new stake in Broadcom in the 1st quarter worth approximately $30,000. 79.60% of the stock is currently owned by institutional investors.
Analyst Upgrades and Downgrades
A number of research firms have issued reports on AVGO. BMO Capital Markets cut their target price on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a research report on Friday, September 2nd. Mizuho raised their price target on shares of Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a report on Friday, May 27th. Bank of America lowered their target price on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Susquehanna reiterated a “buy” rating and issued a $680.00 target price on shares of Broadcom in a research note on Friday, September 2nd. Finally, Robert W. Baird reiterated an “outperform” rating and issued a $700.00 target price on shares of Broadcom in a research note on Tuesday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Broadcom currently has a consensus rating of “Moderate Buy” and a consensus price target of $675.33.
Broadcom Stock Performance
Broadcom (NASDAQ:AVGO – Get Rating) last posted its earnings results on Thursday, September 1st. The semiconductor manufacturer reported $9.07 EPS for the quarter, topping analysts’ consensus estimates of $8.84 by $0.23. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business’s revenue for the quarter was up 24.9% compared to the same quarter last year. During the same quarter in the prior year, the business earned $6.32 earnings per share. Equities research analysts expect that Broadcom Inc. will post 34.38 earnings per share for the current fiscal year.
Broadcom Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd will be issued a dividend of $4.10 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $16.40 annualized dividend and a yield of 3.53%. Broadcom’s payout ratio is 70.93%.
Broadcom declared that its board has initiated a stock repurchase program on Thursday, May 26th that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 4.3% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
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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