Broadcom Inc. (NASDAQ:AVGO) Shares Sold by First Foundation Advisors

VaselineSeptember 12, 2024

0 4 minutes read

First Foundation Advisors reduced its stake in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 1.7% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 6,755 shares of the semiconductor maker’s stock after selling 118 shares during the period. First Foundation Advisors’ holdings in Broadcom were worth $10,845,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of the stock. Norges Bank purchased a new position in Broadcom during the fourth quarter valued at $6,225,987,000. Swedbank AB acquired a new position in Broadcom in the first quarter worth $2,835,737,000. Vanguard Group Inc. raised its holdings in Broadcom by 3.0% in the first quarter. Vanguard Group Inc. now owns 44,651,273 shares of the semiconductor maker’s stock worth $59,181,244,000 after acquiring an additional 1,303,462 shares during the period. Jennison Associates LLC raised its holdings in Broadcom by 43.9% in the first quarter. Jennison Associates LLC now owns 4,141,025 shares of the semiconductor manufacturer’s stock worth $5,488,556,000 after acquiring an additional 1,263,957 shares during the period. Finally, Capital International Investors grew its holdings in Broadcom by 4.5% during the fourth quarter. Capital International Investors now owns 23,330,880 shares of the semiconductor maker’s stock worth $26,044,294,000 after acquiring an additional 1,006,223 shares during the period. Institutional investors and hedge funds own 76.43% of the company’s shares.

Broadcom Stock Performance

NASDAQ AVGO opened at $148.21 on Wednesday. The company’s 50-day moving average price is $188.66 and its 200-day moving average price is $156.32. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The company has a market cap of $689.90 billion, a PE ratio of 6.37, a price-to-earnings-growth ratio of 2.41 and a beta of 1.16. The company has a current ratio of 1.04, a quick ratio of 0.94, and a debt-to-equity ratio of 1.02.

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Broadcom (NASDAQ:AVGO – Get Free Report ) last announced its quarterly earnings results on Thursday, September 5th. The semiconductor maker reported $1.24 EPS for the quarter, topping the consensus estimate of $1.20 by $0.04. The company had revenue of $13.07 billion during the quarter, compared to analyst estimates of $12.98 billion. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company’s revenue increased by 47.3% year-on-year. During the same period last year, the firm posted earnings of $0.95 per share. On average, research analysts predict that Broadcom Inc. will post 3.75 earnings per share for the current year.

Broadcom raises dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Stockholders of record on Thursday, September 19th will be given a dividend of $0.53 per share. The ex-dividend date is Thursday, September 19. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. This represents an annualized dividend of $2.12 and a yield of 1.43%. Broadcom’s dividend payout ratio is currently 9.12%.

Insiders place their bets

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

Analysts set new price targets

A number of research analysts recently weighed in on the company. StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Jefferies Financial Group upped their target price on Broadcom from $155.00 to $205.00 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Piper Sandler boosted their price target on Broadcom from $165.00 to $200.00 and gave the stock an “overweight” rating in a research report on Thursday, June 13th. Rosenblatt Securities cut their price target on Broadcom from $2,400.00 to $240.00 and set a “buy” rating on the stock in a research report on Friday, September 6th. Finally, 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. Two research analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the stock. The stock has a consensus rating of “Moderate Buy” and a consensus price target of $189.23, based on data from MarketBeat.

Check out our latest analysis on Broadcom

Broadcom Company 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.