Bahl & Gaynor Inc. Sells 7,750 Shares of Broadcom Inc. (NASDAQ:AVGO)

Bahl & Gaynor Inc. lowered its position in shares of Broadcom Inc. (NASDAQ:AVGO) by 1.3% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 604,407 shares of the semiconductor manufacturer’s stock after selling 7,750 shares during the quarter. Broadcom accounts for 5.4% of Bahl & Gaynor Inc.’s holdings, making the stock its biggest position. Bahl & Gaynor Inc. owned approximately 0.13% of Broadcom worth $970,394,000 at the end of the most recent quarter.

Other hedge funds also recently made changes to their positions in the company. TBH Global Asset Management LLC boosted its position in Broadcom by 29.2% during the fourth quarter. TBH Global Asset Management LLC now owns 641 shares of the semiconductor manufacturer’s stock valued at $715,000 after purchasing an additional 145 shares during the last quarter. Gilbert & Cook Inc. boosted its holdings in shares of Broadcom by 4.9% in the 4th quarter. Gilbert & Cook Inc. now owns 837 shares of the semiconductor manufacturer’s stock valued at $934,000 after buying an additional 39 shares during the last quarter. Aveo Capital Partners LLC boosted its holdings in shares of Broadcom by 15.9% in the 4th quarter. Aveo Capital Partners LLC now owns 459 shares of the semiconductor manufacturer’s stock valued at $512,000 after buying an additional 63 shares during the last quarter. 9258 Wealth Management LLC grew its stake in shares of Broadcom by 1.5% in the fourth quarter. 9258 Wealth Management LLC now owns 3,884 shares of the semiconductor manufacturer’s stock valued at $4,336,000 after buying an additional 58 shares in the last quarter. Finally, Gryphon Financial Partners LLC raised its position in Broadcom by 99.5% during the fourth quarter. Gryphon Financial Partners LLC now owns 1,606 shares of the semiconductor manufacturer’s stock worth $1,731,000 after acquiring an additional 801 shares in the last quarter. 76.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities analysts have weighed in on AVGO shares. Evercore ISI boosted their price target on Broadcom from $162.00 to $201.00 and gave the stock an “outperform” rating in a research report on Thursday, June 13th. StockNews.com downgraded Broadcom from a “buy” rating to a “hold” rating in a report on Tuesday, July 23rd. Truist Financial lifted their price objective on shares of Broadcom from $156.60 to $204.50 and gave the stock a “buy” rating in a research report on Thursday, June 13th. Piper Sandler increased their price objective on shares of Broadcom from $165.00 to $200.00 and gave the company an “overweight” rating in a research report on Thursday, June 13th. Finally, Sanford C. Bernstein increased their price target on shares of Broadcom from $160.00 to $195.00 and gave the company an “outperform” rating in a report on Thursday, June 13th. Two equities research analysts have rated the stock with a hold rating and twenty-four have given a buy rating to the company’s stock. Based on data from MarketBeat, Broadcom currently has an average rating of “Moderate Buy” and an average target price of $189.23.

Insider Transactions at Broadcom

In other news, Director Justine Page sold 2,540 shares of the stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $175.03, for a total transaction of $444,566.04. Following the completion of the sale, the director now directly owns 27,480 shares in the company, valued at $4,809,714.48. The transaction was disclosed in a filing with the SEC, which is available at this link. In related news, Director Justine Page sold 2,540 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $175.03, for a total transaction of $444,566.04. Following the sale, the director now owns 27,480 shares in the company, valued at approximately $4,809,714.48. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Hock E. Tan sold 7,502 shares of the business’s stock in a transaction that occurred on 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 transaction, the chief executive officer now directly owns 138,191 shares in the company, valued at $235,746,936.45. The disclosure for this sale can be found here. Corporate insiders own 2.00% of the company’s stock.

Broadcom Stock Up 5.2 %

Shares of AVGO opened at $148.21 on Wednesday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.04 and a quick ratio of 0.94. Broadcom Inc. has a one year low of $79.51 and a one year high of $185.16. The company has a market cap of $689.90 billion, a P/E ratio of 6.37, a P/E/G ratio of 2.41 and a beta of 1.16. The firm has a 50 day simple moving average of $188.66 and a two-hundred day simple moving average of $156.32.

Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, September 5th. The semiconductor manufacturer reported $1.24 EPS for the quarter, beating analysts’ consensus estimates of $1.20 by $0.04. Broadcom had a return on equity of 30.12% and a net margin of 10.88%. The firm had revenue of $13.07 billion for the quarter, compared to analyst estimates of $12.98 billion. During the same quarter in the previous year, the company posted $0.95 EPS. The business’s revenue was up 47.3% on a year-over-year basis. Research analysts forecast that Broadcom Inc. will post 3.75 EPS for the current fiscal year.

Broadcom Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Thursday, September 19th will be issued a dividend of $0.53 per share. This is a positive change from Broadcom’s previous quarterly dividend of $0.53. The ex-dividend date is Thursday, September 19th. This represents a $2.12 annualized dividend and a yield of 1.43%. Broadcom’s dividend payout ratio (DPR) is presently 9.12%.

Broadcom Profile

Broadcom Inc designs, develops, and supplies various 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 in two segments, Semiconductor Solutions and Infrastructure Software.