SignalPoint Asset Management LLC Has $876,000 Position in Broadcom Inc. (NASDAQ:AVGO)

SignalPoint Asset Management LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO) by 10.9% during the 2nd quarter, HoldingsChannel reports. The institutional investor owned 1,010 shares of the semiconductor manufacturer’s stock after selling 123 shares during the quarter. SignalPoint Asset Management LLC’s holdings in Broadcom were worth $876,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. BlackRock Inc. lifted its holdings in Broadcom by 1.7% in the first quarter. BlackRock Inc. now owns 29,844,893 shares of the semiconductor manufacturer’s stock valued at $19,146,692,000 after buying an additional 499,945 shares during the period. State Street Corp lifted its holdings in Broadcom by 5.0% in the first quarter. State Street Corp now owns 16,632,123 shares of the semiconductor manufacturer’s stock valued at $10,670,149,000 after buying an additional 794,832 shares during the period. Geode Capital Management LLC lifted its holdings in Broadcom by 5.0% in the first quarter. Geode Capital Management LLC now owns 7,813,688 shares of the semiconductor manufacturer’s stock valued at $5,001,948,000 after buying an additional 375,418 shares during the period. Charles Schwab Investment Management Inc. increased its stake in Broadcom by 8.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 6,511,602 shares of the semiconductor manufacturer’s stock valued at $3,617,879,000 after purchasing an additional 513,864 shares in the last quarter. Finally, Morgan Stanley increased its stake in Broadcom by 12.5% in the fourth quarter. Morgan Stanley now owns 5,878,874 shares of the semiconductor manufacturer’s stock valued at $3,287,056,000 after purchasing an additional 651,014 shares in the last quarter. 78.81% of the stock is currently owned by institutional investors and hedge funds.

Broadcom Stock Down 0.5 %

AVGO traded down $4.19 during trading hours on Tuesday, hitting $845.81. 233,240 shares of the company’s stock were exchanged, compared to its average volume of 2,493,482. Broadcom Inc. has a 1-year low of $415.07 and a 1-year high of $923.67. The stock’s 50-day moving average is $875.05 and its two-hundred day moving average is $763.54. The stock has a market cap of $349.10 billion, a price-to-earnings ratio of 26.14, a PEG ratio of 1.78 and a beta of 1.10. The company has a quick ratio of 2.25, a current ratio of 2.50 and a debt-to-equity ratio of 1.73.

Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, August 31st. The semiconductor manufacturer reported $10.54 EPS for the quarter, topping the consensus estimate of $10.43 by $0.11. Broadcom had a net margin of 39.25% and a return on equity of 74.31%. The business had revenue of $8.85 billion during the quarter, compared to analysts’ expectations of $8.85 billion. During the same quarter in the prior year, the company posted $9.07 earnings per share. The firm’s revenue was up 4.5% on a year-over-year basis. Sell-side analysts predict that Broadcom Inc. will post 37.88 earnings per share for the current fiscal year.

Broadcom Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Thursday, September 21st will be issued a dividend of $4.60 per share. This represents a $18.40 annualized dividend and a yield of 2.18%. The ex-dividend date of this dividend is Wednesday, September 20th. Broadcom’s payout ratio is 56.58%.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the stock. BMO Capital Markets upped their target price on shares of Broadcom from $890.00 to $1,000.00 and gave the company an “outperform” rating in a research note on Friday, September 1st. Wells Fargo & Company upped their target price on shares of Broadcom from $800.00 to $900.00 and gave the company an “equal weight” rating in a research note on Friday, September 1st. Piper Sandler upped their target price on shares of Broadcom from $830.00 to $925.00 and gave the company an “overweight” rating in a research note on Tuesday, August 29th. Bank of America upped their target price on shares of Broadcom from $950.00 to $1,050.00 in a research note on Thursday, June 22nd. Finally, StockNews.com raised shares of Broadcom from a “hold” rating to a “buy” rating in a research note on Wednesday, August 16th. Five equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $846.14.

Insider Buying and Selling

In other Broadcom news, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total value of $1,283,520.00. Following the completion of the sale, the director now owns 9,123 shares in the company, valued at $7,806,368.64. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Check Kian Low purchased 11,000 shares of the business’s stock in a transaction on Wednesday, September 6th. The stock was purchased at an average price of $872.03 per share, for a total transaction of $9,592,330.00. Following the completion of the purchase, the director now directly owns 15,951 shares in the company, valued at approximately $13,909,750.53. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eddy W. Hartenstein sold 1,500 shares of the stock in a transaction on Tuesday, September 12th. The shares were sold at an average price of $855.68, for a total transaction of $1,283,520.00. Following the completion of the sale, the director now owns 9,123 shares of the company’s stock, valued at approximately $7,806,368.64. The disclosure for this sale can be found here. 2.20% of the stock is currently owned by corporate insiders.

About Broadcom

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.