PFG Investments LLC sells 245 shares of Broadcom Inc. (NASDAQ:AVGO)

VaselineSeptember 12, 2024

0 4 minutes read

PFG Investments LLC reduced its holdings in Broadcom Inc. (NASDAQ:AVGO – Free Report) by 9.0% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,480 shares of the semiconductor maker’s stock after selling 245 shares during the quarter. PFG Investments LLC’s holdings in Broadcom were worth $3,982,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have added to or reduced their stakes in the stock. Ashton Thomas Private Wealth LLC boosted its position in Broadcom by 12.0% in the second quarter. Ashton Thomas Private Wealth LLC now owns 11,128 shares of the semiconductor maker’s stock valued at $17,866,000 after purchasing an additional 1,191 shares in the last quarter. Invera Wealth Advisors LLC boosted its stake in Broadcom by 9.6% in the second quarter. Invera Wealth Advisors LLC now owns 916 shares of the semiconductor maker’s stock valued at $1,570,000 after acquiring an additional 80 shares during the period. Fairbanks Capital Management Inc. boosted its holdings in Broadcom by 2.5% in the second quarter. Fairbanks Capital Management Inc. now owns 2,864 shares of the semiconductor maker’s stock valued at $4,598,000 after acquiring an additional 70 shares in the last quarter. Harrington Investments INC purchased a new stake in Broadcom in the second quarter valued at approximately $207,000. Finally, Oak Thistle LLC bought a new stake in Broadcom in the second quarter valued at approximately $942,000. Institutional investors and hedge funds own 76.43% of the company’s shares.

Analysts set new price targets

AVGO has been the subject of several analyst reports. Melius assumed coverage on shares of Broadcom in a research report on Monday, June 3rd. They set a “buy” rating and a $185.00 price target for the company. Goldman Sachs Group raised their target price on shares of Broadcom from $185.00 to $190.00 and gave the stock a “buy” rating in a report on Friday, September 6th. Piper Sandler upped their price target on Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research note on Thursday, June 13th. UBS Group reduced their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating for the company in a research note on Monday. Finally, StockNews.com lowered Broadcom from a “buy” rating to a “hold” rating in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and twenty-four have issued a buy rating to the company. The stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $189.23, according to MarketBeat.

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Broadcom stock rose 5.2%

Broadcom stock opened at $148.21 on Wednesday. Broadcom Inc. it has a 52-week low of $79.51 and a 52-week high of $185.16. The company has a debt-to-equity ratio of 1.02, a quick ratio of 0.94, and a current ratio of 1.04. The company’s 50-day simple moving average is $188.66, and its 200-day simple moving average is $156.32. The firm has a market cap of $689.90 billion, a PE ratio of 6.37, a P/E/G ratio of 2.41 and a beta of 1.16.

Broadcom (NASDAQ:AVGO – Get Your Free Report ) last announced its 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 business had revenue of $13.07 billion during the quarter, compared to analysts’ expectations of $12.98 billion. Broadcom had a net margin of 10.88% and a return on equity of 30.12%. The company’s revenue increased by 47.3% year-on-year. In the same quarter last year, the company posted earnings of $0.95 per share. On average, analysts predict that Broadcom Inc. will post 3.75 earnings per share for the current fiscal year.

Broadcom raises dividend

The company also recently disclosed 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 represents a dividend of $2.12 on an annualized basis and a dividend yield of 1.43%. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s dividend payout ratio is currently 9.12%.

Insiders place their bets

In other news, Director Justine Page sold 2,540 shares of the business’s 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 in the company, valued at approximately $4,809,714.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC’s website. In related news, CEO Hock E. Tan sold 7,502 shares of the stock in a transaction dated Thursday, July 11th. The stock was 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 transaction was disclosed in a filing with the SEC, which can be accessed via this hyperlink. Also, Director Justine Page sold 2,540 shares of Broadcom 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 $4,809,714.48. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s shares.

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.