Estabrook Capital Management Increases Holdings in Broadcom Inc. (NASDAQ:AVGO)

VaselineSeptember 23, 2024

0 4 minutes read

Estabrook Capital Management raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO – Free Report) by 900.0% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 250 shares of the semiconductor maker’s stock after acquiring an additional 225 shares during the period. Estabrook Capital Management’s holdings in Broadcom were worth $401,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have recently bought and sold shares of the company. Legend Financial Advisors Inc. boosted its holdings in shares of Broadcom by 72.7% in the first quarter. Legend Financial Advisors Inc. now owns 19 shares of the semiconductor maker’s stock valued at $25,000 after acquiring an additional 8 shares in the last quarter. Richardson Capital Management LLC purchased a new stake in shares of Broadcom in the 1st quarter worth about $29,000. Delta Asset Management LLC TN boosted its stake in Broadcom by 242.9% in the 1st quarter. Delta Asset Management LLC TN now owns 24 shares of the semiconductor maker’s stock worth $32,000 after buying an additional 17 shares in the last quarter. Redmont Wealth Advisors LLC purchased a new position in Broadcom in the first quarter valued at $36,000. Finally, Ulland Investment Advisors LLC acquired a new position in Broadcom in the first quarter valued at $37,000. 76.43% of the shares are held by hedge funds and other institutional investors.

Indoor activity

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 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is available via this hyperlink. In other 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 transaction 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 $235,746,936.45. The sale was disclosed in a filing with the SEC, which is available on the SEC’s website. Also, CEO Hock E. Tan sold 50,000 shares of the business’s stock in a transaction dated Tuesday, September 17th. The shares were sold at an average price of $163.37, for a total transaction of $8,168,500.00. Following the completion of the transaction, the chief executive officer now owns 1,331,910 shares of the company’s stock, valued at $217,594,136.70. The disclosure for this sale can be found here. Insiders own 2.00% of the company’s shares.

Broadcom price performance

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Shares of AVGO stock opened at $171.10 on Friday. 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 $796.45 billion, a P/E ratio of 7.36, a PEG ratio of 2.55 and a beta of 1.16. Broadcom Inc. has a 12-month low of $79.51 and a 12-month high of $185.16. The stock has a fifty-day moving average price of $156.81 and a 200-day moving average price of $146.91.

Broadcom (NASDAQ:AVGO – Get Your Free Report ) last issued its quarterly earnings data on Thursday, September 5th. The semiconductor maker reported $1.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The company had revenue of $13.07 billion during the quarter, compared to the consensus estimate of $12.98 billion. In the same period last year, the firm posted earnings of $0.95 per share. The company’s revenue increased by 47.3% year-on-year. On average, research analysts expect that Broadcom Inc. will post 3.77 earnings per share for the current 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 $0.53 dividend. This represents a dividend of $2.12 on an annualized basis and a dividend yield of 1.24%. The ex-dividend date is Thursday, September 19. This is an increase from Broadcom’s previous quarterly dividend of $0.53. Broadcom’s payout ratio is currently 9.12%.

Changes in Analyst Ratings

A number of equities research analysts recently commented on AVGO shares. JPMorgan Chase & Co. upped their target price on shares of Broadcom from $200.00 to $210.00 and gave the company an “overweight” rating in a research report on Friday, September 6th. UBS Group lowered their price objective on Broadcom from $173.50 to $170.00 and set a “buy” rating on the stock in a research report on Monday, September 9th. Mizuho boosted their price objective on Broadcom from $162.50 to $190.00 and gave the stock a “buy” rating in a research note on Thursday, June 13th. Oppenheimer cut their price target on Broadcom from $2,000.00 to $200.00 and set an “outperform” rating for the company in a research note on Tuesday, July 16th. Finally, Citigroup reissued a “buy” rating and set a $156.00 target price on shares of Broadcom in a research report on Tuesday, June 11th. Two investment analysts have rated the stock with a hold rating, twenty-four have issued a buy rating and one has given a strong buy rating to the company. The company currently has a consensus rating of “Moderate Buy” and an average price target of $189.23, based on data from MarketBeat.com.

Get the latest stock report on Broadcom

About Broadcom

(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.