Hexavest Inc. lessened its holdings in shares of Broadcom Inc. (NASDAQ:AVGO) by 18.3% in the first quarter, Holdings Channel.com reports. The firm owned 55,648 shares of the semiconductor manufacturer’s stock after selling 12,462 shares during the period. Broadcom comprises 1.1% of Hexavest Inc.’s portfolio, making the stock its 18th largest holding. Hexavest Inc.’s holdings in Broadcom were worth $25,802,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors have also modified their holdings of AVGO. Clean Yield Group grew its stake in Broadcom by 67.6% during the 4th quarter. Clean Yield Group now owns 62 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 25 shares in the last quarter. Carmichael Hill & Associates Inc. grew its stake in Broadcom by 138.5% during the 4th quarter. Carmichael Hill & Associates Inc. now owns 62 shares of the semiconductor manufacturer’s stock valued at $27,000 after purchasing an additional 36 shares in the last quarter. Baron Silver Stevens Financial Advisors LLC bought a new position in Broadcom during the 4th quarter worth approximately $29,000. Mcmillion Capital Management Inc. bought a new position in Broadcom during the 4th quarter worth approximately $35,000. Finally, Capital Advisory Group Advisory Services LLC lifted its holdings in Broadcom by 93.0% during the 4th quarter. Capital Advisory Group Advisory Services LLC now owns 83 shares of the semiconductor manufacturer’s stock worth $36,000 after buying an additional 40 shares during the last quarter. Hedge funds and other institutional investors own 80.62% of the company’s stock.
A number of research analysts have commented on AVGO shares. Mizuho increased their target price on Broadcom from $480.00 to $490.00 and gave the stock a “buy” rating in a report on Thursday, March 11th. Robert W. Baird reaffirmed a “buy” rating on shares of Broadcom in a report on Sunday, March 7th. Credit Suisse Group raised their price target on Broadcom from $480.00 to $580.00 and gave the stock an “outperform” rating in a report on Tuesday, March 2nd. Zacks Investment Research upgraded Broadcom from a “hold” rating to a “buy” rating and set a $439.00 target price on the stock in a research report on Wednesday, December 16th. Finally, KeyCorp raised their target price on Broadcom from $470.00 to $540.00 and gave the company an “overweight” rating in a research report on Thursday, March 11th. Five analysts have rated the stock with a hold rating and twenty-three have issued a buy rating to the company’s stock. Broadcom currently has an average rating of “Buy” and a consensus price target of $469.15.
Broadcom (NASDAQ:AVGO) last issued its earnings results on Wednesday, March 3rd. The semiconductor manufacturer reported $6.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $6.56 by $0.05. The business had revenue of $6.66 billion for the quarter, compared to analysts’ expectations of $6.61 billion. Broadcom had a return on equity of 35.23% and a net margin of 12.39%. The company’s quarterly revenue was up 13.6% on a year-over-year basis. During the same period in the previous year, the firm posted $5.25 EPS. Equities research analysts predict that Broadcom Inc. will post 23.14 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Wednesday, March 31st. Investors of record on Monday, March 22nd were issued a $3.60 dividend. This represents a $14.40 dividend on an annualized basis and a dividend yield of 2.97%. The ex-dividend date of this dividend was Friday, March 19th. Broadcom’s payout ratio is 78.05%.
In related news, insider Thomas H. Krause sold 16,827 shares of Broadcom stock in a transaction on Tuesday, March 16th. The stock was sold at an average price of $478.61, for a total value of $8,053,570.47. Also, Director Eddy W. Hartenstein sold 530 shares of Broadcom stock in a transaction on Tuesday, March 9th. The stock was sold at an average price of $439.86, for a total value of $233,125.80. The disclosure for this sale can be found here. Insiders sold a total of 28,527 shares of company stock worth $13,498,387 over the last 90 days. Insiders own 3.00% of the company’s stock.
Broadcom Company Profile
Broadcom Inc designs, develops, and supplies semiconductor infrastructure software solutions. It offers 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's infrastructure software solutions enable customers to plan, develop, automate, manage, and secure applications across mainframe, distributed, mobile, and cloud platforms.
Featured Article: Gross Domestic Product (GDP)
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.