Broadcom Inc. (NASDAQ:AVGO) Shares Purchased by abrdn plc

abrdn plc boosted its holdings in Broadcom Inc. (NASDAQ:AVGO) by 0.2% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 741,007 shares of the semiconductor manufacturer’s stock after purchasing an additional 1,166 shares during the quarter. Broadcom makes up 0.8% of abrdn plc’s portfolio, making the stock its 23rd biggest holding. abrdn plc’s holdings in Broadcom were worth $353,342,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. SFE Investment Counsel grew its position in Broadcom by 302.3% during the second quarter. SFE Investment Counsel now owns 2,482 shares of the semiconductor manufacturer’s stock valued at $1,184,000 after acquiring an additional 1,865 shares during the period. MONECO Advisors LLC grew its position in Broadcom by 12.8% during the second quarter. MONECO Advisors LLC now owns 963 shares of the semiconductor manufacturer’s stock valued at $459,000 after acquiring an additional 109 shares during the period. Dynamic Advisor Solutions LLC boosted its position in shares of Broadcom by 6.9% in the second quarter. Dynamic Advisor Solutions LLC now owns 5,050 shares of the semiconductor manufacturer’s stock worth $2,408,000 after buying an additional 325 shares during the period. Marcum Wealth LLC boosted its position in shares of Broadcom by 2.1% in the second quarter. Marcum Wealth LLC now owns 2,837 shares of the semiconductor manufacturer’s stock worth $1,353,000 after buying an additional 59 shares during the period. Finally, National Asset Management Inc. boosted its position in shares of Broadcom by 19.8% in the second quarter. National Asset Management Inc. now owns 21,651 shares of the semiconductor manufacturer’s stock worth $10,324,000 after buying an additional 3,574 shares during the period. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Broadcom stock traded up $7.71 during midday trading on Wednesday, hitting $509.58. 60,403 shares of the stock were exchanged, compared to its average volume of 1,834,716. The stock has a market capitalization of $209.75 billion, a price-to-earnings ratio of 37.23, a price-to-earnings-growth ratio of 1.36 and a beta of 0.93. The company has a quick ratio of 2.23, a current ratio of 2.41 and a debt-to-equity ratio of 1.65. Broadcom Inc. has a 52-week low of $343.48 and a 52-week high of $507.85. The business’s 50-day moving average price is $484.42 and its 200-day moving average price is $470.98.

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

The company also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Investors of record on Wednesday, September 22nd will be issued a dividend of $3.60 per share. The ex-dividend date is Tuesday, September 21st. This represents a $14.40 dividend on an annualized basis and a yield of 2.83%. Broadcom’s dividend payout ratio is currently 78.05%.

A number of brokerages recently commented on AVGO. KeyCorp increased their price target on Broadcom from $565.00 to $575.00 and gave the company an “overweight” rating in a report on Friday, September 3rd. Truist increased their price target on Broadcom from $554.00 to $564.00 and gave the stock a “buy” rating in a research report on Friday, September 3rd. BMO Capital Markets raised their target price on Broadcom from $550.00 to $575.00 and gave the company an “outperform” rating in a research report on Friday, September 3rd. Oppenheimer restated a “buy” rating and issued a $575.00 target price on shares of Broadcom in a research report on Thursday, May 27th. Finally, Piper Sandler raised their target price on Broadcom from $525.00 to $550.00 and gave the company an “overweight” rating in a research report on Friday, September 3rd. Five research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus target price of $549.52.

In related news, insider Mark David Brazeal sold 9,453 shares of the stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $502.38, for a total value of $4,748,998.14. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Charlie B. Kawwas sold 3,000 shares of the stock in a transaction dated Friday, September 10th. The shares were sold at an average price of $500.83, for a total transaction of $1,502,490.00. The disclosure for this sale can be found here. Insiders have sold a total of 17,264 shares of company stock valued at $8,652,754 over the last quarter. 2.40% of the stock is currently owned by company insiders.

Broadcom Company Profile

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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