Nordea Investment Management AB reduced its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 31.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 102,433 shares of the semiconductor manufacturer’s stock after selling 47,493 shares during the period. Nordea Investment Management AB’s holdings in Broadcom were worth $26,048,000 as of its most recent SEC filing.
Several other institutional investors also recently modified their holdings of AVGO. Connor Clark & Lunn Investment Management Ltd. grew its holdings in shares of Broadcom by 3.3% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 18,825 shares of the semiconductor manufacturer’s stock worth $4,645,000 after purchasing an additional 600 shares during the last quarter. Standard Life Aberdeen plc bought a new stake in Broadcom in the third quarter valued at approximately $508,015,000. Stevens Capital Management LP boosted its holdings in Broadcom by 41.1% in the third quarter. Stevens Capital Management LP now owns 6,830 shares of the semiconductor manufacturer’s stock valued at $1,685,000 after acquiring an additional 1,988 shares during the last quarter. Ancora Advisors LLC boosted its holdings in Broadcom by 48.4% in the third quarter. Ancora Advisors LLC now owns 49,983 shares of the semiconductor manufacturer’s stock valued at $12,332,000 after acquiring an additional 16,303 shares during the last quarter. Finally, Sowell Financial Services LLC bought a new stake in Broadcom in the third quarter valued at approximately $221,000. Institutional investors and hedge funds own 86.95% of the company’s stock.
Several analysts recently commented on the company. KeyCorp reiterated an “overweight” rating and issued a $335.00 target price (up from $310.00) on shares of Broadcom in a report on Tuesday, April 2nd. ValuEngine upgraded Broadcom from a “hold” rating to a “buy” rating in a report on Thursday. Cowen cut Broadcom from an “outperform” rating to a “market perform” rating and set a $280.00 price target on the stock. in a report on Friday, February 22nd. Citigroup started coverage on Broadcom in a report on Friday, March 15th. They set a “buy” rating on the stock. Finally, Barclays increased their price target on Broadcom from $265.00 to $275.00 and gave the stock an “overweight” rating in a report on Friday, March 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirty-two have assigned a buy rating to the company. Broadcom currently has a consensus rating of “Buy” and a consensus target price of $302.60.
Shares of NASDAQ:AVGO traded down $1.91 during trading on Friday, reaching $318.62. 2,654,805 shares of the stock were exchanged, compared to its average volume of 2,155,141. The company has a quick ratio of 1.14, a current ratio of 1.27 and a debt-to-equity ratio of 1.47. Broadcom Inc has a 1-year low of $197.46 and a 1-year high of $322.45. The firm has a market capitalization of $126.12 billion, a price-to-earnings ratio of 16.92, a PEG ratio of 1.49 and a beta of 0.68.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Thursday, March 14th. The semiconductor manufacturer reported $5.55 earnings per share for the quarter, topping analysts’ consensus estimates of $4.32 by $1.23. Broadcom had a return on equity of 30.31% and a net margin of 30.50%. The company had revenue of $5.79 billion for the quarter, compared to analyst estimates of $5.83 billion. During the same period in the prior year, the firm earned $5.12 earnings per share. Broadcom’s revenue for the quarter was up 8.6% on a year-over-year basis. Equities research analysts anticipate that Broadcom Inc will post 17.65 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Friday, March 29th. Investors of record on Thursday, March 21st were given a $2.65 dividend. This represents a $10.60 dividend on an annualized basis and a yield of 3.33%. The ex-dividend date was Wednesday, March 20th. Broadcom’s payout ratio is currently 56.29%.
Broadcom Inc designs, develops, and supplies a range of 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 through four segments: Wired Infrastructure, Wireless Communications, Enterprise Storage, and Industrial & Other.
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