SFE Investment Counsel Raises Holdings in Broadcom Inc. (NASDAQ:AVGO)

SFE Investment Counsel raised its stake in shares of Broadcom Inc. (NASDAQ:AVGO) by 302.3% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,482 shares of the semiconductor manufacturer’s stock after buying an additional 1,865 shares during the quarter. SFE Investment Counsel’s holdings in Broadcom were worth $1,184,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in AVGO. Capital International Investors raised its position in Broadcom by 0.8% in the first quarter. Capital International Investors now owns 33,235,928 shares of the semiconductor manufacturer’s stock valued at $15,408,693,000 after purchasing an additional 278,096 shares during the period. BlackRock Inc. boosted its stake in Broadcom by 4.8% in the first quarter. BlackRock Inc. now owns 27,270,770 shares of the semiconductor manufacturer’s stock valued at $12,644,366,000 after acquiring an additional 1,254,432 shares during the period. Geode Capital Management LLC boosted its stake in Broadcom by 4.0% in the first quarter. Geode Capital Management LLC now owns 6,271,223 shares of the semiconductor manufacturer’s stock valued at $2,899,533,000 after acquiring an additional 240,694 shares during the period. Northern Trust Corp raised its holdings in shares of Broadcom by 0.6% during the first quarter. Northern Trust Corp now owns 4,758,608 shares of the semiconductor manufacturer’s stock valued at $2,206,377,000 after buying an additional 30,556 shares during the last quarter. Finally, Morgan Stanley raised its holdings in shares of Broadcom by 13.6% during the first quarter. Morgan Stanley now owns 3,339,683 shares of the semiconductor manufacturer’s stock valued at $1,548,477,000 after buying an additional 400,046 shares during the last quarter. Hedge funds and other institutional investors own 80.28% of the company’s stock.

Several equities analysts have weighed in on the stock. Piper Sandler lifted their price objective on shares of Broadcom from $525.00 to $550.00 and gave the stock an “overweight” rating in a research report on Friday, September 3rd. boosted their target price on shares of Broadcom from $500.00 to $528.00 and gave the stock a “buy” rating in a research report on Friday, June 4th. Evercore ISI reaffirmed a “buy” rating and set a $550.00 price objective on shares of Broadcom in a research report on Sunday, September 5th. Robert W. Baird upped their target price on shares of Broadcom from $500.00 to $550.00 and gave the company an “outperform” rating in a research note on Monday, June 7th. Finally, Susquehanna reissued a “positive” rating and issued a $590.00 target price (up previously from $580.00) on shares of Broadcom in a research note on Friday, September 3rd. Five equities research analysts have rated the stock with a hold rating and twenty-four have assigned a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Buy” and an average target price of $549.52.

In other news, insider Mark David Brazeal sold 9,453 shares of the business’s stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $502.38, for a total value of $4,748,998.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Charlie B. Kawwas sold 3,000 shares of the business’s stock in a transaction that occurred on Friday, September 10th. The shares were sold at an average price of $500.83, for a total transaction of $1,502,490.00. The disclosure for this sale can be found here. Insiders have sold 17,264 shares of company stock valued at $8,652,754 over the last 90 days. Company insiders own 2.40% of the company’s stock.

Shares of Broadcom stock traded up $7.71 during trading hours on Wednesday, reaching $509.58. 60,403 shares of the company’s stock were exchanged, compared to its average volume of 1,834,716. The stock has a market cap of $209.75 billion, a P/E ratio of 37.23, a P/E/G ratio of 1.36 and a beta of 0.93. The company has a 50 day moving average of $484.42 and a two-hundred day moving average of $470.98. The company has a current ratio of 2.41, a quick ratio of 2.23 and a debt-to-equity ratio of 1.65. Broadcom Inc. has a fifty-two week low of $343.48 and a fifty-two week high of $507.85.

Broadcom (NASDAQ:AVGO) last released its earnings results on Wednesday, September 1st. The semiconductor manufacturer reported $6.96 earnings per share for the quarter, beating the consensus estimate of $6.88 by $0.08. Broadcom had a net margin of 22.90% and a return on equity of 44.27%. The business had revenue of $6.78 billion during the quarter, compared to analysts’ expectations of $6.76 billion. During the same period last year, the business earned $5.40 earnings per share. The firm’s revenue was up 16.4% on a year-over-year basis. As a group, analysts expect that Broadcom Inc. will post 24.42 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 30th. Shareholders of record on Wednesday, September 22nd will be issued a $3.60 dividend. The ex-dividend date of this dividend is Tuesday, September 21st. This represents a $14.40 annualized dividend and a yield of 2.83%. Broadcom’s dividend payout ratio is currently 78.05%.

About Broadcom

Broadcom, Inc is a global technology company, which designs, develops and supplies semiconductor and infrastructure software solutions. It operates through the following segments: Semiconductor Solutions and Infrastructure Software. The Semiconductor Solutions segment manages movement of data in data center, telecom, enterprise and embedded networking applications.

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Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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