Jacobi Capital Management LLC Acquires 220 Shares of Broadcom Inc. (NASDAQ:AVGO)

Jacobi Capital Management LLC lifted its holdings in shares of Broadcom Inc. (NASDAQ:AVGOGet Rating) by 52.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 638 shares of the semiconductor manufacturer’s stock after purchasing an additional 220 shares during the period. Jacobi Capital Management LLC’s holdings in Broadcom were worth $402,000 at the end of the most recent reporting period.

Other large investors also recently added to or reduced their stakes in the company. Hanson & Doremus Investment Management purchased a new stake in Broadcom in the 1st quarter worth about $26,000. Ahrens Investment Partners LLC increased its holdings in Broadcom by 125.0% in the 1st quarter. Ahrens Investment Partners LLC now owns 45 shares of the semiconductor manufacturer’s stock worth $28,000 after acquiring an additional 25 shares during the last quarter. West Bancorporation Inc. purchased a new stake in Broadcom in the 4th quarter worth about $29,000. Semmax Financial Advisors Inc. increased its holdings in Broadcom by 300.0% in the 4th quarter. Semmax Financial Advisors Inc. now owns 44 shares of the semiconductor manufacturer’s stock worth $29,000 after acquiring an additional 33 shares during the last quarter. Finally, Hoey Investments Inc. purchased a new stake in Broadcom in the 1st quarter worth about $30,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.

Broadcom Stock Performance

NASDAQ:AVGO opened at $551.44 on Friday. The business has a 50 day moving average of $518.75 and a 200 day moving average of $561.25. The company has a market capitalization of $222.68 billion, a price-to-earnings ratio of 27.34, a PEG ratio of 1.12 and a beta of 1.08. Broadcom Inc. has a 1-year low of $462.66 and a 1-year high of $677.76. The company has a debt-to-equity ratio of 1.87, a current ratio of 2.14 and a quick ratio of 1.90.

Broadcom (NASDAQ:AVGOGet Rating) last released its earnings results on Thursday, May 26th. The semiconductor manufacturer reported $8.39 earnings per share for the quarter, topping analysts’ consensus estimates of $7.88 by $0.51. The company had revenue of $8.10 billion during the quarter, compared to the consensus estimate of $7.91 billion. Broadcom had a return on equity of 56.29% and a net margin of 29.76%. Broadcom’s quarterly revenue was up 22.6% compared to the same quarter last year. During the same quarter in the previous year, the company posted $5.89 EPS. On average, sell-side analysts predict that Broadcom Inc. will post 33.96 earnings per share for the current fiscal year.

Broadcom announced that its Board of Directors has authorized a stock buyback plan on Thursday, May 26th that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the semiconductor manufacturer to reacquire up to 4.3% of its stock through open market purchases. Stock repurchase plans are typically a sign that the company’s board believes its stock is undervalued.

Broadcom Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, June 30th. Investors of record on Wednesday, June 22nd were given a $4.10 dividend. The ex-dividend date of this dividend was Tuesday, June 21st. This represents a $16.40 dividend on an annualized basis and a yield of 2.97%. Broadcom’s payout ratio is 81.31%.

Analysts Set New Price Targets

Several brokerages recently weighed in on AVGO. Truist Financial lifted their price objective on Broadcom to $658.00 in a report on Friday, May 27th. StockNews.com raised Broadcom from a “buy” rating to a “strong-buy” rating in a report on Friday, May 13th. Piper Sandler reaffirmed a “buy” rating and set a $750.00 target price on shares of Broadcom in a report on Tuesday, May 24th. KeyCorp lifted their target price on Broadcom from $720.00 to $780.00 and gave the company an “overweight” rating in a report on Friday, May 27th. Finally, Bank of America reduced their target price on Broadcom from $780.00 to $625.00 and set a “buy” rating for the company in a report on Wednesday, June 29th. Four investment analysts have rated the stock with a hold rating, twenty-two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $680.46.

Broadcom Company Profile

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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.

See Also

Institutional Ownership by Quarter for Broadcom (NASDAQ:AVGO)

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