Burleson & Company LLC acquired a new position in Broadcom Inc. (NASDAQ:AVGO) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 110 shares of the semiconductor manufacturer’s stock, valued at approximately $51,000.
A number of other hedge funds have also added to or reduced their stakes in AVGO. Phoenix Wealth Advisors grew its stake in shares of Broadcom by 200.0% in the first quarter. Phoenix Wealth Advisors now owns 57 shares of the semiconductor manufacturer’s stock worth $27,000 after acquiring an additional 38 shares during the period. Wealthcare Capital Management LLC purchased a new stake in shares of Broadcom in the 1st quarter worth $31,000. Baron Silver Stevens Financial Advisors LLC bought a new position in Broadcom in the 4th quarter worth $29,000. Bedel Financial Consulting Inc. lifted its position in Broadcom by 590.0% during the first quarter. Bedel Financial Consulting Inc. now owns 69 shares of the semiconductor manufacturer’s stock valued at $32,000 after purchasing an additional 59 shares in the last quarter. Finally, Mcmillion Capital Management Inc. bought a new stake in Broadcom during the fourth quarter valued at about $35,000. 81.51% of the stock is currently owned by institutional investors and hedge funds.
In related news, insider Thomas H. Krause sold 16,827 shares of the stock in a transaction that occurred on Tuesday, March 16th. The shares were sold at an average price of $478.61, for a total value of $8,053,570.47. Also, Director Eddy W. Hartenstein sold 530 shares of Broadcom stock in a transaction that occurred on Tuesday, June 8th. The stock was sold at an average price of $465.74, for a total transaction of $246,842.20. The disclosure for this sale can be found here. Insiders sold 27,997 shares of company stock worth $13,239,016 over the last ninety days. Corporate insiders own 2.40% of the company’s stock.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Wednesday, June 2nd. The semiconductor manufacturer reported $6.62 earnings per share (EPS) for the quarter, beating the consensus estimate of $6.43 by $0.19. Broadcom had a return on equity of 41.39% and a net margin of 19.11%. The company had revenue of $6.61 billion for the quarter, compared to analyst estimates of $6.51 billion. During the same quarter in the previous year, the firm earned $5.14 earnings per share. The firm’s quarterly revenue was up 15.1% compared to the same quarter last year. As a group, analysts forecast that Broadcom Inc. will post 23.55 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 30th. Shareholders of record on Tuesday, June 22nd will be paid a $3.60 dividend. The ex-dividend date is Monday, June 21st. This represents a $14.40 annualized dividend and a yield of 3.07%. Broadcom’s dividend payout ratio (DPR) is 78.05%.
AVGO has been the subject of a number of recent research reports. KeyCorp boosted their price objective on Broadcom from $540.00 to $565.00 and gave the company an “overweight” rating in a research note on Friday, June 4th. Piper Sandler upped their price target on shares of Broadcom from $500.00 to $525.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 2nd. Barclays raised their price objective on shares of Broadcom from $500.00 to $525.00 and gave the company an “overweight” rating in a research report on Friday, June 4th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their target price on shares of Broadcom from $500.00 to $528.00 and gave the company a “buy” rating in a research note on Friday, June 4th. Finally, Robert W. Baird increased their price target on Broadcom from $500.00 to $550.00 and gave the stock an “outperform” rating in a research note on Monday. Five equities research analysts have rated the stock with a hold rating and twenty-one have issued a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $491.38.
Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.
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