Asset Management Resources LLC reduced its stake in Broadcom Inc. (NASDAQ:AVGO – Get Rating) by 6.9% during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,016 shares of the semiconductor manufacturer’s stock after selling 75 shares during the quarter. Broadcom comprises 0.4% of Asset Management Resources LLC’s holdings, making the stock its 23rd largest holding. Asset Management Resources LLC’s holdings in Broadcom were worth $494,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hanson & Doremus Investment Management bought a new stake in Broadcom in the first quarter worth approximately $26,000. Ahrens Investment Partners LLC increased its holdings in shares of Broadcom by 125.0% during the first 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. Semmax Financial Advisors Inc. boosted its position in shares of Broadcom by 300.0% during the fourth quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock valued at $29,000 after buying an additional 33 shares during the last quarter. Hoey Investments Inc. purchased a new position in shares of Broadcom during the first quarter valued at approximately $30,000. Finally, Cordant Inc. purchased a new position in Broadcom in the first quarter worth $31,000. 79.60% of the stock is owned by institutional investors and hedge funds.
Broadcom Trading Down 2.3 %
NASDAQ AVGO traded down $11.11 on Friday, hitting $466.50. The company’s stock had a trading volume of 63,361 shares, compared to its average volume of 2,493,283. Broadcom Inc. has a 52-week low of $463.91 and a 52-week high of $677.76. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 1.88. The company’s 50-day simple moving average is $521.51 and its 200 day simple moving average is $547.95. The firm has a market cap of $188.93 billion, a P/E ratio of 20.37, a PEG ratio of 0.93 and a beta of 1.09.
Broadcom declared that its board has authorized a share buyback plan on Thursday, May 26th that authorizes the company to buyback $10.00 billion in shares. This buyback authorization authorizes the semiconductor manufacturer to reacquire up to 4.3% of its shares through open market purchases. Shares buyback plans are generally an indication that the company’s leadership believes its shares are undervalued.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd will be given a $4.10 dividend. This represents a $16.40 annualized dividend and a dividend yield of 3.52%. The ex-dividend date is Wednesday, September 21st. Broadcom’s dividend payout ratio is currently 70.93%.
Analyst Ratings Changes
AVGO has been the topic of a number of recent research reports. BMO Capital Markets dropped their price target on Broadcom from $675.00 to $650.00 and set an “outperform” rating on the stock in a research report on Friday, September 2nd. Bank of America dropped their price target on Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research report on Wednesday, June 29th. KeyCorp decreased their price objective on Broadcom from $780.00 to $700.00 and set an “overweight” rating on the stock in a research note on Friday, September 2nd. Robert W. Baird reiterated an “outperform” rating and set a $700.00 price objective on shares of Broadcom in a research note on Tuesday, September 6th. Finally, Truist Financial decreased their price objective on Broadcom from $658.00 to $630.00 and set a “buy” 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 assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $675.33.
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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