Navellier & Associates Inc. Acquires 23 Shares of Broadcom Inc. (NASDAQ:AVGO)

Navellier & Associates Inc. lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 1.8% in the second quarter, Holdings Channel.com reports. The fund owned 1,313 shares of the semiconductor manufacturer’s stock after purchasing an additional 23 shares during the quarter. Navellier & Associates Inc.’s holdings in Broadcom were worth $638,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Guardian Capital LP lifted its holdings in shares of Broadcom by 8.8% during the 2nd quarter. Guardian Capital LP now owns 68,196 shares of the semiconductor manufacturer’s stock worth $33,130,000 after acquiring an additional 5,511 shares during the period. Crescent Park Management L.P. lifted its holdings in Broadcom by 9.5% during the 2nd quarter. Crescent Park Management L.P. now owns 64,440 shares of the semiconductor manufacturer’s stock valued at $31,306,000 after purchasing an additional 5,566 shares during the last quarter. Rainsberger Wealth Advisors Inc. lifted its holdings in Broadcom by 3.5% during the 2nd quarter. Rainsberger Wealth Advisors Inc. now owns 1,532 shares of the semiconductor manufacturer’s stock valued at $744,000 after purchasing an additional 52 shares during the last quarter. Bar Harbor Wealth Management lifted its holdings in Broadcom by 3.8% during the 2nd quarter. Bar Harbor Wealth Management now owns 650 shares of the semiconductor manufacturer’s stock valued at $316,000 after purchasing an additional 24 shares during the last quarter. Finally, Claro Advisors LLC lifted its holdings in Broadcom by 5.9% during the 2nd quarter. Claro Advisors LLC now owns 1,791 shares of the semiconductor manufacturer’s stock valued at $870,000 after purchasing an additional 100 shares during the last quarter. 79.60% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AVGO has been the subject of several analyst reports. StockNews.com raised shares of Broadcom from a “buy” rating to a “strong-buy” rating in a report on Wednesday, October 5th. BMO Capital Markets cut their price target on shares of Broadcom from $675.00 to $650.00 and set an “outperform” rating for the company in a report on Friday, September 2nd. Truist Financial cut their price target on shares of Broadcom from $658.00 to $630.00 and set a “buy” rating for the company in a report on Friday, September 2nd. Susquehanna reissued a “buy” rating and set a $680.00 price target on shares of Broadcom in a report on Friday, September 2nd. Finally, Robert W. Baird reissued an “outperform” rating and set a $700.00 price target on shares of Broadcom in a report on Tuesday, September 6th. Two research analysts have rated the stock with a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $675.13.

Broadcom Trading Up 0.7 %

Shares of NASDAQ:AVGO traded up $3.59 during trading on Thursday, hitting $533.64. 1,396,717 shares of the company’s stock were exchanged, compared to its average volume of 2,229,935. Broadcom Inc. has a 1-year low of $415.07 and a 1-year high of $677.76. The firm has a 50-day moving average price of $472.40 and a two-hundred day moving average price of $508.64. The company has a current ratio of 2.32, a quick ratio of 2.05 and a debt-to-equity ratio of 1.88. The firm has a market cap of $216.12 billion, a P/E ratio of 23.08, a PEG ratio of 0.95 and a beta of 1.08.

Broadcom (NASDAQ:AVGOGet Rating) last issued its quarterly earnings data on Thursday, September 1st. The semiconductor manufacturer reported $9.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $8.84 by $0.23. The firm had revenue of $8.46 billion during the quarter, compared to analysts’ expectations of $8.41 billion. Broadcom had a net margin of 31.96% and a return on equity of 63.42%. The business’s revenue for the quarter was up 24.9% on a year-over-year basis. During the same quarter in the previous year, the company earned $6.32 earnings per share. Equities analysts predict that Broadcom Inc. will post 34.38 earnings per share for the current year.

Broadcom Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Friday, September 30th. Investors of record on Thursday, September 22nd were issued a dividend of $4.10 per share. This represents a $16.40 dividend on an annualized basis and a yield of 3.07%. The ex-dividend date was Wednesday, September 21st. Broadcom’s dividend payout ratio is currently 70.93%.

Broadcom Company Profile

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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.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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