Balentine LLC sells 11,292 shares of Broadcom Inc. (NASDAQ:AVGO)

VaselineSeptember 12, 2024

0 4 minutes read

Balentine LLC reduced its holdings in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 97.2% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 327 shares of the semiconductor maker’s stock after selling 11,292 shares during the period. Balentine LLC’s holdings in Broadcom were worth $525,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Sachetta LLC boosted its holdings in Broadcom by 908.9% in the second quarter. Sachetta LLC now owns 8,021 shares of the semiconductor maker’s stock worth $12,878,000 after purchasing an additional 7,226 shares in the last quarter. Bright Futures Wealth Management LLC. raised its position in shares of Broadcom by 991.2% in the second quarter. Bright Futures Wealth Management LLC. now owns 16,739 shares of the semiconductor maker’s stock valued at $26,875,000 after purchasing an additional 15,205 shares during the last quarter. Royal London Asset Management Ltd. boosted its holdings in Broadcom by 3.7% in the second quarter. Royal London Asset Management Ltd. now owns 395,603 shares of the semiconductor maker’s stock worth $635,152,000 after acquiring an additional 14,167 shares during the last quarter. Global X Japan Co. Ltd. grew its position in Broadcom by 23.5% in the second quarter. Global X Japan Co. Ltd. now owns 26,731 shares of the semiconductor maker’s stock valued at $42,917,000 after acquiring an additional 5,093 shares in the last quarter. Finally, LGT Fund Management Co Ltd. boosted its stake in Broadcom by 172.1% in the second quarter. LGT Fund Management Co Ltd. now owns 8,313 shares of the semiconductor maker’s stock valued at $13,347,000 after acquiring an additional 5,258 shares in the last quarter. Institutional investors own 76.43% of the company’s shares.

Insider activity at Broadcom

In other Broadcom news, Director Justine Page sold 2,540 shares of the business’s stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $175.03, for a total value of $444,566.04. Following the completion of the transaction, the director now directly owns 27,480 shares in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available on the SEC’s website. In other Broadcom news, CEO Hock E. Tan sold 7,502 shares of the firm’s stock in a transaction dated Thursday, July 11th. The shares were sold at an average price of $1,705.95, for a total value of $12,798,036.90. Following the sale, the chief executive officer now owns 138,191 shares in the company, valued at approximately $235,746,936.45. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC’s website. Also, Director Justine Page sold 2,540 shares of the stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the transaction, the director now directly owns 27,480 shares of the company’s stock, valued at approximately $4,809,714.48. The disclosure for this sale can be found here. 2.00% of shares are owned by corporate insiders.

Analysts on Wall Street are forecasting an increase

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Several research analysts recently weighed in on the company. Wells Fargo & Company boosted their target price on Broadcom from $143.00 to $170.00 and gave the stock an “equal weight” rating in a research note on Thursday, June 13th. Truist Financial upped their target price on Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Oppenheimer dropped their target price on shares of Broadcom from $2,000.00 to $200.00 and set an “outperform” rating on the stock in a report on Tuesday, July 16th. Cantor Fitzgerald restated an “overweight” rating and issued a $200.00 target price on shares of Broadcom in a research note on Friday, September 6th. Finally, Goldman Sachs Group upped their price objective on shares of Broadcom from $185.00 to $190.00 and gave the company a “buy” rating in a research report on Friday, September 6th. . Two investment analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the stock. The stock currently has an average rating of “Moderate Buy” and an average target price of $189.23, according to MarketBeat .

Check out our latest analysis on Broadcom

Broadcom price performance

Shares of NASDAQ:AVGO opened at $158.27 on Thursday. The company’s 50-day simple moving average is $188.37, and its two-hundred-day simple moving average is $156.34. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04, and a quick ratio of 0.94. The company has a market cap of $736.73 billion, a P/E ratio of 6.81, a P/E/G ratio of 2.41 and a beta of 1.16. Broadcom Inc. has a 1 year low of $79.51 and a 1 year high of $185.16.

Broadcom (NASDAQ:AVGO – Get Your Free Report ) last posted its earnings results on Thursday, September 5th. The semiconductor maker reported $1.24 earnings per share for the quarter, topping analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company had revenue of $13.07 billion for the quarter, compared to analysts’ expectations of $12.98 billion. In the same quarter last year, the company earned $0.95 EPS. Broadcom’s revenue for the quarter was up 47.3% year over year. Research analysts expect that Broadcom Inc. to post 3.75 EPS for the current fiscal year.

Broadcom raises dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Thursday, September 19th will be paid a dividend of $0.53 per share. The ex-dividend date of this dividend is Thursday, September 19. This represents an annualized dividend of $2.12 and a dividend yield of 1.34%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio (DPR) is currently 9.12%.

Broadcom profile

(Free Report)

Broadcom Inc designs, develops and supplies various semiconductor devices with a focus on complex and mixed-signal complementary metal oxide semiconductor devices and III-V analog products worldwide. The company operates in two segments, Semiconductor Solutions and Infrastructure Software.