Park National Corp OH reduced its position in Broadcom Inc (NASDAQ:AVGO) by 16.0% during the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 1,262 shares of the semiconductor manufacturer’s stock after selling 240 shares during the quarter. Park National Corp OH’s holdings in Broadcom were worth $306,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently added to or reduced their stakes in AVGO. Viking Global Investors LP increased its holdings in Broadcom by 14.4% in the 4th quarter. Viking Global Investors LP now owns 2,466,836 shares of the semiconductor manufacturer’s stock valued at $633,730,000 after buying an additional 310,906 shares during the period. Hound Partners LLC bought a new position in Broadcom in the 4th quarter valued at about $55,711,000. GW&K Investment Management LLC bought a new position in Broadcom in the 1st quarter valued at about $33,700,000. Barrow Hanley Mewhinney & Strauss LLC increased its holdings in Broadcom by 15.7% in the 1st quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 969,758 shares of the semiconductor manufacturer’s stock valued at $228,524,000 after buying an additional 131,845 shares during the period. Finally, Renaissance Technologies LLC bought a new position in Broadcom in the 4th quarter valued at about $30,396,000. 82.70% of the stock is currently owned by hedge funds and other institutional investors.
NASDAQ:AVGO opened at $239.29 on Wednesday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 5.04 and a current ratio of 5.70. Broadcom Inc has a one year low of $221.98 and a one year high of $285.68. The company has a market cap of $104.49 billion, a P/E ratio of 14.25, a price-to-earnings-growth ratio of 1.10 and a beta of 0.93.
Broadcom (NASDAQ:AVGO) last released its quarterly earnings results on Thursday, June 7th. The semiconductor manufacturer reported $4.88 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.05 by $0.83. Broadcom had a net margin of 56.32% and a return on equity of 30.85%. The firm had revenue of $5.02 billion during the quarter, compared to analyst estimates of $5 billion. During the same quarter last year, the business earned $3.69 EPS. The company’s revenue was up 19.4% compared to the same quarter last year. analysts expect that Broadcom Inc will post 17.48 earnings per share for the current fiscal year.
Broadcom declared that its board has initiated a stock repurchase program on Thursday, April 12th that permits the company to buyback $12.00 billion in shares. This buyback authorization permits the semiconductor manufacturer to reacquire up to 12.2% of its stock through open market purchases. Stock buyback programs are generally an indication that the company’s board believes its shares are undervalued.
The company also recently declared a quarterly dividend, which was paid on Friday, June 29th. Shareholders of record on Wednesday, June 20th were issued a dividend of $1.75 per share. The ex-dividend date was Tuesday, June 19th. This represents a $7.00 annualized dividend and a yield of 2.93%. Broadcom’s payout ratio is 48.95%.
In other Broadcom news, SVP Bryan Ingram sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, June 27th. The shares were sold at an average price of $251.31, for a total transaction of $5,026,200.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Lake Group L.L.C. Silver purchased 344,761 shares of the stock in a transaction on Friday, April 13th. The shares were purchased at an average price of $247.94 per share, with a total value of $85,480,042.34. The disclosure for this purchase can be found here. In the last 90 days, insiders have sold 100,604 shares of company stock valued at $25,984,392. Company insiders own 3.30% of the company’s stock.
Several research firms have commented on AVGO. DA Davidson decreased their target price on shares of Broadcom to $300.00 and set a “positive” rating on the stock in a report on Thursday, May 10th. Zacks Investment Research lowered shares of Broadcom from a “hold” rating to a “sell” rating in a report on Wednesday, May 16th. Drexel Hamilton reissued a “buy” rating and issued a $313.00 target price (up from $302.00) on shares of Broadcom in a report on Friday, March 16th. SunTrust Banks decreased their target price on shares of Broadcom to $328.00 and set a “buy” rating on the stock in a report on Tuesday, May 1st. Finally, Nomura reissued a “neutral” rating and issued a $300.00 target price on shares of Broadcom in a report on Wednesday, May 9th. One analyst has rated the stock with a sell rating, four have assigned a hold rating, thirty-two have given a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Buy” and a consensus target price of $311.48.
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.
Want to see what other hedge funds are holding AVGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Broadcom Inc (NASDAQ:AVGO).
Receive News & Ratings for Broadcom Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Broadcom and related companies with MarketBeat.com's FREE daily email newsletter.