Artemis Investment Management LLP reduced its holdings in Broadcom Inc (NASDAQ:AVGO) by 5.7% during the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 356,326 shares of the semiconductor manufacturer’s stock after selling 21,619 shares during the period. Broadcom comprises 1.3% of Artemis Investment Management LLP’s holdings, making the stock its 13th largest position. Artemis Investment Management LLP owned about 0.09% of Broadcom worth $98,140,000 as of its most recent SEC filing.
A number of other institutional investors and hedge funds have also modified their holdings of the business. American National Bank lifted its position in shares of Broadcom by 28.1% in the third quarter. American National Bank now owns 19,498 shares of the semiconductor manufacturer’s stock valued at $5,383,000 after acquiring an additional 4,272 shares in the last quarter. RB Capital Management LLC lifted its stake in shares of Broadcom by 6.7% in the 3rd quarter. RB Capital Management LLC now owns 1,942 shares of the semiconductor manufacturer’s stock valued at $536,000 after purchasing an additional 122 shares during the last quarter. Ellis Investment Partners LLC lifted its stake in shares of Broadcom by 55.7% in the 3rd quarter. Ellis Investment Partners LLC now owns 123 shares of the semiconductor manufacturer’s stock valued at $33,000 after purchasing an additional 44 shares during the last quarter. Lucia Wealth Services LLC lifted its stake in shares of Broadcom by 26.8% in the 3rd quarter. Lucia Wealth Services LLC now owns 2,155 shares of the semiconductor manufacturer’s stock valued at $595,000 after purchasing an additional 455 shares during the last quarter. Finally, Intercontinental Wealth Advisors LLC lifted its stake in shares of Broadcom by 481.1% in the 3rd quarter. Intercontinental Wealth Advisors LLC now owns 1,046 shares of the semiconductor manufacturer’s stock valued at $289,000 after purchasing an additional 866 shares during the last quarter. 84.86% of the stock is currently owned by institutional investors.
Broadcom stock traded up $1.61 on Thursday, hitting $274.76. 673,530 shares of the stock traded hands, compared to its average volume of 2,635,220. The company has a current ratio of 1.32, a quick ratio of 1.18 and a debt-to-equity ratio of 1.58. The firm has a market cap of $109.51 billion, a P/E ratio of 14.59, a price-to-earnings-growth ratio of 1.38 and a beta of 0.89. The business’s fifty day simple moving average is $282.09 and its 200 day simple moving average is $287.25. Broadcom Inc has a 1 year low of $208.23 and a 1 year high of $323.20.
Broadcom (NASDAQ:AVGO) last announced its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing the consensus estimate of $4.10 by ($0.11). The firm had revenue of $5.52 billion for the quarter, compared to analysts’ expectations of $5.52 billion. Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The business’s quarterly revenue was up 8.9% compared to the same quarter last year. During the same period in the prior year, the business posted $4.98 EPS. As a group, analysts predict that Broadcom Inc will post 16.97 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were given a $2.65 dividend. This represents a $10.60 annualized dividend and a dividend yield of 3.86%. The ex-dividend date of this dividend was Friday, September 20th. Broadcom’s dividend payout ratio is presently 56.29%.
Several research firms recently issued reports on AVGO. Mizuho reaffirmed a “buy” rating and issued a $340.00 price objective (up previously from $330.00) on shares of Broadcom in a research note on Friday, September 13th. Summit Insights raised shares of Broadcom from a “hold” rating to a “buy” rating and set a $253.03 target price on the stock in a research note on Friday, June 14th. JPMorgan Chase & Co. set a $350.00 target price on shares of Broadcom and gave the company a “buy” rating in a research note on Friday, September 13th. Cowen set a $285.00 target price on shares of Broadcom and gave the company a “hold” rating in a research note on Friday, September 13th. Finally, Daiwa Capital Markets cut shares of Broadcom from a “buy” rating to a “neutral” rating in a research note on Thursday, August 15th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and twenty-nine have issued a buy rating to the company. Broadcom currently has an average rating of “Buy” and an average price target of $312.06.
In other news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction dated Monday, September 16th. The stock was sold at an average price of $288.71, for a total value of $5,774,200.00. In the last ninety days, insiders sold 60,000 shares of company stock valued at $17,026,600. 3.30% of the stock is owned by insiders.
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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