Mayflower Financial Advisors LLC grew its holdings in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 1.4% in the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 2,172 shares of the semiconductor manufacturer’s stock after acquiring an additional 30 shares during the quarter. Mayflower Financial Advisors LLC’s holdings in Broadcom were worth $1,055,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also bought and sold shares of the company. Blair William & Co. IL grew its position in Broadcom by 14.9% in the 4th quarter. Blair William & Co. IL now owns 34,312 shares of the semiconductor manufacturer’s stock valued at $22,832,000 after purchasing an additional 4,460 shares during the period. Clearstead Advisors LLC lifted its stake in Broadcom by 14.1% during the 4th quarter. Clearstead Advisors LLC now owns 2,542 shares of the semiconductor manufacturer’s stock valued at $1,691,000 after acquiring an additional 314 shares in the last quarter. Nuveen Asset Management LLC lifted its stake in Broadcom by 16.4% during the 4th quarter. Nuveen Asset Management LLC now owns 4,431,858 shares of the semiconductor manufacturer’s stock valued at $2,949,003,000 after acquiring an additional 624,821 shares in the last quarter. Jag Capital Management LLC bought a new position in Broadcom during the 4th quarter valued at $265,000. Finally, IHT Wealth Management LLC lifted its stake in Broadcom by 1.7% during the 4th quarter. IHT Wealth Management LLC now owns 3,198 shares of the semiconductor manufacturer’s stock valued at $2,128,000 after acquiring an additional 55 shares in the last quarter. Institutional investors and hedge funds own 79.60% of the company’s stock.
Broadcom Stock Down 1.9 %
AVGO stock traded down $8.93 during midday trading on Friday, hitting $468.68. The stock had a trading volume of 2,953,957 shares, compared to its average volume of 2,387,960. The firm has a market cap of $189.82 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 0.93 and a beta of 1.09. The business has a 50-day moving average of $521.51 and a two-hundred day moving average of $547.95. Broadcom Inc. has a 52-week low of $462.00 and a 52-week high of $677.76. The company has a debt-to-equity ratio of 1.88, a current ratio of 2.32 and a quick ratio of 2.05.
Broadcom announced that its board has approved a stock repurchase plan on Thursday, May 26th that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the semiconductor manufacturer to purchase up to 4.3% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its stock is undervalued.
Broadcom Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be paid a $4.10 dividend. The ex-dividend date is Wednesday, September 21st. This represents a $16.40 dividend on an annualized basis and a dividend yield of 3.50%. Broadcom’s dividend payout ratio is currently 70.93%.
Wall Street Analysts Forecast Growth
Several equities analysts have weighed in on the company. Mizuho raised their price objective on Broadcom from $700.00 to $725.00 and gave the company a “buy” rating in a research note on Friday, May 27th. Susquehanna reiterated a “buy” rating and set a $680.00 target price on shares of Broadcom in a research note on Friday, September 2nd. BMO Capital Markets lowered their target price on Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research note on Friday, September 2nd. Bank of America lowered their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Finally, KeyCorp lowered their target price on Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, September 2nd. Two analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $675.33.
Broadcom Company Profile
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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