Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by Choreo LLC

Choreo LLC raised its position in Broadcom Inc. (NASDAQ:AVGO) by 201.7% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 13,640 shares of the semiconductor manufacturer’s stock after purchasing an additional 9,119 shares during the quarter. Choreo LLC’s holdings in Broadcom were worth $22,351,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of the company. Wedbush Securities Inc. grew its holdings in shares of Broadcom by 6.0% during the 2nd quarter. Wedbush Securities Inc. now owns 7,377 shares of the semiconductor manufacturer’s stock worth $11,844,000 after purchasing an additional 417 shares during the period. Connable Office Inc. acquired a new position in Broadcom in the second quarter valued at about $1,914,000. Prudential PLC lifted its position in Broadcom by 11.4% in the second quarter. Prudential PLC now owns 46,092 shares of the semiconductor manufacturer’s stock valued at $74,002,000 after buying an additional 4,733 shares during the last quarter. Ashton Thomas Private Wealth LLC boosted its stake in Broadcom by 12.0% during the second quarter. Ashton Thomas Private Wealth LLC now owns 11,128 shares of the semiconductor manufacturer’s stock worth $17,866,000 after buying an additional 1,191 shares during the period. Finally, Invera Wealth Advisors LLC increased its position in shares of Broadcom by 9.6% during the second quarter. Invera Wealth Advisors LLC now owns 916 shares of the semiconductor manufacturer’s stock valued at $1,570,000 after acquiring an additional 80 shares during the last quarter. 76.43% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently weighed in on AVGO. JPMorgan Chase & Co. increased their price objective on shares of Broadcom from $200.00 to $210.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Benchmark restated a “buy” rating and set a $210.00 price target on shares of Broadcom in a research report on Friday, September 6th. Sanford C. Bernstein boosted their price objective on Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Melius Research initiated coverage on Broadcom in a research note on Monday, June 3rd. They set a “buy” rating and a $185.00 target price on the stock. Finally, Cantor Fitzgerald reaffirmed an “overweight” rating and issued a $200.00 target price on shares of Broadcom in a research report on Friday, September 6th. Two investment analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Broadcom has an average rating of “Moderate Buy” and an average price target of $189.23.

Broadcom Stock Up 5.2 %

Shares of NASDAQ AVGO opened at $148.21 on Wednesday. The business has a 50-day moving average price of $188.66 and a 200 day moving average price of $156.32. The stock has a market cap of $689.90 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. Broadcom Inc. has a 52-week low of $79.51 and a 52-week high of $185.16.

Broadcom (NASDAQ:AVGO) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 earnings per share for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm’s revenue for the quarter was up 47.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.95 earnings per share. Equities research analysts forecast that Broadcom Inc. will post 3.75 earnings per share for the current year.

Broadcom Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. This is an increase from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 annualized dividend and a yield of 1.43%. The ex-dividend date is Thursday, September 19th. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Insider Activity

In related news, Director Justine Page sold 2,540 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In other news, CEO Hock E. Tan sold 7,502 shares of the company’s stock in a transaction that occurred on Thursday, July 11th. The stock was sold at an average price of $1,705.95, for a total transaction of $12,798,036.90. Following the completion of the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the sale, the director now directly owns 27,480 shares of the company’s stock, valued at $4,809,714.48. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

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.