L & S Advisors Inc reduced its holdings in shares of Broadcom Inc (NASDAQ:AVGO) by 58.3% in the second quarter, according to its most recent filing with the SEC. The fund owned 11,439 shares of the semiconductor manufacturer’s stock after selling 15,983 shares during the period. L & S Advisors Inc’s holdings in Broadcom were worth $3,293,000 at the end of the most recent quarter.
Several other hedge funds have also modified their holdings of AVGO. Pinnacle Bank increased its holdings in Broadcom by 128.2% during the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 50 shares during the period. Liberty Wealth Management LLC increased its holdings in shares of Broadcom by 62.5% in the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock valued at $26,000 after acquiring an additional 35 shares during the period. Advisors Preferred LLC purchased a new position in shares of Broadcom in the 2nd quarter valued at $27,000. FNY Investment Advisers LLC purchased a new position in shares of Broadcom in the 2nd quarter valued at $51,000. Finally, Citizens Financial Group Inc RI increased its holdings in shares of Broadcom by 257.1% in the 1st quarter. Citizens Financial Group Inc RI now owns 175 shares of the semiconductor manufacturer’s stock valued at $52,000 after acquiring an additional 126 shares during the period. 84.63% of the stock is owned by hedge funds and other institutional investors.
In other Broadcom news, insider Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, July 15th. The stock was sold at an average price of $292.16, for a total transaction of $5,843,200.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Bryan Ingram sold 13,466 shares of Broadcom stock in a transaction dated Wednesday, June 19th. The stock was sold at an average price of $278.78, for a total value of $3,754,051.48. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 85,388 shares of company stock valued at $23,607,682. 3.30% of the stock is currently owned by insiders.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 32.81% and a net margin of 15.92%. The business had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. During the same quarter last year, the firm earned $4.98 earnings per share. The firm’s quarterly revenue was up 8.9% compared to the same quarter last year. Sell-side analysts expect that Broadcom Inc will post 17.23 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be given a dividend of $2.65 per share. This represents a $10.60 dividend on an annualized basis and a yield of 3.71%. Broadcom’s dividend payout ratio is currently 56.29%.
A number of brokerages have recently issued reports on AVGO. Robert W. Baird cut their price target on Broadcom from $300.00 to $280.00 and set an “outperform” rating on the stock in a report on Monday, June 17th. Loop Capital downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Friday. Jefferies Financial Group reiterated a “buy” rating and issued a $350.00 price target (up from $324.00) on shares of Broadcom in a report on Friday. BidaskClub upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Thursday. Finally, Zacks Investment Research upgraded Broadcom from a “sell” rating to a “hold” rating and set a $279.00 price target on the stock in a report on Tuesday, June 18th. Eleven investment analysts have rated the stock with a hold rating and twenty-six have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average price target of $307.26.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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