OmniStar Financial Group Inc. reduced its position in Broadcom Inc (NASDAQ:AVGO) by 69.0% in the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 962 shares of the semiconductor manufacturer’s stock after selling 2,138 shares during the quarter. OmniStar Financial Group Inc.’s holdings in Broadcom were worth $266,000 at the end of the most recent quarter.
Other institutional investors and hedge funds have also recently bought and sold shares of the company. Pinnacle Bank boosted its holdings in shares of Broadcom by 128.2% in the 2nd quarter. Pinnacle Bank now owns 89 shares of the semiconductor manufacturer’s stock worth $26,000 after purchasing an additional 50 shares in the last quarter. Advisors Preferred LLC purchased a new position in shares of Broadcom in the 2nd quarter worth about $27,000. Liberty Wealth Management LLC boosted its holdings in shares of 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 purchasing an additional 35 shares in the last quarter. Ellis Investment Partners LLC boosted its holdings in shares of Broadcom by 55.7% in the 3rd quarter. Ellis Investment Partners LLC now owns 123 shares of the semiconductor manufacturer’s stock worth $33,000 after purchasing an additional 44 shares in the last quarter. Finally, Doyle Wealth Management purchased a new position in shares of Broadcom in the 2nd quarter worth about $42,000. Hedge funds and other institutional investors own 84.86% of the company’s stock.
In other news, CEO Hock E. Tan sold 20,000 shares of the 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 link. Insiders sold a total of 60,000 shares of company stock valued at $17,026,600 in the last three months. Corporate insiders own 3.30% of the company’s stock.
Broadcom (NASDAQ:AVGO) last announced its earnings results on Thursday, September 12th. The semiconductor manufacturer reported $3.99 earnings per share (EPS) for the quarter, missing the consensus estimate of $4.10 by ($0.11). Broadcom had a return on equity of 34.10% and a net margin of 13.44%. The firm had revenue of $5.52 billion during the quarter, compared to the consensus estimate of $5.52 billion. During the same period in the prior year, the company posted $4.98 EPS. The firm’s revenue was up 8.9% on a year-over-year basis. Equities research analysts expect that Broadcom Inc will post 16.97 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, October 1st. Stockholders of record on Monday, September 23rd were given a $2.65 dividend. This represents a $10.60 annualized dividend and a dividend yield of 3.77%. The ex-dividend date of this dividend was Friday, September 20th. Broadcom’s dividend payout ratio is currently 56.29%.
Several equities research analysts recently weighed in on AVGO shares. Wells Fargo & Co increased their target price on Broadcom from $290.00 to $300.00 and gave the company a “market perform” rating in a report on Friday, September 13th. Bank of America set a $345.00 target price on Broadcom and gave the company a “buy” rating in a report on Friday, September 13th. Jefferies Financial Group set a $350.00 target price on Broadcom and gave the company a “buy” rating in a report on Friday, September 13th. BMO Capital Markets dropped their target price on Broadcom from $270.00 to $260.00 and set a “market perform” rating for the company in a report on Friday, June 14th. Finally, Summit Redstone upgraded Broadcom to a “buy” rating in a report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating and twenty-nine have issued a buy rating to the stock. The stock currently has an average rating of “Buy” and a consensus target price of $312.06.
Broadcom Company Profile
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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