Marshall Financial Group LLC reduced its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 10.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,513 shares of the semiconductor manufacturer’s stock after selling 172 shares during the period. Marshall Financial Group LLC’s holdings in Broadcom were worth $702,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently made changes to their positions in the company. Sage Rhino Capital LLC raised its stake in shares of Broadcom by 2.2% in the fourth quarter. Sage Rhino Capital LLC now owns 977 shares of the semiconductor manufacturer’s stock worth $428,000 after purchasing an additional 21 shares during the last quarter. CX Institutional grew its stake in shares of Broadcom by 4.1% during the 1st quarter. CX Institutional now owns 537 shares of the semiconductor manufacturer’s stock worth $249,000 after purchasing an additional 21 shares during the period. CRA Financial Services LLC grew its position in Broadcom by 1.2% during the fourth quarter. CRA Financial Services LLC now owns 1,877 shares of the semiconductor manufacturer’s stock valued at $822,000 after buying an additional 22 shares during the period. Rossmore Private Capital increased its holdings in Broadcom by 0.6% in the fourth quarter. Rossmore Private Capital now owns 3,468 shares of the semiconductor manufacturer’s stock valued at $1,518,000 after buying an additional 22 shares in the last quarter. Finally, Wealth Alliance boosted its stake in shares of Broadcom by 1.2% during the 3rd quarter. Wealth Alliance now owns 2,006 shares of the semiconductor manufacturer’s stock worth $731,000 after acquiring an additional 24 shares in the last quarter. 80.62% of the stock is currently owned by hedge funds and other institutional investors.
In other news, COO Charlie B. Kawwas sold 1,890 shares of the firm’s stock in a transaction dated Friday, March 26th. The shares were sold at an average price of $469.29, for a total transaction of $886,958.10. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eddy W. Hartenstein sold 530 shares of Broadcom stock in a transaction dated Tuesday, April 6th. The stock was sold at an average price of $484.42, for a total transaction of $256,742.60. The disclosure for this sale can be found here. Insiders have sold a total of 27,997 shares of company stock valued at $13,260,036 over the last 90 days. Corporate insiders own 3.00% of the company’s stock.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Wednesday, March 3rd. The semiconductor manufacturer reported $6.61 EPS for the quarter, beating the Zacks’ consensus estimate of $6.56 by $0.05. The business had revenue of $6.66 billion during the quarter, compared to analyst estimates of $6.61 billion. Broadcom had a net margin of 12.39% and a return on equity of 35.23%. The firm’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.25 earnings per share. Sell-side analysts expect that Broadcom Inc. will post 23.14 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, March 31st. Investors of record on Monday, March 22nd were issued a $3.60 dividend. The ex-dividend date of this dividend was Friday, March 19th. This represents a $14.40 dividend on an annualized basis and a yield of 3.17%. Broadcom’s dividend payout ratio is presently 78.05%.
Several research analysts have recently weighed in on the company. Oppenheimer upped their target price on Broadcom from $500.00 to $575.00 and gave the stock an “outperform” rating in a research note on Thursday, March 4th. KeyCorp upped their price target on shares of Broadcom from $470.00 to $540.00 and gave the stock an “overweight” rating in a research report on Thursday, March 11th. Morgan Stanley boosted their price objective on Broadcom from $521.00 to $538.00 and gave the stock an “overweight” rating in a research note on Monday, March 8th. Royal Bank of Canada raised their target price on Broadcom from $450.00 to $460.00 and gave the company an “outperform” rating in a research report on Thursday, March 11th. Finally, JPMorgan Chase & Co. increased their price objective on Broadcom from $500.00 to $570.00 and gave the company an “overweight” rating in a research note on Thursday, March 11th. Five analysts have rated the stock with a hold rating and twenty-two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $469.15.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.
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