Broadcom Inc. (NASDAQ:AVGO) Stake Increased by Richardson Financial Services Inc.

Richardson Financial Services Inc. raised its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 1,588.3% in the 2nd quarter, Holdings Channel reports. The institutional investor owned 2,448 shares of the semiconductor manufacturer’s stock after purchasing an additional 2,303 shares during the quarter. Broadcom accounts for about 2.8% of Richardson Financial Services Inc.’s portfolio, making the stock its 6th largest position. Richardson Financial Services Inc.’s holdings in Broadcom were worth $3,930,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. TBH Global Asset Management LLC boosted its position in Broadcom by 29.2% in the 4th quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock valued at $715,000 after buying an additional 145 shares during the period. Gilbert & Cook Inc. boosted its holdings in shares of Broadcom by 4.9% in the fourth quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock valued at $934,000 after purchasing an additional 39 shares during the period. Aveo Capital Partners LLC grew its stake in Broadcom by 15.9% in the fourth quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock worth $512,000 after purchasing an additional 63 shares in the last quarter. 9258 Wealth Management LLC increased its holdings in Broadcom by 1.5% during the 4th quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock worth $4,336,000 after purchasing an additional 58 shares during the period. Finally, Gryphon Financial Partners LLC raised its position in Broadcom by 99.5% during the 4th quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock valued at $1,731,000 after purchasing an additional 801 shares in the last quarter. Institutional investors own 76.43% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Morgan Stanley increased their price target on Broadcom from $176.00 to $180.00 and gave the stock an “overweight” rating in a research report on Friday, September 6th. Cantor Fitzgerald reiterated an “overweight” rating and set a $200.00 target price on shares of Broadcom in a report on Friday, September 6th. Melius began coverage on shares of Broadcom in a research report on Monday, June 3rd. They issued a “buy” rating and a $185.00 price target for the company. William Blair assumed coverage on shares of Broadcom in a research note on Wednesday. They set an “outperform” rating on the stock. Finally, Piper Sandler boosted their price objective on shares of Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research note on Thursday, June 13th. Two investment analysts have rated the stock with a hold rating, twenty-four have given a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $189.23.

Broadcom Stock Down 0.5 %

AVGO stock opened at $161.67 on Thursday. The stock has a market capitalization of $752.55 billion, a PE ratio of 6.95, a price-to-earnings-growth ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 52 week low of $79.51 and a 52 week high of $185.16. The company has a quick ratio of 0.94, a current ratio of 1.04 and a debt-to-equity ratio of 1.02. The firm has a 50 day moving average of $156.94 and a 200 day moving average of $146.43.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The business had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The business’s revenue for the quarter was up 47.3% compared to the same quarter last year. Sell-side analysts forecast that Broadcom Inc. will post 3.77 earnings per share for the current year.

Broadcom Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be issued a $0.53 dividend. The ex-dividend date is Thursday, September 19th. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents a $2.12 dividend on an annualized basis and a dividend yield of 1.31%. Broadcom’s dividend payout ratio is currently 9.12%.

Insider Transactions at Broadcom

In related 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 value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at $235,746,936.45. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 2.00% of the company’s stock.

Broadcom Company Profile

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.