Noked Capital LTD reduced its stake in shares of Broadcom Inc (NASDAQ:AVGO) by 38.1% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,300 shares of the semiconductor manufacturer’s stock after selling 800 shares during the period. Broadcom comprises 0.5% of Noked Capital LTD’s investment portfolio, making the stock its 28th biggest position. Noked Capital LTD’s holdings in Broadcom were worth $374,000 as of its most recent filing with the Securities & Exchange Commission.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Pinnacle Bank boosted its holdings in Broadcom by 128.2% in the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 50 shares during the period. Advisors Preferred LLC bought a new position in Broadcom in the 2nd quarter worth approximately $27,000. Liberty Wealth Management LLC boosted its holdings in Broadcom by 62.5% in the 2nd quarter. Liberty Wealth Management LLC now owns 91 shares of the semiconductor manufacturer’s stock worth $26,000 after buying an additional 35 shares during the period. Doyle Wealth Management bought a new position in Broadcom in the 2nd quarter worth approximately $42,000. Finally, Citizens Financial Group Inc RI raised its position in shares of Broadcom by 257.1% during the 1st quarter. Citizens Financial Group Inc RI now owns 175 shares of the semiconductor manufacturer’s stock valued at $52,000 after buying an additional 126 shares in the last quarter. 84.86% of the stock is owned by institutional investors.
In other news, CEO Hock E. Tan sold 20,000 shares of Broadcom stock in a transaction that occurred on Thursday, August 15th. The stock was sold at an average price of $270.46, for a total value of $5,409,200.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 60,000 shares of company stock worth $17,026,600 over the last 90 days. 3.30% of the stock is owned by company insiders.
Broadcom (NASDAQ:AVGO) last posted its quarterly earnings data on Thursday, September 12th. The semiconductor manufacturer reported $3.99 EPS for the quarter, missing analysts’ consensus estimates of $4.10 by ($0.11). Broadcom had a net margin of 13.44% and a return on equity of 34.10%. The company had revenue of $5.52 billion for the quarter, compared to analyst estimates of $5.52 billion. During the same period in the previous year, the business earned $4.98 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. Research analysts anticipate that Broadcom Inc will post 16.97 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 1st. Shareholders of record on Monday, September 23rd will be issued a dividend of $2.65 per share. The ex-dividend date of this dividend is Friday, September 20th. This represents a $10.60 annualized dividend and a yield of 3.89%. Broadcom’s dividend payout ratio is presently 56.29%.
Several equities research analysts recently commented on the stock. KeyCorp boosted their price objective on shares of Broadcom from $330.00 to $340.00 and gave the stock an “overweight” rating in a research note on Friday, September 13th. Summit Redstone raised shares of Broadcom to a “buy” rating in a research note on Friday, June 14th. Raymond James reissued a “hold” rating on shares of Broadcom in a research note on Friday, June 14th. Mizuho reissued a “buy” rating and set a $340.00 price objective (up previously from $330.00) on shares of Broadcom in a research note on Friday, September 13th. Finally, Deutsche Bank dropped their price objective on shares of Broadcom from $330.00 to $315.00 and set a “buy” rating on the stock in a research note on Friday, June 14th. Eleven research analysts have rated the stock with a hold rating and twenty-eight have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $312.06.
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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