Urban Wealth Management LLC acquired a new stake in shares of Broadcom Inc. (NASDAQ:AVGO – Get Rating) during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor acquired 131 shares of the semiconductor manufacturer's stock, valued at approximately $64,000.
Other institutional investors and hedge funds have also modified their holdings of the company. Hanson & Doremus Investment Management purchased a new position in Broadcom during the first quarter worth approximately $26,000. Ahrens Investment Partners LLC raised its stake in shares of Broadcom by 125.0% in the 1st 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 during the period. Semmax Financial Advisors Inc. grew its holdings in Broadcom by 300.0% during the 4th quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer's stock valued at $29,000 after purchasing an additional 33 shares in the last quarter. Hoey Investments Inc. acquired a new stake in Broadcom during the 1st quarter valued at $30,000. Finally, Cordant Inc. acquired a new stake in Broadcom during the 1st quarter valued at $31,000. Hedge funds and other institutional investors own 79.60% of the company's stock.
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Analyst Ratings Changes
AVGO has been the subject of a number of recent analyst reports. Deutsche Bank Aktiengesellschaft lowered their price target on shares of Broadcom from $700.00 to $635.00 in a report on Wednesday, July 20th. Truist Financial decreased their price objective on shares of Broadcom from $658.00 to $630.00 and set a "buy" rating for the company in a report on Friday, September 2nd. StockNews.com lowered shares of Broadcom from a "strong-buy" rating to a "buy" rating in a report on Tuesday. Susquehanna reissued a "buy" rating and set a $680.00 price objective on shares of Broadcom in a report on Friday, September 2nd. Finally, KeyCorp decreased their price objective on shares of Broadcom from $780.00 to $700.00 and set an "overweight" rating for the company in a report on Friday, September 2nd. Two investment analysts have rated the stock with a hold rating and twenty-three have given a buy rating to the company's stock. According to data from MarketBeat, Broadcom currently has a consensus rating of "Moderate Buy" and a consensus price target of $675.33.
Broadcom Price Performance
Shares of AVGO stock traded down $6.12 during midday trading on Friday, reaching $444.01. 2,720,220 shares of the company were exchanged, compared to its average volume of 2,571,977. Broadcom Inc. has a 12 month low of $443.64 and a 12 month high of $677.76. The company has a market cap of $179.82 billion, a P/E ratio of 19.20, a PEG ratio of 0.87 and a beta of 1.09. The company's 50 day moving average price is $515.90 and its two-hundred day moving average price is $542.79. The company has a debt-to-equity ratio of 1.88, a quick ratio of 2.05 and a current ratio of 2.32.
Broadcom (NASDAQ:AVGO – Get Rating) last announced its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, topping the consensus estimate of $8.84 by $0.23. The company had revenue of $8.46 billion for the quarter, compared to analysts' expectations of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business's revenue was up 24.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $6.32 EPS. On average, sell-side analysts expect that Broadcom Inc. will post 34.41 earnings per share for the current year.
Broadcom Dividend Announcement
The company also recently announced a quarterly dividend, which was paid on Friday, September 30th. Stockholders of record on Thursday, September 22nd were given a $4.10 dividend. This represents a $16.40 annualized dividend and a dividend yield of 3.69%. The ex-dividend date was Wednesday, September 21st. Broadcom's dividend payout ratio (DPR) is currently 70.93%.
Broadcom Profile
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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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