StrongBox Wealth LLC Has $783,000 Holdings in Broadcom Inc. (NASDAQ:AVGO)

StrongBox Wealth LLC raised its position in Broadcom Inc. (NASDAQ:AVGOGet Rating) by 13.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,612 shares of the semiconductor manufacturer’s stock after buying an additional 193 shares during the quarter. StrongBox Wealth LLC’s holdings in Broadcom were worth $783,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Hanson & Doremus Investment Management bought a new position in Broadcom during the 1st quarter valued at approximately $26,000. Ahrens Investment Partners LLC grew its stake in shares of Broadcom by 125.0% during the first quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock valued at $28,000 after buying an additional 25 shares during the last quarter. Semmax Financial Advisors Inc. boosted its position in Broadcom by 300.0% during the 4th quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock valued at $29,000 after acquiring an additional 33 shares in the last quarter. Hoey Investments Inc. purchased a new position in Broadcom in the 1st quarter worth $30,000. Finally, Cordant Inc. acquired a new stake in Broadcom in the 1st quarter worth about $31,000. 79.60% of the stock is currently owned by institutional investors.

Broadcom Price Performance

Broadcom stock traded down $7.21 during midday trading on Friday, reaching $470.40. 48,882 shares of the stock traded hands, compared to its average volume of 2,493,283. The stock’s fifty day moving average is $521.51 and its 200-day moving average is $547.95. Broadcom Inc. has a 12 month low of $463.91 and a 12 month high of $677.76. The stock has a market cap of $190.51 billion, a P/E ratio of 20.37, a PEG ratio of 0.93 and a beta of 1.09. The company has a quick ratio of 2.05, a current ratio of 2.32 and a debt-to-equity ratio of 1.88.

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. Broadcom had a return on equity of 63.42% and a net margin of 31.96%. The business had revenue of $8.46 billion for the quarter, compared to the consensus estimate of $8.41 billion. During the same period in the prior year, the business posted $6.32 earnings per share. The company’s quarterly revenue was up 24.9% compared to the same quarter last year. As a group, equities research analysts anticipate that Broadcom Inc. will post 34.38 EPS for the current year.

Broadcom Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, September 30th. Shareholders of record on Thursday, September 22nd will be given a dividend of $4.10 per share. The ex-dividend date of this dividend is Wednesday, September 21st. This represents a $16.40 annualized dividend and a yield of 3.49%. Broadcom’s dividend payout ratio (DPR) is presently 70.93%.

Broadcom announced that its board has authorized a share buyback program on Thursday, May 26th that allows the company to repurchase $10.00 billion in shares. This repurchase authorization allows the semiconductor manufacturer to buy up to 4.3% of its shares through open market purchases. Shares repurchase programs are often a sign that the company’s board of directors believes its shares are undervalued.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on AVGO shares. Mizuho boosted their target price on shares of Broadcom from $700.00 to $725.00 and gave the stock a “buy” rating in a research note on Friday, May 27th. Susquehanna restated a “buy” rating and set a $680.00 target price on shares of Broadcom in a research report on Friday, September 2nd. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Broadcom from $700.00 to $635.00 in a research report on Wednesday, July 20th. Truist Financial cut their price target on shares of Broadcom from $658.00 to $630.00 and set a “buy” rating on the stock in a research note on Friday, September 2nd. Finally, Bank of America dropped their price target on shares of Broadcom from $780.00 to $625.00 and set a “buy” rating on the stock in a research note on Wednesday, June 29th. Two analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $675.33.

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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