Commonwealth Equity Services LLC Purchases 3,607 Shares of Broadcom Inc. (NASDAQ:AVGO)

Commonwealth Equity Services LLC grew its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 6.5% during the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 58,712 shares of the semiconductor manufacturer’s stock after buying an additional 3,607 shares during the quarter. Commonwealth Equity Services LLC’s holdings in Broadcom were worth $27,966,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Tsfg LLC boosted its position in Broadcom by 218.8% in the 2nd quarter. Tsfg LLC now owns 51 shares of the semiconductor manufacturer’s stock valued at $25,000 after buying an additional 35 shares during the period. ShoreHaven Wealth Partners LLC bought a new position in Broadcom in the first quarter worth approximately $27,000. Vigilant Capital Management LLC grew its stake in Broadcom by 124.0% in the second quarter. Vigilant Capital Management LLC now owns 56 shares of the semiconductor manufacturer’s stock worth $27,000 after purchasing an additional 31 shares in the last quarter. Solstein Capital LLC purchased a new position in Broadcom during the 1st quarter worth $29,000. Finally, MV Capital Management Inc. raised its position in Broadcom by 588.9% during the 2nd quarter. MV Capital Management Inc. now owns 62 shares of the semiconductor manufacturer’s stock valued at $30,000 after purchasing an additional 53 shares in the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

In related news, COO Charlie B. Kawwas sold 3,000 shares of Broadcom stock in a transaction that occurred on Friday, September 10th. The stock was sold at an average price of $500.83, for a total transaction of $1,502,490.00. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Raul J. Fernandez bought 151 shares of the company’s stock in a transaction on Tuesday, September 21st. The stock was bought at an average price of $493.49 per share, with a total value of $74,516.99. The disclosure for this purchase can be found here. Insiders sold 17,604 shares of company stock valued at $8,823,434 over the last quarter. Company insiders own 2.40% of the company’s stock.

Several equities analysts have recently commented on the company. BMO Capital Markets raised their price target on Broadcom from $550.00 to $575.00 and gave the company an “outperform” rating in a research note on Friday, September 3rd. JPMorgan Chase & Co. raised their target price on shares of Broadcom from $585.00 to $600.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. Summit Redstone cut shares of Broadcom to a “hold” rating in a research report on Friday, September 3rd. Truist Securities lifted their price objective on shares of Broadcom from $554.00 to $564.00 and gave the company a “buy” rating in a report on Friday, September 3rd. Finally, Truist upped their target price on Broadcom from $554.00 to $564.00 and gave the stock a “buy” rating in a report on Friday, September 3rd. Five analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. According to MarketBeat.com, Broadcom presently has a consensus rating of “Buy” and a consensus price target of $549.52.

AVGO stock opened at $504.92 on Friday. Broadcom Inc. has a 52 week low of $344.42 and a 52 week high of $510.70. The company has a quick ratio of 2.23, a current ratio of 2.41 and a debt-to-equity ratio of 1.65. The firm has a 50-day simple moving average of $488.46 and a 200-day simple moving average of $473.26. The stock has a market capitalization of $207.83 billion, a P/E ratio of 37.46, a P/E/G ratio of 1.35 and a beta of 0.93.

Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $6.88 by $0.08. Broadcom had a return on equity of 44.27% and a net margin of 22.90%. The company had revenue of $6.78 billion for the quarter, compared to analysts’ expectations of $6.76 billion. During the same period in the previous year, the firm posted $5.40 EPS. Broadcom’s revenue was up 16.4% compared to the same quarter last year. On average, analysts expect that Broadcom Inc. will post 24.42 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 22nd will be paid a dividend of $3.60 per share. The ex-dividend date of this dividend is Tuesday, September 21st. This represents a $14.40 annualized dividend and a yield of 2.85%. Broadcom’s dividend payout ratio (DPR) is presently 78.05%.

About Broadcom

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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