Pittenger & Anderson Inc. boosted its position in Broadcom Inc (NASDAQ:AVGO) by 5.2% during the second quarter, HoldingsChannel reports. The institutional investor owned 10,167 shares of the semiconductor manufacturer’s stock after acquiring an additional 500 shares during the quarter. Pittenger & Anderson Inc.’s holdings in Broadcom were worth $2,467,000 as of its most recent SEC filing.
Other hedge funds have also recently modified their holdings of the company. Marcus Capital LLC acquired a new position in Broadcom in the 2nd quarter worth $364,000. BP PLC acquired a new position in Broadcom in the 2nd quarter worth $12,135,000. Wesbanco Bank Inc. acquired a new position in Broadcom in the 2nd quarter worth $19,879,000. Sigma Investment Counselors Inc. acquired a new position in Broadcom in the 2nd quarter worth $286,000. Finally, KBC Group NV bought a new stake in shares of Broadcom in the 2nd quarter worth about $10,500,000. Hedge funds and other institutional investors own 84.35% of the company’s stock.
In other Broadcom news, SVP Bryan Ingram sold 20,000 shares of the company’s stock in a transaction dated Wednesday, June 27th. The shares were sold at an average price of $251.31, for a total value of $5,026,200.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In the last 90 days, insiders sold 80,000 shares of company stock valued at $18,078,200. 3.30% of the stock is owned by insiders.
Broadcom (NASDAQ:AVGO) last posted its earnings results on Thursday, September 6th. The semiconductor manufacturer reported $4.98 EPS for the quarter, topping the consensus estimate of $4.82 by $0.16. Broadcom had a net margin of 58.18% and a return on equity of 28.54%. The firm had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $5.06 billion. During the same quarter in the prior year, the firm earned $4.10 EPS. Broadcom’s quarterly revenue was up 13.4% on a year-over-year basis. equities analysts expect that Broadcom Inc will post 18.09 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Friday, September 28th. Shareholders of record on Wednesday, September 19th will be given a $1.75 dividend. This represents a $7.00 annualized dividend and a yield of 2.96%. The ex-dividend date is Tuesday, September 18th. Broadcom’s dividend payout ratio (DPR) is 48.95%.
AVGO has been the subject of several research analyst reports. B. Riley dropped their target price on shares of Broadcom from $310.00 to $308.00 and set a “buy” rating for the company in a research report on Friday, June 8th. BidaskClub downgraded shares of Broadcom from a “buy” rating to a “hold” rating in a research report on Wednesday, July 4th. ValuEngine downgraded shares of Broadcom from a “sell” rating to a “strong sell” rating in a research report on Thursday, July 12th. Goldman Sachs Group downgraded shares of Broadcom from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $300.00 to $220.00 in a research report on Wednesday, July 18th. Finally, UBS Group dropped their target price on shares of Broadcom from $330.00 to $300.00 and set a “buy” rating for the company in a research report on Friday, July 20th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-eight have given a buy rating to the stock. The stock has a consensus rating of “Buy” and an average price target of $288.56.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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